Starting a business
This is a discussion on Starting a business within the Law Wiki forum, part of the Create Wiki Article category; Contents 1 Franchising 2 Small business 3 Starting a business 3.1 Developing a Business Idea & Getting Started 3.2 ...
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[top]Developing a Business Idea & Getting StartedAvoiding Common Startup Mistakes A new free report lays out the do's and don't's of launching your own business. Small-business owners and entrepreneurs looking to avoid common startup mistakes can consult a new free report for reference. "10 Mistakes Small Business Owners Make And How To Avoid Them," published by the small-business coaching firm Small Business Guru, was written by veteran entrepreneur Andrew Brown. "I've worked with business owners for years and have seen these same business-killing mistakes being made over and over again," Brown said in a statement. "While these mistakes are extremely common, they can easily be avoided. All it takes is a little guidance, some planning, and forethought." The 26-page report can be downloaded for free at Small Business Help, Small Business Coaching, Inspiration, and Practical Advice for Entrepreneurs Business Names, Licenses, or Incorporations - Your State or Commonwealth SBA: Business Names Checklist for Starting a Business - IRS Most businesses start out small. As a new business owner you need to know your federal tax responsibilities. This page provides links to basic federal tax information for people who are starting a business. It also provides information to assist in making basic business decisions. The list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business. Starting a Business Developing a Business Idea The location and development of viable business ideas is as much an art, or matter of luck, as the use of systematic techniques. Certainly, you can use structured approaches, as described below, but the reality is that having the right background, being in the right place at the right time, and working hard to create lucky breaks are likely to be just as important in coming up with sound business ideas. Get Business Ideas: Find, Develop, Evaluate & Plan Business Ideas, Search for Business Ideas, Getting Business Ideas, Developing Business Ideas, Evaluating Business Ideas, New Business Ideas Evaluating Your Business Idea FAQ - Nolo Thinking about starting your own business? Here are some questions you should ask yourself before you get started. Evaluating Your Business Idea FAQ How to Start a Small Business his book was developed to help prospective small business owners with the often overwhelming process of starting a business-- everything from writing a business plan to finding government contracts. Owners of existing businesses will find additional information in a companion internet book entitled Operating Your Successful Small Business. How to Start a Business Programs and services to help you start, grow and succeed - SBA The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. http://www.sba.gov/ Small Business Planner Careful planning is fundamental to success. The Small Business Planner includes information and resources that will help you at any stage of the business lifecycle. SBA Starting a Business - Entrepreneurs.com Starting a Business, Starting a Small Business - Entrepreneur.com Starting a New Business Starting a new business is one of life's important steps, whether you are starting your first business, or moving into a new business after years of experience. Unfortunately, most new businesses fail, and many of them fail because of poor planning at the start of the business. Untitled Document Starting a small business by Brad Ross Each small business is as unique as the entrepreneur running the business, and there is no one standard formulae for starting your own business. However, there are key success factors to help guide your business and ensure you are on a solid foundation before you open the doors. Starting a small business free guide Starting and Researching the Right Business - Nolo Your business should have a solid chance at profitability -- but it should also suit your particular skills and strengths. Starting and Researching the Right Business The 18 Mistakes That Kill Startups In the Q & A period after a recent talk, someone asked what made startups fail. After standing there gaping for a few seconds I realized this was kind of a trick question. The 18 Mistakes That Kill Startups U.S. Department of State - Business Center Will My Business Make Money? Prepare a break-even analysis before spending time on a complete business plan. Will My Business Make Money? [top]Business NameCreate a Great Business Name A great name is the beginning of a great brand. It should be memorable and create a certain feeling when heard. Here's a quick how-to on creating one and making sure it's not already used. Create a Great Business Name Make Sure Your Proposed Business Name Is Available Now that you've picked the perfect business name, can you go ahead and use it? Not without doing your homework first. You must make sure that you aren't treading on someone else's rights to the name. Make Sure Your Proposed Business Name Is Available Pick a Winning Name for Your Business Choose a business name that will identify your company's products and services. Pick a Winning Name for Your Business Protect Your Business Name An item of intellectual property that all companies have but may overlook is their business or trade name. Similar to other items of intellectual property, it too can be jeopardized or impaired if it is not protected. Protect Your Business Name Registering Your Business Name The name of your business is one of its most important assets. Registering Your Business Name [top]Business PlanBusiness plan - Wikipedia This is a summary article that covers many topics related to business plans - their content, how they are used, legal issues, and spoofs of business plans, among others. See individual sections for links to detailed discussions of various topics relating to business plans. Business plan - Wikipedia, the free encyclopedia Business Plan Basic A written guide to starting and running your business successfully is essential. This plan will encourage loans, promote growth, and provide a map for you to follow. SBA Business Plan Software, Samples and Strategy Why You Need to Write a Business Plan Learn why writing a business plan is important -- even if you're not trying to raise money. Business Plan Center with a Library of Real Business Plans Writing a Business Plan FAQ Learn the what, when, why, and how of business plans. Writing a Business Plan FAQ [top]Buying a BusinessBuying a Business Entrepreneurship is a risky business. One way to reduce your risk is to buy an existing business that's already demonstrated an ability to successfully operate (hopefully at a profit). That confidence does come at a price, though, as you'll generally spend far more to buy a business than to start one from scratch. If you've got the funds, though, it's an excellent option. Buying a Business Buying a Business: What You Need to Know Thinking about purchasing an existing business? Here are some things you should know before you take the plunge. Buying a Business: What You Need to Know Top 10 Mistakes Made When Buying a Business Buying a business is a complex process, and it can be confounding because of the interplay of business, legal, and people issues. It can, however, be a rewarding process if it is the right business and you have done your homework and researched the business thoroughly. Top 10 Mistakes Made When Buying a Business | Company Activities & Management > Company Structures & Ownership from AllBusiness.com [top]Home BusinessCan You Live Where You Work...And Work Where You Live? Can You Live Where You Work...And Work Where You Live? Home Offices - UK Welcome to the Home Office | Home Office Home-Based Businesses - US Government What do Apple Computer, Hershey Chocolate, Mary Kay Cosmetics, and the Ford Motor Company have in common? They all started out as home-based businesses. Over half of all U.S. businesses are based out of an owner's home. Starting a home-based business has many rewards and challenges. This guide provides resources that will help you learn more about working out of your house, starting a home-based business, and managing your business within the law. Home Based Business Resources | Business.gov Home-Based Working Moms The Home Office Tax Deduction Running a business from home can help you lower your tax bill. Home Based Working Moms. Work At Home, Home Business Central Zoning Rules for Home Businesses Your zoning or planning department governs whether you can run a business out of your home. Zoning Rules for Home Businesses [top]FranchisingA Consumer Guide to Buying a Franchise Facts for Consumers Buying a Franchise: A Consumer Guide Consumer Guide to Buying a Franchise Many people dream of being an entrepreneur. By purchasing a franchise, you often can sell goods and services that have instant name recognition and can obtain training and ongoing support to help you succeed. But be cautious. Like any investment, purchasing a franchise is not a guarantee of success. Consumer Guide to Buying a Franchise Find the Right Franchise 11 Top Tips to Help Select the Perfect Business 11 Tips to Help Find the Right Franchise: A Guide to Researching Franchise Opportunities Franchising.com At Franchising.com you can learn how to make the right franchising decision, be a successful franchisee, and find the franchise opportunity that's right for you. Franchise Opportunities - Franchising.com 10 Steps for Choosing the Right Franchise There are many well-known franchise opportunities available in almost every industry you can think of. Some are well established with proven systems and support structures in place, while others are relatively new. Choosing the franchise that suits you will reduce risk and raise the levels of success. 10 Steps for Choosing the Right Franchise [top]IRS: Starting a BusinessMost businesses start out small. As a new business owner you need to know your federal tax responsibilities. This page provides links to basic federal tax information for people who are starting a business. It also provides information to assist in making basic business decisions. The list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business. What New Business Owners Need to Know About Federal Taxes
Small Business: References
Small Business: Self-Employed Small Business: Self-Employed Topics
IRS Resources
IRS: A-Z Index for Business A-Z Business Topics [top]IRS: Business Types
A-Z Business Topics By Subject
[top]Nolo: Types of Ownership StructuresLearn about the corporation, LLC, partnership, and sole proprietorship. Before you can decide how you want to structure your business, you'll need to know what your options are. Here's a brief rundown on the most common ways to organize a business:
Sole Proprietorships and Partnerships For many new businesses, the best initial ownership structure is either a sole proprietorship or -- if more than one owner is involved -- a partnership. Sole Proprietorships A sole proprietorship is a one-person business that is not registered with the state like a limited liability company (LLC) or corporation. You don't have to do anything special or file any papers to set up a sole proprietorship -- you create one just by going into business for yourself. Legally, a sole proprietorship is inseparable from its owner -- the business and the owner are one and the same. This means the owner of the business reports business income and losses on his or her personal tax return and is personally liable for any business-related obligations, such as debts or court judgments. Partnerships Similarly, a partnership is simply a business owned by two or more people that hasn't filed papers to become a corporation or a limited liability company (LLC). You don't have to file any paperwork to form a partnership -- the arrangement begins as soon as you start a business with another person. As in a sole proprietorship, the partnership's owners pay taxes on their shares of the business income on their personal tax returns and they are each personally liable for the entire amount of any business debts and claims. Sole proprietorships and partnerships make sense in a business where personal liability isn't a big worry -- for example, a small service business in which you are unlikely to be sued and for which you won't be borrowing much money for inventory or other costs. Limited Partnerships Limited partnerships are costly and complicated to set up and run, and are not recommended for the average small business owner. Limited partnerships are usually created by one person or company (the "general partner"), who will solicit investments from others (the "limited partners"). The general partner controls the limited partnership's day-to-day operations and is personally liable for business debts (unless the general partner is a corporation or an LLC). Limited partners have minimal control over daily business decisions or operations and, in return, they are not personally liable for business debts or claims. Consult a limited partnership expert if you're interested in creating this type of business. Corporations and LLCs Forming and operating an LLC or a corporation is a bit more complicated and costly, but well worth the trouble for some small businesses. The main benefit of an LLC or a corporation is that these structures limit the owners' personal liability for business debts and court judgments against the business. What sets the corporation apart from all other types of businesses is that a corporation is an independent legal and tax entity, separate from the people who own, control and manage it. Because of this separate status, the owners of a corporation don't use their personal tax returns to pay tax on corporate profits -- the corporation itself pays these taxes. Owners pay personal income tax only on money they draw from the corporation in the form of salaries, bonuses, and the like. Like corporations, LLCs provide limited personal liability for business debts and claims. But when it comes to taxes, LLCs are more like partnerships: the owners of an LLC pay taxes on their shares of the business income on their personal tax returns. Corporations and LLCs make sense for business owners who either 1) run a risk of being sued by customers or of piling up a lot of business debts, or 2) have substantial personal assets they want to protect from business creditors. Nonprofit Corporations A nonprofit corporation is a corporation formed to carry out a charitable, educational, religious, literary ,or scientific purpose. A nonprofit can raise much-needed funds by soliciting public and private grant money and donations from individuals and companies. The federal and state governments do not generally tax nonprofit corporations on money they take in that is related to their nonprofit purpose, because of the benefits they contribute to society. Cooperatives Some people dream of forming a business of true equals -- an organization owned and operated democratically by its members. These grassroots business organizers often refer to their businesses as a "group," "collective," or "co-op" -- but these are often informal rather than legal labels. For example, a consumer co-op could be formed to run a food store, a bookstore, or any other retail business. Or a workers' co-op could be created to manufacture and sell arts and crafts. Most states do have specific laws dealing with the set-up of cooperatives, and in some states you can file paperwork with the secretary of state's office to have your cooperative formally recognized by the state. Check with your secretary of state's office for more information. Next Steps You may want to also read LLC or Corporation? How to Choose the Right Form for Your Business, by Anthony Mancuso (Nolo). Copyright © 2007 Nolo Nolo is the nation's oldest and most respected provider of legal information for consumers and small businesses. Since 1971, Nolo has offered affordable, plain-English books, forms and software on a wide range of legal issues, including wills, estate planning, retirement, elder care, personal finance, taxes, housing, real estate, divorce and child custody. For more information visit the Nolo's website at Nolo: Law Books, Legal Forms and Legal Software [top]Nolo Book: LLC or Corporation?LLC or Corporation? How to Choose the Right Form for Your Business by Attorney Anthony Mancuso Pub. Date: Nov 2006 Edition: 2nd Pages: 288 pp ISBN: 9781413305586 Summary The only book devoted to the most important business decision you'll make. Your company has grown -- now it's time to upgrade your legal structure to something that will protect you and your assets, as well as provide other benefits. In other words, your business is ready to become either a corporation or a limited liability company. The question is, "Which one?" The answer isn't always clear -- but because your choice will affect the legal and tax status of your business, it's the most important question you'll answer. LLC or Corporation? will help you make the right choice with plain-English explanations of:
Making the right choice will affect your bottom line in many ways -- from what you pay for taxes, to your ability to seek money from investors. The book also provides conversion and formation scenarios that provide a real-world look at all the options available to you. The 2nd edition is completely updated with the latest laws regarding business structures and taxes. Press Reviews "Outstanding. Crystal clear, rock-solid, no-nonsense, accessible information. Great 'real life' examples without any fluff." Small Business Opportunities "An in-depth guide…[which] covers all aspects of this decision." The Midwest Book Review [top]Legal Forms: CorporationDo It Yourself Corporation Do It Yourself Corporation Forms and Packages listed below make it easier... up-to-date, high quality forms approved and adopted for use in all relevant courts. You may also obtain information on filing and serving the documents when necessary. There's no waiting--forms are available for instant downloading. Select the appropriate form for your State. View free previews. Download in Word format. Corporation - Forms and Packages Corporation Professional Corporate Contracts Corporate Incorporation Corporate Stock Certificates Corporate Records Maintenance Package Corporate Dissolution Corporate Resolutions Corporate Stock Options LLC Formation LLC Dissolve LLC Operating Agreement LLC Professional Sale of a Business Package Partnership Forms General Partnership Package Pre-Incorporation Agreement Incorporation Packages [top]Legal Forms: LLCLimited liability companies, LLCs, combine the personal liability protection of a corporation with the tax benefits and simplicity of a partnership. And, LLCs are more flexible and generally require less paperwork than corporations. Do It Yourself LLC Do It Yourself LLC Forms and Packages listed below make it easier... up-to-date, high quality forms approved and adopted for use in all relevant courts. You may also obtain information on filing and serving the documents when necessary. There's no waiting--forms are available for instant downloading. Select the appropriate form for your State. View free previews. Download in Word format. LLC - Forms and Packages LLC Formation LLC Dissolve LLC Operating Agreement LLC Professional [top]Starting a Business Discussion ForumLatest threads from the forum Starting a Business Creating and operating a new business.
[top]Other LinksBusiness.gov - Official Business Link to the U.S. Government The Doing Business Law Library - The largest free online collection of business laws and regulations. Ease of Doing Business Index - The Ease of Doing Business Index is an index created by the World Bank. Alibaba.com - China Suppliers & Manufacturers Directory. Doing Business in China - WORLD Law Direct Forums How to Update Wiki The Law Wiki is still very new and so it's a great time to jump in and start updating it and learning how to use it. You really can't mess anything up, because all revisions are stored and can be rolled back by a moderator, so play away and you can help make this a great resource for WORLDLawDirect visitors.
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Apr 21st, 2008, 12:50 PM
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Join Date: Mar 2008
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Re: Starting a business
Thanks for the helpful intro links!
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