How to Properly Start and Grow a Business
At Daniel Ross and Associates, we pride ourselves on being a valuable resource for small business owners who want to start a business or scale their business responsibly. Our team is here to help provide you with the affordable legal services you need to start or manage a successful business!
Starting and Scaling Your Business Responsibly
Today, we are here to talk about the importance of properly setting up an entity and making sure that you have all the necessary governing documents to start your business.
How to Properly Start a Business
1. File the Right Paperwork
The very first thing you want to do when you’re starting your business is to ensure you are filing the right paperwork with the Secretary of State and the IRS.
For an LLC, you will want to file for articles of organization.
For a corporation, you will file articles of incorporation.
2. Obtain Your Tax ID
You can then obtain your tax ID number from the IRS website.
3. Set Up a Business Bank Account
The next step is to set up a business bank account and fund it. It is essential that you keep your personal assets and your business assets separate from one another to limit your liability in your business venture.
4. Draft Foundational Documents
Start drafting your foundational documents to reflect how you do business. One of the most important documents is the operating agreement, which are the rules of the road for how you conduct business. This is especially important if you have multiple owners.
Other important documents include:
- Employee agreements
- Contractor agreements
- Real estate leases or purchases if you have a brick and mortar business
You want to make sure that all these documents are in place to reflect the reality of how you do business and protect yourself from potential risks and losses.
Learn More About Daniel Ross and Associates
Starting a business on your own can be stressful, but it doesn’t have to be! Our team is ready to help you start your business right. Continue to explore our website and contact us today with any questions!
To schedule a free consultation, please call 216-307-5590, or get in touch using our online intake form.
