Yes! A lawyer will help you understand what options are available to you, and ensure that you choose the one that is best suited for your needs.
The first step in starting a business is deciding what kind of business you want to start. The two main categories are:
1) Service businesses
2) Product businesses
Service Businesses
These include things like hair salons, restaurants, doctors’ offices, lawyers, accountants, dentists, plumbers, landscapers, mechanics, auto repair shops, funeral homes, dry cleaners, and more.
There are several different ways to go about opening a service business. One way is to open a franchise location. You would buy the rights to operate your specific business at a certain location under the name of a larger company. Another option is to open a small business with your friends or family. If you decide to do this, you’ll need to determine whether you want to open a sole proprietorship (a single owner), partnership (two owners), corporation (multiple owners), or limited liability company (LLC).
A sole proprietorship is the simplest form of business ownership. All profits and losses are passed through to the individual who owns the business. In other words, every dollar you make goes back into your pocket.
Partnerships are similar to sole proprietorships except that there are two partners instead of one. Each partner has equal share of the profits and losses.
Corporations are owned by multiple shareholders. They pass through any profits and losses equally among all shareholders.
Limited Liability Companies are similar to corporations but have some advantages over them. For example, an LLC allows its members to own property without being personally liable for any debts incurred by the business. Also, if an LLC gets sued, it’s not automatically considered part of the judgment since it was formed separately from the person who got sued.
If you’re considering opening a restaurant, you may want to consider getting a license to sell alcoholic beverages. There are many states which require that you obtain a liquor license before you can begin serving alcohol.
You must also get a permit from the city where you plan to locate your restaurant. Some cities require that you apply for a special use permit before you can even apply for a liquor license.
When applying for a liquor license, you’ll need to provide proof that you have enough money to pay for the costs associated with running your restaurant. These costs include rent, utilities, insurance, taxes, labor, supplies, etc.
In addition to these expenses, you’ll also be required to pay a fee to the state each year. This fee varies depending on how much revenue you generate.
Product Businesses
This includes things like retail stores, manufacturing plants, wholesale companies, farms, construction firms, real estate agents, and more.
The type of business you choose will depend largely upon what products you intend to sell. For example, if you want to sell clothing, then you might consider opening a clothing store. Or, if you want to start selling furniture, you could open a furniture store.
The first step in starting up a new product business is to figure out what kind of products you’d like to sell. Then, you’ll need to find a place to set up shop. Depending on what you’re planning to sell, you may need to look for a storefront, warehouse, or factory.
Once you’ve found a suitable location, you’ll need to figure out what type of business entity you should use. Sole proprietorship, partnership, corporation, or LLC? The answer depends on the amount of risk involved in owning the business.
For instance, if you plan to invest $100,000 in inventory, equipment, and advertising, then you probably don’t want to take on too much risk. Therefore, you should go ahead and register as a sole proprietor.
On the other hand, if you plan to spend only $10,000 on inventory, equipment, and marketing, then you can afford to take on more risk. In this case, you should register as a limited liability company (LLC).
Another important consideration when deciding whether to form a corporation, partnership, or LLC is determining whether you want to incorporate or not. If you decide to incorporate, then you’ll need to file Articles of Incorporation with the Secretary of State. You’ll also need to create a corporate seal and name yourself as the president, secretary, treasurer, and director.
However, if you decide against incorporating, then you won’t need to do any of those things. Instead, you can simply operate as a sole proprietorship.
If you decide to incorporate, it’s possible that you’ll need to hire an attorney to help you draft the Articles of Incorporation. Once they’re drafted, you’ll need to file them at the Secretary of State’s office.
If you decide not to incorporate, then all you’ll need to do is fill out a simple application and submit it to the Secretary of State. Afterward, you’ll receive a Certificate of Formation from the Secretary of State.
