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5 Things to Consider when Starting a New (Small) Business

1. Most of the time forming an LLC, which generally is an easier process than forming a corporation, will be sufficient for your purposes, at least for the first few of years of your business.

2. If you, or any of the owners of your business, will be providing services on behalf of the business, you do not necessarily have to be employees of the business. You can provide your services as an independent contractor, which in many cases will save you paperwork and have little effect on your taxes, both personal and business.

3. The fact that you were able to register your company’s name with your state’s department of corporations does not necessarily mean your selected business name does not or will not infringe on someone else’s prior rights to a similar name. Some sort of name (and/or logo if a design is also involved) search, including of the US Patent and Trademark Office (USPTO) records, should be conducted. If the name is available, an application to register that name (or logo) should be filed with the USPTO. A corollary is that before you register your name anywhere, you first secure the same or similar domain name for your website.

4. Purchase some sort of bookkeeping or accounting software application, such as Quick Books. It will make it much easier for you to keep track of your company’s finances, as well as provide easy access to the information you will need when filing your taxes. A corollary is to engage a professional when filing your taxes.

5. When securing financing for your company, shop around for the best rates, terms, and which will be the easiest to obtain. In many cases, a line of credit, which is generally easier to obtain (less paperwork) than a loan (small business or other) will work if it has a comparable rate and acceptable limits.

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About the Author

Rob Garcia, Gilbert Garcia Group, P.A.
2005 Pan Am Circle
Tampa, FL 33618

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