Most small businesses and start ups begin with a business plan that serves as a guide for investment, operations and growth. Many new companies are advised to also take advantage of free training and other resources that will allow them to prepare a business plan on their own, or with the assistance of a lawyer, and to track down financing and even relocate or expand a business.
Choosing a commercial location is an important issue for small businesses and startups, and it is necessary to comply with all relevant zoning laws. There is also the chance to secure government-backed loans, and perhaps to secure venture capital and research grants.
With financing in place and a plan to follow, the next step is discussing what form of ownership would work the best, such as a nonprofit, cooperative, limited liability company, sole proprietorship, partnership, or S corporation, etc. Once the company is registered, the business name needs to be listed with the state government and a tax ID number must be obtained from the IRS and state revenue agency.
Businesses also need to register with their state and comply with regulations concerning unemployment insurance, disability insurance and workers’ compensation. Businesses are also required to obtain permits and licenses from both both locally and federal agencies. The legal issues do not stop there. The employer will also need to know what steps to take when hiring new employees.