- Advertisement -
Home Starting a business The Do's & Don'ts of Starting a New Business

The Do’s & Don’ts of Starting a New Business

- Advertisement -

So, you’re ready to start your business venture. Great! Get off on the right track by following a few simple “DO’s and DON’Ts.” For example, you definitely do want to make sure you choose the proper legal structure for your business, but you don’t want to spend too much money on upscale office furnishings unless it’s absolutely important to your business.




THE DOs

  • Do limit your liability to your investment in your company by incorporating your business or organizing it as a limited liability company.
  • Do disclose everything to your attorney about your proposed business venture and past business experiences, both positive and negative.
  • Do discuss with your attorney the advantages and disadvantages of the various forms of business entities.

RELATED POST:  21 THINGS YOU SHOULD KNOW BEFORE STARTING A BUSINESS

  • Do discuss with your attorney the “corporate formalities” to which you must adhere in order to preserve the limited liability afforded to you by virtue of having incorporated your business.
  • Do discuss with your attorney the need for a detailed written buy-sell agreement with your business partners.
  • Do discuss with your attorney the need for a written employee handbook and written employment agreements containing confidentiality and noncompetition obligations if necessary.
  • Do apply for a federal tax identification number for your business (necessary for almost all businesses).
  • Do talk to a tax professional and budget for taxes.
  • Do invest in technology.
  • Do prepare a detailed written business plan.
  • Do seek advice from organizations such as Small Business Development Centers and the Service Corps of Retired Executives (SCORE).
  • Do join your local chamber of commerce, local civic organizations, trade groups, and entrepreneurs organizations.
  • Do get to know your customers and suppliers.
  • Do network.

RELATED POST:  LEARN ABOUT STARTING A BUSINESS ON A BUDGET




THE DON’Ts

  • Don’t make expensive office space and furnishings a high priority unless you are in an “image” business.
  • Don’t print your stationery, business cards, and promotional materials until you have had a trademark attorney conduct a search of existing state and federal trademarks and pending trademark applications.
  • Don’t ask or permit your employees to breach confidentiality or noncompetition agreements with their previous employers.
  • Don’t spend the money required to be set aside for employees and other withholding taxes.
  • Don’t sign company contracts in your individual capacity. Rather, sign them on behalf of the company as an officer of the company.

RELATED POST:  LIES PEOPLE TELL YOU ABOUT STARTING A BUSINESS

  • Don’t put off buying insurance.
  • Don’t give up 50 percent of your company to investors in your first fundraising effort.
  • Don’t pass up opportunities for free publicity.
  • Don’t try to do everything yourself. Setting up a business is complicated, and a business law attorney can assist you in making and implementing the right decisions.
- Advertisement -
- Advertisement -

Must Read

SIGNO: India’s first launched AI-Driven Blue Collar sourcing in 60 seconds

As termed as a developing market economy, India is trying its best to cover all the aspects it needs to have so as to...
- Advertisement -

How to protect your privacy in USA?

Almost every website you visit or mobile app you open is either tracking you or harvesting your browsing activity for commercial services. Research shows...

The Top 11 Most Famous Scientists of Today      

We all know some of the most famous scientists, from Albert Einstein to Steven Hawkings. Do you know who the most prominent scientists today,...

How to Deal with Micromanagement in the Workplace

Introduction Micromanaging is a common behavior in the workplace. No one likes a micromanaging boss and such behavior is likely to create workplace conflicts....

Related Category Posts

4 Errors That You Mustn’t Make When Choosing an IT Service Provider

Most business enterprises are skeptical about bringing in managed IT services. Some often fear that choosing an IT service provider will lead to the...

The Roles and Responsibilities of a Project Manager

Introduction A project manager is a person responsible for planning, executing, and monitoring a project. He/she is the key person who leads a project...

SIGNO: India’s first launched AI-Driven Blue Collar sourcing in 60 seconds

As termed as a developing market economy, India is trying its best to cover all the aspects it needs to have so as to...

From Desktop to Mobile: The Transformation of the Casino Industry

In the last decade, the casino industry has undergone a myriad of changes. It used to be so that playing a couple of rounds...

How to Start a Tattoo Business – Equipment You Need

Tattooing is a work of art. If you plan to start your very own tattoo shop, there are certain things you should take into...
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Select Language »