15 Things to do Before and While Starting a Business:

-          create a business plan, including an operating budget

-          obtain any necessary funding to launch the business and operate it until the company is able to support itself through sales

-          choose a name for the new business (perform search to make other parties do not have rights to this name and not confusingly similar to other names)

-          ensure that the name is available for use in your state (Secretary of State office)

-          obtain a URL (domain name) for your business for your email and website

-          choose a form of legal entity (LLC, corporation or other) – consider tax implications and attractiveness of entity to future investors, if any

-          make necessary filings with Secretary of State to form company

-          choose registered agent for entity (required in every state where business will operate)

-          draft formation documents, including bylaws and shareholders agreement for corporation, or operating agreement for LLC

-          appoint board of directors for corporation or managers for LLC

-          hold initial board/manager meeting to appoint officers and address other initial matters (such as authorizing the company to open bank accounts)

-          obtain federal tax identification number from IRS

-          obtain any required business licenses

-          create a board of advisors

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Today’s Question — Saturday, February 4

Must my corporation’s name end in “Inc.”?

No, you can typically choose from “Inc.”, “Incorporated”, “Corp.”, “Corporation”, “Limited” and similar names and abbreviations to indicate to the public that the entity is a corporation. The law varies from state to state and should be considered when forming your corporation. However, corporations do typically need to use one of these words or abbreviations.

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