Kinds of Business Formation

Last month, I was consulting with a small business family start-up. They were going into the boat cleaning, restoration, and detailing business. They had at least some prior business experience in their family, and I felt as if they were going to be okay. One of their many questions had to do with business management and business formation. You see, they realized they would be building their team of employees, and they might be taking on a partner as well. Incfile LLC review

Let me explain what I told them, and why such things are important when managing a small business from the very start. You see, I told them; there are some things you need to know about how you set up your business. Depending on whether you take on a partner, receive funding from family or an angle investor – or go it alone, will be a key factor in determining the type of business structure you set up for your new company.

Another important consideration is your current wealth, and the need to protect your assets. This can be done through insurance, and also by putting a barrier of a Limited Liability Company. I recommend that you discuss this with a business attorney locally. You may locate such a lawyer by getting a referral from the local SBDC, SCORE, or local Chamber of Commerce.

Next, when it comes to business licensing you will be required to fill out forms at city hall. First, you will need to go to the business licensing department, which is most likely planning department. You also need to talk with the storm water discharge coordinator who handles the NPDES permitting. If the Marina is owned by the city or county, you also need to talk with them about the permits they require, and they will be up and beyond the city business license.

You see, first you must attain your city business license to prove you are a legitimate business, and then you need to get the commercial activities permit at the harbor or marina so you start your company. But before getting your business license you need to see a small business attorney to get your ducks in a row in case you decide to set up a limited liability company to protect your assets. In that case, it is the LLC which will be getting the business license, not you and your family as the sole proprietors. If you set up a partnership, how you set that up matters to how the business license forms will be filled out. See that point?

Managing a business can be tough enough, so you need to be on the right foot from the get go. Indeed, I hope you will use this information wisely, and please consider all this. Think on it.