Every New Business Really Needs to Review This Checklist
It’s just about the end of the year, and you have a great idea. After all, with 2018 just around the corner, it makes sense to start off fresh. However, Santa isn’t the only one who needs to make a list and check it twice. Truth be told, every new business really needs to review this checklist.
No doubt you can search the internet and find some great business tips. However, the advantage of securing professional advice is peace of mind. Without question, you need an accountant and a business lawyer at the start of your new venture. Not sure, why? This checklist will help.
New Business Checklist
As you can see, we’ve already pointed out the first important points on your new business checklist. Make sure you retain the services of an experienced business lawyer, as well as the accountant. Surely, the need for both is self-evident. Of course, you also need to put together a business plan and include these crucial considerations:
1. What will your company be called? Does the name need to be registered?
2. How will you arrange financing?
3. What type of business entity works best for your business model and why? Have you considered the tax consequences?
4. Where will you conduct business? Will you need to execute a commercial lease or real estate purchase agreement?
5. Will you have employees? Do you need to worry about non-compete agreements?
6. What about intellectual property owned by your company? Do you have protections in place?
7. Are there licensing requirements for your business entity? Do you need to register with any government entities?
8. Have you put together an operating or partnership agreement that delegates responsibilities?
9. Do you have plans to keep your business in compliance with environmental or other concerns?
10. How will you divide up your profits and losses?
These items should be on your top ten list when it comes to formulating any start-up. All things considered, they are not a wish list. In fact, they are all critical to ensuring that your business gets a great beginning and flourishes.
At Manfred Sternberg and Associates, we have been assisting new businesses for more than a couple of decades. We love entrepreneurial and enterprising ideas. Our diverse practice can help you get started on the right track. Contact us to schedule an appointment.