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What do new business owners need to know?

On Behalf of | Feb 25, 2021 | Firm News |

Every business owner has a million questions, especially when they’re starting out. Below are a few of the most important questions for you to consider before you open your doors.

What kind of business formation is best?

Business formation will have an outsized impact on your future in terms of taxation, income, and liability. Broadly speaking, the major choices are:

  • Direct ownership: This is the simplest way to open a business, but there is no liability protection. If something goes wrong and you are subject to a lawsuit, you are directly liable, and more than your business is at risk.
  • Limited Liability Company: This provides more protections to business owners and is simpler to set up than other business formations, but it is far from perfect. It is not appropriate for all types of businesses.
  • Corporation: Corporations are business entities on their own. They are a completely new entity. This is the most protection offered to business owners. However, it can also lead to a greater tax burden. Set up is much more complicated.

Depending on the type of business you’ll run, you would see things differently and choose a different structure.

Should I have an employee handbook?

An employee handbook is an important resource for setting expectations for employees. It can serve as a protective layer for you to handle employee complaints and discipline. However, an employee handbook is a lot of work to craft for a minimal workforce.

Do I need a physical location at all?

Small retailers clearly benefit from a storefront, but do service professionals such as plumbers and electricians need one? Increasingly, business offices are becoming less and less vital.

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Taking the right steps at the start makes a difference for the future.

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