It is no secret that California has the largest economy in the United States. The small business profile for The Golden State shows an economy that grows at an annual rate faster than any other state in the country. It also has the highest population of venture capitalist in the world. This perfect combination is why California is a great place for aspiring entrepreneurs to start their businesses.
Whether you are expanding your current business or starting one, experienced business law attorneys in Los Angeles will be able to help you reach your goals.
The First Five Steps of Starting Your Business
Pick an Idea
What type of business would you like to start? To make ownership as enjoyable as possible, it is best to choose an area that interests you and aligns with your natural strengths. Also consider a venture that is a match for your own personal goals.
Map Out a Business Plan
A business that is successful is built on a foundation of meticulous planning. You do not want to spend a substantial amount of time, money or other resources on something that will not be profitable.
The key elements of any plan are:
Decide on the Business Formation
There are two main benefits to registering your startup in Los Angeles or Santa Monica as an LLC or other business entity in California. First, the level of your credibility instantly increases. Second, if the business ever gets sued, you receive legal protection from any personal liability.
Register Your Business
Most businesses in California require a tax ID number, also referred to as a federal EIN. The government uses the tax ID or EIN to identify a business when taxes are filed. Without one, you are not legally permitted to open a business bank account or hire staff.
Open a Bank Account for the Business
When owning a business, it is crucial to keep your personal finances separate from those of the business. Opening a business account and related credit card will allow you to do that. Another bonus is that your accounting process will be made simpler.
There are other steps involved, such as:
Establishing a method for accounting
Acquiring the proper licenses and permits
Obtaining the appropriate insurance
Defining the brand for your business
Creating a presence on the web
There are several great resources for startups if you would like to learn more.
Work With the Best Business Law Attorneys in Santa Monica
Having the courage to be a true entrepreneur and start a small business is both exhilarating and nerve-racking. The process overall takes a high amount of energy, long hours, and resources. Hiring the right attorney who understands the challenges you face will help make the process less stressful and less time consuming.
Serving Los Angeles and Santa Monica, the business law attorneys at Verhagen Bennett protect our clients’ interest as they begin new ventures.
Call (310) 917-1064 or schedule a consultation to discuss how we can help you reach your professional goals.
(image courtesy of Danielle MacInnes)
or questions or comments about this post, please email us directly at: info@VerhagenBennett.com
© 2018 Verhagen Bennett LLP — This article is for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.