First Steps In Launching A Business
Updated: January 23, 2020
Launching a business can be overwhelming. You have to navigate government regulations, select the appropriate business entity form, obtain licenses and insurance, and so much more. How-to books and legal websites make it appear simple, but there are many pitfalls for the inexperienced. Here is a brief guide to your first steps in launching a business.
How do I form a business?
Forming a business is not as formidable as it seems. In fact, you can form a new business entity in one day if you have all the necessary paperwork complete.
Here are the steps to forming and registering a business entity with the state of Pennsylvania.
- Select a unique business name that does not infringe upon another business’s name
- Select your choice of entity (ex. corporation, limited liability company, etc.)
- File organizing documents with the Pennsylvania Department of State
- Obtain tax identification numbers
- Obtain any necessary government permits
- Create governance documents (ex. partnership agreement or bylaws)
- Complete the Pennsylvania Enterprise Registration (PA-100) to obtain certain business tax accounts
These steps are merely the legal formalities to form a business entity. There are many other considerations to get your business open for customers. Here at Concerto Law, I guide you through the business, marketing, and tax considerations before your open your door to the public.
Other considerations prior to launching your business.
After you have completed the first steps, you have important decisions to make about the daily operations of your business. Of course, they will vary depending upon the type of business, but most businesses face the same basic questions.
- Identify your business location (ex. home office, a building you own, a building you rent)
- Identify vendors for inventory, equipment, products, utilities, and services your business needs
- Negotiate leases, employments agreements, or independent contractor agreements
- Purchase insurance
- Review zoning, parking, signage, and building code ordinances
- Obtain financing
- Open a bank account for your business
- Purchase accounting software to keep track of your income, expenses, accounts receivables and accounts payable
- Post required labor law and safety posters
- Develop employee handbooks and policy & procedure manuals
- Create job descriptions
Concerto Law does more than simply complete the legal paperwork necessary to form a business. I will identify these practical business needs, guide you through their implementation, and recommend tools and resources to help your business succeed.