Roedel Parsons Koch Blache Balhoff & McCollister

Starting a new business involves numerous steps

Perhaps it has been a lifelong dream of yours to start your own business. Instead of continuing to wait for every condition to be just right, you have decided to take the plunge. You know that you must make numerous decisions before you can even open your doors.

After doing your research regarding other businesses like yours and who your customers will be in a certain area, you are ready to take the next steps, but you may not be sure what they entail.

Planning is an essential part of starting a business

In order to move forward with your business, you may need to take the steps below as part of your planning process:

  • Create a business plan that outlines how you will run, grow and structure your business. This document may also include the goals you have for your company now and in the future.
  • Choose a location, if you will have a brick and mortar location for your company.
  • Find funding for your business. This may include locating investors or taking out a loan.
  • Choose a name for your company. You will need to make sure that it is unique enough to set your business apart but not too similar to another company's name.
  • Choose an entity type for your company. You will need to weigh the pros and cons of each before making your final choice.
  • Form and register your business after choosing a name and entity type, if necessary.
  • Obtain an employer identification number, which you will need to open bank accounts, pay taxes and more.
  • Apply for any permits that your particular business may require in order to operate in Louisiana.

These are just the basic steps you will take in order to start your business. You may need to take other steps depending on your industry and other factors. Each of these factors will require examination from both a legal and business perspective. Doing so could help you make the choices that will take your company into the future and make it a success.

Just because you are starting a business does not mean that you are expected to understand the laws that pertain to your situation. It may prove useful to discuss your needs, goals and wishes with a Louisiana attorney experienced in these matters. He or she can provide you with invaluable advice and direction.

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