How To Start A Business In 2021!

Published March 7, 2021 60 Views

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Starting a business for the first time can be an overwhelming process. However, it's not as complicated as it seems and can be done easily. Here are the steps...

Number 1: Decide The Identity
I recommend an LLC for first time business owners. It's a versatile business entity that also allows for easy taxes. It separates you and the business so if someone tries to sue the business, they can't take your personal assets as well.

Number 2: Don't Use Legalzoom
Legalzoom and other companies succeed because people don't understand how easy it is to create a business. There's a fee associated to starting a business (it varies per state, in MI it's $50), once it's payed and a little paperwork is done, the business is created. Don't pay hundreds for legalzoom and wait 6 weeks.

Number 3: Registered Agent
A registered agent is someone who handles important paperwork for the business. For a small business, you as the registered agent is the best decision. As you grow, this person can be the company lawyer.

Number 4: Business Bank Account
As soon as you get your business created, go to the bank and get a business bank account. Make sure you keep these transactions separate in order to accurately do your accounting and taxes.

#business #entrepreneurship #personalfinance