Full Video Transcript
If you're looking to start your own business you may want to start by asking yourself a few key questions: Are you a self-starter? Are you good at making decisions? Do you have strong planning and organizational skills? Are you really up for the challenge?
If you answered yes to theses questions, then starting a small business may be right for you. Part of the business planning process includes an evaluation of what type of legal structure may be best for your business - such as a corporation, a limited liability company, a partnership or a sole proprietorship. Businesses must also obtain appropriate licenses and permits in order to legally operate. It's important that your business is adequately financed and able to pay the minimum government fees and other start-up expenses so it isn't merely a "shell" company. Finally, make sure you set up good policies for recordkeeping upfront… failure to do so not only results in a lot of headaches, but documenting major business decisions can even be required by your state corporate laws.