Starting a business is a major investment for you and your family. It can be exciting to start your own business and be able to meet your ideas and dreams with the overall business objectives. There are many types of businesses you can select from when forming your business. There are many different types of businesses to consider such as Hospitality businesses which include bars, restaurants, hotels, and banquet halls, or Retail businesses which include clothing, drug, grocery, or convenience stores.
Many businesses may include professional practices which include medicine, dentistry, accounting, and others that provide professional services, such as consulting, recruiting, and technology, as well as many others. A potential business owner needs to be aware of the necessities that the business requires. This includes forming the corporate entity, corporate and limited liability documents, business plans, and employee training, among other founding documentation. As a future business owner, it is important to know the documentation needed for starting your business, so you can take the appropriate active measures and start your business legally.
Starting a Business and Forming a Corporate Entity
Forming a corporate entity is one of the first steps an individual may take when starting a new business. There are many types of entities that individuals may select from. This includes a limited liability company, a profit corporation, a professional corporation, a nonprofit corporation, and a limited partnership. Corporate filings can be completed through the Department of Licensing and Regulatory Affairs. Entity formation and corporate filings can even be completed online through Michigan’s Licensing and Regulatory Affairs department.
It is important to select and determine a business name, as this is needed when filing a corporate entity. Also, individuals may seek to file an assumed name for the business. This can include the proposed name for the business, which coincides with the corporate entity. Also, it is important and likely that an employer identification number will be needed for your business, especially as you start and begin hiring employees. Applicants can apply online for an employer identification number through the IRS. If individuals have concerns or questions about business startups, it is helpful to receive advice from legal counsel. The Law Offices of Barton Morris can assist with filing all of the needed documentation for your business including the corporate entity documentation, along with any additional corporate entity and limited liability company documents your business requires.
Corporate Documentation
Depending on the type of business, it is beneficial to have the corporate documentation for your company completed prior to operating said business. Some of the corporation entity documents needed may include stock certificates, list of corporate officers, list of shareholder owners, the shareholder meetings, and member meetings, etc. Limited Liability Companies (LLC) entity documents include operating agreements and profit sharing agreements for all members of the partnership. Partnership entity documents including profit sharing agreements for all the partners, ownership interest documents, duties of each partner, and manager-managed agreements. These agreements can be helpful for deciding the titles of each member, along with their roles and responsibilities. It is important to include profit sharing agreements, so each member is aware of their profit percentage and how often distributions are made.
It is in the best interest of the business to have set documents to protect the business. The attorneys at Barton Morris advise clients on starting their businesses, along with reaching the business objectives. We can assist with business startups, along with the business planning and tactics for companies. Advice from attorneys can be helpful to your business, as they can assist with understanding the applicable laws, and the documentation needed for starting your business. It can also be helpful for attorneys to assist with contract work, especially as it relates to starting your business.
Business Plans
There are many considerations that individuals should assess when starting a business, this includes a business plan. A business plan is imperative to your business, as it depicts and illustrates how your company will operate within different aspects of the company. Plans may include the goals, business strategies, and structure for the business. The plan can include polices that may be implemented once a business gets started or future polices that will be needed once the business is operational.
Additional plans may consist of marketing plans, staffing plans, financial information, and employment policies. The business plans may indicate methods of marketing, which may include social media management and the types of platforms that should be used for the business. The marketing plans should include the target audience for any advertisements and promotional materials the business has targeted.
Staffing plans can be resourceful for business owners and potential business owners. As they can contain the goals for each staff member, along with possible compensation packages and bonuses. It is resourceful to include new strategies and techniques for the business. Staffing polices can be an effective way of keeping organization and discipline within a workplace. Also, business plans can include financial information, which can include budget information and estimation of inventory, where applicable. The attorneys at Barton Morris have extensive experience with creating business plans for various types of business. Business plans can include the corporate structure, staffing plans, marketing plans, financial plans, and many other types of documentation that identify policies for the business organization.
Starting a Business and Employee Training Programs
Business owners may consider implementing employee training programs, especially as it relates to forming a new business. Business owners may want to implement these employees polices, so employees are aware of the rules set in place by the business organization. These policies create discipline within the business and allow the employees to understand the overall goals of the organization. Training programs can teach employees the nature of the business, along with any disciplinary actions if the rules and policies are not followed.
In addition, employee training programs can be administered at the beginning of the organization, so all employees understand the rules and regulations of the business. Assisting with the development of skills for all employees, since all employees must follow the same rules and regulations. The attorneys at Barton Morris have experience with supporting businesses with employee training programs, especially as it relates to keeping business practices running smoothly. Seeking advice from legal counsel is effective for your business, especially as it relates to creating employee policies.
In conclusion, starting your business is very exciting for individuals and includes many processes. The process can include creating a corporate entity, obtaining a employer identification number, having corporate entity documents, business plans, along with additional documentation that manages your business legalities and business plans. As it can be stressful to understand all the processes needed to start a business and advance your new business, we recommend contacting our firm. It is resourceful as a new business owner or as a potential business owner to receive legal advice from attorneys, who can help you start your new business. The Law Office of Barton Morris has vast experience with business start ups and will help guide you through any questions or concerns you may have.
