Many young people are learning to plant and cultivate their own businesses nowadays. Being new to the entrepreneurial world means that you might forget a few things. The following are five commonly overlooked things that you might want to keep in mind when starting a business.
You need to make sure that you have chosen the best structure possible for your company. For example, some businesses work best as a corporation where shareholders put up some capital but do not assume any of the company’s debts. Another popular business structure you can choose is the LLC (Limited Liability Company), which protects personal assets from the company’s debts.
Register That Name
You chose your name and are pretty proud of it, too, but have you registered it? It is important to register for your DBA or a “doing business as” name. The reason you are doing this is so you can conduct business under your company’s name rather than your own. You can do things like open up a bank account using this name.
Okay, so you have your name and your business plan set up, but there may be other things to consider. For example, it is vital that you take care of things like licenses, permits, and insurance which you can get from a company like Marine Agency. Say that you are opening up a tattoo shop; then you need to make sure you have insurance that covers things like a surface piercing. In essence, you want to make sure you are legal and that you are covered should anything go wrong.
Trademarking is Right
Registering your name is one thing, but now you have to protect your trademark. This trademark or logo is going to represent your business. You do not want an entity to besmirch your image or business by improperly using your logo. Trademarking ensures that you are protected and can take legal action should someone misuse your logo. Be sure to talk to a legal expert in this field to be on the safe side.
It might not be the most pleasant thing to think about, but you are not eternal nor are you invincible. This is the reason you need to consider creating a living trust. These documents help leave instructions as to how your business will run should you be incapacitated or gone. A living trust also ensures that the business is passed on to whom you trust should you pass away.
Hopefully, these tips ensure that you do not forget anything while opening up your business. Keep in mind that it is okay to ask questions because no one jumped into this world knowing everything there is to know.