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Start Your Own Business: 50 Things You'll Need to Do

From insurance to accounting to taxes, here are the steps to starting a business.

Need Professional Help? Talk to a Lawyer.

605001 Get Started

By Beth Laurence (/Law-Authors/Bethany-Laurence.Html), J.D.

Thinking about starting a business? You're not alone. Every year, thousands of
Americans catch the entrepreneurial spirit, launching small businesses to sell their
products or services. Some businesses thrive; many fail. The more you know
about starting a business, the more power you have to form an organization that
develops into a lasting source of income and satisfaction. For help with the
beginning stages of operating a business, the following checklist is a great place
to start.

Evaluate and Develop Your Business Idea

Step Description
1 Determine if the type of business suits Start the Right New Business for
you.
2 Use a break-even analysis to
determine if your idea can make
money.
3 Write a business plan, including a
profit/loss forecast and a cash flow
analysis.
4 Find sources of start-up financing.
5 Set up a basic marketing plan.
Resources
You (/legal-encyclopedia/start-right-
new-business-for-you-29720.html).
Will My Business Make Money?
(/legal-encyclopedia/will-business-
make-money-29850.html)
Writing Effective Business Plans
(/legal-encyclopedia/business-plan)
Business Financing, Loans & Capital
(/legal-encyclopedia/loans-capital)
Marketing & Advertising (/legal-
encyclopedia/marketing-
advertising)

Decide on a Legal Structure for Your Business

6 Identify the number of owners of your Partnership Information (/legal-
business. encyclopedia/partnership)
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20/06/2016 Start Your Own Business: 50 Things You'll Need to Do | Nolo.com

7 Decide how much protection from
personal liability you'll need, which
depends on your business's risks.
8 Decide how you'd like the business to Business Tax Information (/legal-
be taxed.
9 Consider whether your business
would benefit from being able to sell
stock.
10 Research the various types of
ownership structures.
11 Get more in-depth information from a
self-help resource before you settle
on a structure. If you are unsure, talk
to a lawyer.
What are the risks of starting my
own business? (/legal-
encyclopedia/evaluating-business-
idea-faq-29068-5.html)
encyclopedia/small-business-tax-
faq-29131.html)
Incorporate Your Business
(/products/incorporate-your-
business-NIBS.html)
Sole Proprietorship (/legal-
encyclopedia/sole-proprietor)
Partnership (/legal-
encyclopedia/partnership)
LLC (/legal-encyclopedia/limited-
liability-company)
C Corporation (/legal-
encyclopedia/corporation)
S Corporation (/legal-
encyclopedia/s-corporation-facts-
30002.html)
Nolo Store (/products/business-llcs-
corporations/)
Talk to a Lawyer
(/consultation/request_details?
practice_area=business)

Choose a Name for Your Business

12 Think of several business names that Your Business Name (/legal-
might suit your company and its encyclopedia/business-name)
products or services.
13 If you will do business online, check if Choose and Register a Domain
your proposed business names are Name (/legal-encyclopedia/choose-
available as domain names. register-domain-name-29996.html)
14 Check with your county clerk's office Your Business Name (/legal-
to see whether your proposed names encyclopedia/business-name)
are on the list of fictitious or assumed
business names in your county.
15 For corporations and LLCs: check the Register Your Business Name
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20/06/2016 Start Your Own Business: 50 Things You'll Need to Do | Nolo.com
15 For corporations and LLCs: check the Register Your Business Name
availability of your proposed names (/legal-encyclopedia/registering-
with the Secretary of State or other business-name-30262.html)
corporate filing office.
16 Do a federal or state trademark How to Do a Trademark Search
search of the proposed names still on (/legal-encyclopedia/how-do-
your list. If a proposed name is being trademark-search-29741.html)
used as a trademark, eliminate it if
your use of the name would confuse
customers or if the name is already
famous.
17 Choose between the proposed names Choosing a Business Name FAQ
that are still on your list. (/legal-encyclopedia/choosing-
business-name-faq-29077.html)

Register Your Business Name

18 Register your business name with Register Your Business Name
your county clerk as a fictitious or (/legal-encyclopedia/registering-
assumed business name, if necessary. business-name-30262.html)
19 Register your business name as a File a Federal Trademark
federal or state trademark if you'll do Application (/legal-
business regionally or nationally and encyclopedia/filing-federal-
will use your business name to trademark-application-faq-
identify a product or service. 29115.html)
20 Register your business name as a Choose and Register a Business
domain name if you'll use the name Name (/legal-encyclopedia/choose-
as a Web address too. register-domain-name-29996.html)

Prepare Organizational Paperwork

21 Partnership Partnership Agreement
(/products/partnership-agreement-
PR170.html)
Buyout agreement
(/products/business-buyout-
agreements-BSAG.html) (also
known as a buy-sell agreement)
22 LLC Articles of Organization
(/products/online-llc-
TCCLLCUS.html)
Operating Agreement (/products/llc-
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20/06/2016 Start Your Own Business: 50 Things You'll Need to Do | Nolo.com

operating-agreement-for-single-
member-llc-PR027.html)
Buyout Agreement
(/products/business-buyout-
agreements-BSAG.html) (also
known as a buy-sell agreement)
23 C Corporation Pre-Incorporation Agreement
(/products/pre-incorporation-
agreement-PR024.html)
Articles of Incorporation
(/products/incorporate-your-
business-NIBS.html)
Corporate Bylaws
(/products/amend-corporate-
articles-and-bylaws-CM6C3.html)
Buyout Agreement
(/products/business-buyout-
agreements-BSAG.html) (also
known as a buy-sell agreement or
stock agreement)
24 S Corporation Articles of Incorporation
(/products/incorporate-your-
business-NIBS.html)
Corporate Bylaws
(/products/amend-corporate-
articles-and-bylaws-CM6C3.html)
Buyout Agreement
(/products/business-buyout-
agreements-BSAG.html) (also
known as a buy-sell agreement or
stock agreement)
File IRS Form 2553, Election by a
Small Business Corporation (/legal-
encyclopedia/s-corporation-facts-
30002.html)

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20/06/2016 Start Your Own Business: 50 Things You'll Need to Do | Nolo.com

If you're looking to create an LLC or corporation, Nolo has great online

applications that can make it easy. Check out our Online LLC (/products/online-llc-
TCCLLCUS.html) and Online Corporation (/products/online-corporation-
TCCINCUS.html) applications, as well as our suite of books (/products/llc-
corporations-partnerships/) on the subject. 

1 | 2 (/legal-encyclopedia/start-own-business-50-things-30077-2.html)
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