| Like anything in life, neglecting the small things, when it | | | | paperwork incorrectly. A service like this will typically |
| comes to your business, can ultimately be your | | | | cost around $500-$1000. |
| undoing. You can have the smartest idea for a | | | | Taxes and fees can also add up when starting a new |
| breakthrough product but forgetting to patent your | | | | business. You'll need to pay a filing fee for your |
| new technology leaves you vulnerable and ultimately all | | | | corporation, fees to the secretary of state (if |
| you have left is a product that a big company will | | | | applicable), and first year franchise taxes. General |
| come along and scoop up, and you're right back | | | | excise taxes and quarterly state taxes are ongoing |
| where you started. | | | | taxes, but will add even more to the initial costs; keep |
| Setting up your business the right way from the start | | | | these in mind when planning your first year's budget. |
| is the same way; missing one small step (or even | | | | Hiring a CPA is recommended to make sure that you |
| doing the steps out-of-order) can leave you vulnerable | | | | don't forget anything and so you can take advantage |
| and, in some cases, personally liable for any potential | | | | of any tax breaks specific to your business/industry. |
| lawsuits and damages. One of the first things you'll | | | | Fees, taxes and filings can be overwhelming |
| need to do when starting your business is to | | | | (especially since the majority of entrepreneurs are |
| incorporate. A LLC will often be the best option when | | | | strong leaders, but not necessarily detail-oriented). This |
| starting a home based business, as it will provide a | | | | is perhaps the strongest case for starting a franchise, |
| great amount of protection, it's fairly painless to get | | | | because the franchisor will provide guidance, |
| setup and is a fairly inexpensive way to incorporate. | | | | assistance and in many cases will handle the initial |
| Incorporating is much cheaper if you do it yourself, but | | | | paperwork and first year budget planning. If you're |
| hiring someone to do it for you will ensure that you | | | | apprehensive about starting your business after |
| don't forget to dot the i's and cross the t's. The last | | | | reading this article, make sure you look into the option |
| thing you want is to find out 5 years down the road | | | | of a franchise and ask the franchisor what support |
| that you're not protected because you filled out the | | | | services they provide. |