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Organizing Your Business

After deciding that you're going to start your own business, your next step should be to begin planning the most basic organizational aspects of your business. These choices can be vital to the success of your business.

First, what are you going to call your business. You need a name that is unique, or whoever started using it before you will be very unhappy with you. The name must convey what your business is and does. There's not much doubt about what you're going to get at "Joe's Garage" or "Momma O'Rourke's Family Irish Restaurant."

Second, you have to choose a form of organization. There are numerous choices: sole proprietorship, partnership, corporation, LLC and LLP (Limited Liability Corporation or Partnership). This decision dictates what organizational formalities must be followed, how income is reported, and numerous other issues. Research the issue carefully before making a decision. Don't forget that this decision can and should be revisited as your business circumstances change.