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Page 4 of 20 |
What do I need to start a business? |
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To start a business it is a good idea to have an understanding of the business, written business plan, a good understanding of the economics of the business, some experience in a related business, and enough funds to be able to cover your costs until the business becomes profitable.
Before starting a business, it is often a good idea to speak to an accountant and a lawyer so that you understand the tax and legal issues and if desirable, structure the business to minimize taxes and avoid legal problems and reduce the chances for personal liability. A brief, inexpensive consultation can save you huge amounts of money, long term and short term! And if you are a startup looking for financing, you will want to have intellectual property rights already protected (see " "Jump on your Intellectual Property Rights".
The legal structure of your business is extremely important. State law enables you to create a legal entity - a separate "identity" from your own person - under which you can transact business, without the risk of exposing your assets to any personal liability that might arise out of your business affairs.
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