arding the corporate form and treating the acts and liabilities of a corporation as the acts
and liabilities of the shareholders.
On the other hand, a sole proprietorship or partnership can open and operate with minimal
formal documents to remain legitimate. Bearing all of this in mind, there are a lot of tax
ramifications, legal information, and decisions to consider when choosing to go about this
business on your own, with a partner, or as a corporation. Once again it's advisable to seek
professional counsel on these matters. You want the structure of your business to be right,
legal, and working in your best interest.
Naming Your Business
One of the most exciting parts about starting your own business can be naming your busi-
ness—and it's also required. For you to legally own and operate a business you must secure
a name that is not in use by another business and then properly make it your own. There
are different ways to go about this.
First, you're going to want to come up with several name ideas to give yourself some op-
tions, and don't get too excited about a particular name or start advertising your business
under a particular name until the paperwork is done, you have a registered employer iden-
tification number (EIN), and you have completed the articles of incorporation (if starting
up as an LLC). Until you complete these items, you do not own the rights to your name!
Just imagine if you had an established business and some new company started using your
name to operate. You wouldn't stand for it. Neither will anyone else, so make sure you're
not treading on another business's good name and come up with something unique.
Simultaneously, you're going to want to start looking at Internet domain names if you're
going to start a website. I say “if” you're going to start a website, but truthfully this is not
an option in today's Internet-based world. The fact is that you will need a
Capitalize on an Existing Business
Have you ever considered buying a business that is already up, running, and making a
profit? or maybe not making a profit but you can find the weakness and turn it around?
Consider looking for an established business to buy. The business-buying game can be a
tricky one, however, as in real estate, you may land on some great deals and take advantage
of a softened market. If you have the cash to go down the business-buying path, it might
the quickest way to get into self-employment.