Owning your own business is part of the “American Dream.” The idea of being a business owner is exciting, but it is important to make sure that all the proper legalities are met when establishing your new business. This post will give you a general idea of the steps to take in starting a new business in Massachusetts. However, any budding entrepreneur should seek the advice of an attorney, which this post cannot provide.
First of all, it helps to plan ahead. Make sure the timing is right before taking the plunge into business ownership. Second, commit to a business plan in writing. This plan can guide the operations of the business for the first few years of the business’s existence. Third, make sure that you have all the necessary training needed to be a first-time business owner. Fourth, make sure you choose an appropriate location for your fledgling business.
Fifth, most new businesses need financing, so it is important to research your options. Sixth, you’ll have to decide on a business structure. Will your business be a sole proprietorship, will it be a partnership or will it be one of several other types of businesses? Seventh, complete and file a “Doing-Business-As” Certificate. Eighth, make sure that, if necessary, your business is registered with the state of Massachusetts. Ninth, make sure you get a federal Employer Identification Number. Finally, make sure you have a solid understanding of the taxes your business will need to pay.
All of these steps may seem overwhelming, particularly if this is your first time entering the world of business ownership. However, help is available. Attorneys in Massachusetts can advise their clients on the ins and outs of business formation, and can represent them every step of the way.