Structure your business idea after business plan and necessary licenses & permits. After creating your business plan, it’s important to develop a good name and determine legal structure of your business. As you finalize your business name, ensure web domain availability.
Name & Legal Structure
The first step of any business startup to be in existence is choosing a name and its legal structure.
There are several ways to go about it and there’s no wrong answer as you name your business. You could use a business naming software, or do brainstorming for choosing a name, or you might have already thought of it.
In any case it is better to choose a name and find a web domain before you legally register the name. It is heartbreaking for an entrepreneur or a startup to be so excited and happy about the name, only to find out that the domain is not available. As you begin to finalize the names, simultaneously check for domain availability.
Legal structure is about the type of business you’re about to open. It could be a sole proprietorship, a partnership, a limited liability company or a corporation, each have a different registration format. Visit your state’s Secretary of State website and follow instructions on getting started. You may want to consult with your CPA or get legal advice on what’s the best strategy in choosing your business type.