Starting a business is a thrilling and overwhelming experience. It is incredible to go from having a great business idea to making a functioning business plan for it to actually turning it into a reality. It is also a very complicated process. It is difficult for just one person to handle everything they need to do for it, and especially so if it is their first time having any experience with running a business. Getting everything in order is essential to protecting your new business, but you likely won’t know what you need to do to make that happen right off the bat.
Here are some of the documents you will need in order to start a business in Alabama:
Make a Business Plan. This one is not legally required, but it should be your starting place. A Business Plan clearly spells out on paper what you are planning to sell, how you are planning to get it into customers hands, how much you expect that process to cost, and how much you are planning to make from it. It should take the current state of your local economy and market into consideration.
Registering Your Business Entity. You will have to choose the type of management structure you want your new business to have. This can be an LLC, a Corporation, a Sole Proprietorship, or a Partnership. This is all based on the size of business you want to have and how you plan on running it. Different entities have different ways of registering them.
Registering Your Business Name. You need to make sure no one else has already taken your business name, and then register it to protect others from taking yours in the future. Registering the name in Alabama is different from applying for a trademark, which you will also want to do to protect it nationwide.
Get an Employer Identification Number. You will have to register your business for tax purposes with the IRS, who will assign you an Employer Identification Number. This unique number is the business equivalent of a Social Security Number, and it allows you to pay payroll and file tax returns.
Get a Business License. You will need to get one or more Business Licenses in Alabama, depending on the type of business and where you are located. These need to be renewed annually, so make sure yours is current and legitimate.
Get Legal Help. As you can see, there is a lot going on with forming a business. This is a generic overview as well - your specific business will need all kinds of unique help depending on what it is. It is always better to get this done up front instead of paying the price down the line. For all kinds of help with business formation, contact the Law Office of Tankia L. Finney today! Book a consultation to figure out what you need to succeed and how we can help.