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FAQ

Helpful Information About Starting a Business

SHOULD I FILE MY BUSINESS AS A C CORPORATION, AN S CORPORATION, AN LLC, A PARTNERSHIP OR A SOLE PROPRIETORSHIP AND WHAT IS THE BEST STATE TO FILE IN?

If you are issuing different types of stock, then you file as a C corporation.  Otherwise start as an S corporation and you can convert it later on.  Partnerships and sole proprietorships are a bad idea, due to the potential personal liability that the owners of the business may face.  LLCs are the most popular but are thought to be too complicated.  


Due to the well developed corporate law of the state, Delaware is considered the number one choice for filing a new business.  Most convenient and reasonable is to have the business filed in the state that it is located in to avoid overcomplicating the taxes and avoiding the fees of generating income from another state.  If you need help with access to a business loan for commercial lending, sign up with one of our lenders

HOW LIKELY WILL IT BE TO GET VENTURE CAPITAL FINANCING?  SHOULD I MAKE THEM SIGN A NON-DISCLOSURE AGREEMENT (NDA) WHEN THE TIME COMES FOR HAVING INVESTORS?

The answer to that is it would be extremely unlikely.  The best way to do is to get started with a product and gain some traction to get the attention of investors.  In the beginning, working with financial consultants, such as Justork Lifestyle, might just be the best route.  Loan lenders are available to work with all types of credit histories.  Interest rates as low as 5% are available through some lenders.  


Should you waste your time with an NDA? Most likely not.  It tends to be a counterproductive process and just slow down your crowdfunding by scaring away investors.  If you need help with access to a business loan for commercial lending, sign up with one of our lenders

HOW DO I COME UP WITH A GOOD NAME FOR MY BUSINESS? WHAT TYPE OF BUSINESS DO I START?

This step is difficult.  Brainstorming names with different words helps to spark the idea of a relevant business name.  Be sure to check Google to make sure that your name is available.  Make sure that it is easy to spell and find keywords relevant to your industry that you can add into the name to make it more likely to come appear in search results.  Also try to register your company’s name as the domain as well and all social media platforms. If you need help with access to a business loan for commercial lending, sign up with one of our lenders

WHAT ARE SOME OF THE MISTAKES THAT ENTREPRENEURS MAKE WITH THEIR FIRST START-UPS? DO I NEED A LAWYER WHEN STARTING A BUSINESS?

When your mind is stuck on thinking that success will quickly, it can distract them from carefully budgeting and getting sufficient funds needed to start the business.  If you do not focus your time on the quality of your product and service and listen to what your client’s needs are, you will not be successful.  If you also fail to adapt to quickly changing environments and do not understand how to compete with other businesses in your industry, you will not be able to survive.  


Opening a simple S corporation or LLC does not require a lawyer.  Websites like LegalZoom and RocketLawyer allow you to put together simple business agreements that you may use on a daily business.   If you need help with access to a business loan for commercial lending, sign up with one of our lenders

 

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