When setting up a new business, there are many considerations that one must consider. Here are a couple:
1. Have a business plan (likely needed for financing applications);
2. Understand operational model and determine whether there are any licensing requirements;
3. Speak with insurance agent to determine coverage needed;
4. Have a preliminary idea when meeting with your lawyer about type of business entity; speaking with an accountant may be of value in addressing tax implications;
5. Determine who will have management authority;
6. Company bank account(s);
7. IRS/DRS registration numbers;
8. Maintenance of sound corporate records;
9. Operating/Shareholder/Partnership Agreement to define relationship/rights/responsibilities of participants;
10. Do not commingle assets; and,
11. Understand proper execution of business-related documents.
Of course, every matter is different and speaking with knowledgeable and experienced professionals is advised.
