Starting a Business

Starting a business is exciting and all-consuming, and in the rush to launch it’s easy to skip the foundation that keeps your personal life and your business life from tangling together. A few decisions early on protect what you’re building and what you already have. And like every milestone, it’s not just the launch, it’s all the stuff attached to it. And remember, every path is unique; these are suggestions, not advice.

Set up the legal foundation

• Choose how your business is structured, a formation service or attorney can help you weigh the options for your situation.
• Get an EIN, your business’s tax ID, and handle the registrations and permits your state and industry require.
• Consider establishing any buy-sell agreements for businesses with co-founders or partners.
• Consult an Intellectual Property attorney to explore trademark and intellectual property protection as an early step for businesses with a brand, product, or unique process.
• Keep your formation documents, EIN, and operating agreement in your Gentreo Digital Vault.

Plan for what happens to the business

• This is the part founders skip, and the part that matters most if something happens to you.
• Create a Business Succession Letter so your wishes for the business are clear.
• Set up or update a Living Trust to help your ownership pass smoothly.
• Make sure your personal Will reflects your new business interest.

Protect the business and the people in it

• Get the business insurance that fits what you do, general liability, property, or a Business Owner’s Policy.
• Consider liability exposure (creditor claims on personal assets).
• Add key-person life insurance so the business can weather the loss of someone essential.
• If you have employees, set up payroll and the coverage, like workers’ comp, that comes with hiring.
• Mange your business income from day one.
• Open a dedicated business bank account, it’s a good idea to never mix personal and business funds.
• Set up bookkeeping and accounting so income and expenses are tracked from the start.
• Line up a CPA or bookkeeper to keep taxes and filings on track.

You don’t have to stand all of this up in week one. Protect your personal assets first, keep the money separate, and Gentreo helps you handle the rest as the business grows.

More building. Less worrying.

Gentreo is not a law firm or a substitute for a law firm or attorney or an attorney’s advice. Gentreo provides self-help services at your specific direction.