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Starting or Incorporating a New Business
Vann & Sheridan Video Legal Pad
Transcript

Hi and welcome to this session of Vann & Sheridan's Video Legal Pad. My name is James Vann, I'm one of the attorneys here, and today we're going to be talking about starting a new business or incorporating a new business.

Hopefully you have a passion if you are going to create a new business. Take a passion and turn it into a profession; something that you can hopefully make money and generate revenue with and we're going to talk a little bit about how you do that. First is: you have to have that passion for that new business opportunity. And in doing that and determining what your business is going to be, so often you've heard people talking about having a business plan and we encourage our business clients to write that plan out. What does that business look like? What does the venture look like? Who are going to be the customers? How is it going to operate? Sort of go through the: who, what, when, and where questions of how that business is going to succeed. Going through figuring out what your overhead is, how to do the best job you can to keep your overhead low, certainly in the very beginning.

And one of the other things we really enjoy working with our clients with is making sure that they have a great source of people to go to and that is having an attorney on board, having a CPA involved, having a banker involved and more importantly is making sure that that team is well-rounded and that we're all talking together. The advantage of that is it really gives you like a board of directors that can give you great independent advice on your business opportunity. Some of the other things we encourage to do is: look at industry trends and talk with other business people in the community about this business idea. Obviously you want to do that with those you trust because you may have some trade secrets in formulating your business that you don't want to tell other people. That is something that we really enjoy helping our clients with.

After you sort of get that business plan together and you start getting your team together, typically what we do is we start having the paper starting to be generated to document how are you going to handle your business, what the processes are, what the policies are and then that will also include forming the corporate entity; is it going to be a limited liability corporation? Is it a partnership? Is it a regular C corp., or what you have probably heard as an S corp., getting a tax-id number, filing the appropriate documents with the state and possibly with the county depending upon the business? I know as far as dealing with all the paper work, if you don't deal with them on a regular basis it seems to be overwhelming but the good news is there are professionals like us and others that can help you with that to really make that process much easier.

So most importantly is to follow your passion; Have lots of fun with your business opportunity. Turn that into something that you can make a livelihood out of and hopefully you never lose that passion. We hope this is helpful to you. If you have questions, please feel free to give us a call. Thanks so much.