I have had aspirations to start my own business since I was a little kid selling protection to the kids on my street with the lemonade stand. They would pay me a small fee and I would keep their stand safe from lemonade thieves, bullies and other lemonade competition. I later found out that this is called extortion, and is not a great business model. In order to protect myself from falling into similar traps or prison I had to seek out Elliott Stapleton’s guidance to get my business started on the right path.
I was told that the most important parts of starting a business are the goods or services that I want to offer. This was problematic because I had only thought about how I wanted people to give me money, and I skipped the part about what to actually sell. Once I landed on which services to offer, I had to decide how to set up my business. I chose a limited liability company (LLC) for several reasons.
If unlike me your company actually earns money, an LLC allows the owners to distribute profits in any way they choose, regardless of capital contributions. These are just a couple of benefits of starting an LLC. The process of starting an LLC is somewhat involved, and is something I will discuss in my next article. For now I have a hankering for some lemonade and a game of air hockey for some reason.
For the next step in starting your own business, read Starting a Business: Part 2.