The right planning and execution of your business idea is as essential as having funding in place. In fact, it can be crucial to the very act of obtaining financing for your business. Explore a detailed overview of Montana business planning for 2019, including steps to start your business and why a business lawyer is so important.
Business Planning for 2019
The first step in your Montana business planning for 2019 is getting a draft of your business plan in order. This is essential for so many reasons. It makes you get your ideas down on paper, which can help you to refine your concept, remove ideas that don’t look workable once they’re written down, establish your values and mission statement, and evaluate and forecast your finances.
All of these are vital to getting your business up and running and remaining solvent right from the start.
Registering Your Business
You’ll need to determine what type of entity you want to become: a sole proprietorship, a partnership, a corporation, an LLC or other form of incorporation. The vast majority of small businesses choose the LLC route, as it protects your personal assets, but avoids extra corporate taxes that go with being a corporation. You should, however, get educated about the kinds of business formations that exist and which might best fit your plan.
Understand the Tax Code
Fortunately for entrepreneurs, Montana has one of the easier tax codes out there. It shouldn’t take long to get familiar with the structures and strictures. Montana carries many benefits for small businesses, including a complete lack of excise and sales taxes. Montana has been named by the Tax Foundation as the sixth-best business tax climate in the nation.
Licensing, Permits and Protection
Depending on the kind of business you’re opening, this can be very easy or moderately complex. Do your homework and learn about any licenses or permits you’ll need, then take the steps necessary to get them in order. You could need local, state or even federal licensure depending on your services.
You could need zoning, building permits or a range of other permissions. It also never hurts to secure business insurance to protect you from liability issues, lawsuits and the like that arise from injuries, poor employee behavior, workers’ compensation suits and the like.
You’ll need to get financing in order for your business. Maybe you’ve already got startup capital ready to go. If so, that’s great! Otherwise you’ll need to secure investors, grants, loans and the like, and the more established and polished your plan is, the better off you’ll be. You’ll also need a business bank account to put those funds into. Never put business funds into your personal accounts. It just causes trouble at tax time.
Get a Montana Business Attorney
Many steps in opening your business can be done on your own. It never hurts, however, to have a practiced, experienced and trained eye to help you make the right calls. The Montana business attorneys at Tanko Law can help you take care of all the details in your business planning for 2019. For more information, give us a call and schedule a consultation today!