You have your idea, you have gotten funding, now all that is left to do is start your new business. But wait!
There are a few things you need to keep in mind before you get started. First and foremost, where will the company be located? This decision has many ramifications for tax rates, regulations in the area, and more.
Next up: What type of legal entity should my company be? Should I be an LLC or some other form of organization? Lastly: How much money do I actually need to start this thing off on the right foot? -Choose an operating agreement.
This is the document that outlines how your business should be run and includes information like what type of entity you are, whether or not there will be a board of directors,
who can make decisions for the company, when shareholders must vote to approve certain actions (like amendments to governing documents), provisions about officers’ salaries and bonuses (See this article from LinkedIn on What Is An Operating Agreement).
-Form an LLC. Limited liability companies have become one of the most popular forms of legal entities in recent years due to their ease of use as well as being relatively inexpensive to maintain compared with corporations. The members agree to limit their personal responsibility by placing assets within the corporation rather than leaving them available