Corporation and Tax Identification Number

Topics: Corporation, Business law, Limited liability company Pages: 3 (494 words) Published: May 2, 2013

For many Business students their main goal is to one day own and run their own businesses. During this assignment I would like to break down the initial steps needed to start a business. Starting a business involves planning, making key financial decisions and completing a series of legal activities. Below are the steps that could help you plan, prepare and manage your business.

Items needed

You will need to have:

Business plan
Location or place of purchase via. Internet
You will need some type of investor or set-aside investment in order to get the ball rolling towards your new business. •Legalities
Along with ways of advertisement


Starting a business with out the necessary legal documents can cause your business to be shutdown quickly.


Step 1: Design a Business Plan
A business plan is a forward roadmap for business growth and success. The document usually looks 3-4 years ahead and outlines the path a business will use in order to turn a profit.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business. Along with doing your own research on successful businesses.

Step 3: Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws. While at the same time locating your business in an area that is accessible for the materials that are needed in your business.

Step 4: Finance Your Business

Find Government backed loans, venture capital and research grants to help you get started. There are many different ways of earning capital to get your business going.

Step 5: Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative....
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