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How to Start a Business


Safe Shield® believes in the entrepreneurial spirit that built the Unites States. Our mission is to help every entrepreneur realize their dream of owning a business, and to protect that business through compliance monitoring. We know that there are a lot of talented and creative individuals capable of forming fantastic businesses, but most don’t know how to start a business. So the entity formation experts at Safe Shield® have constructed a review of the four main types of businesses to kick start your journey to success.

Sole Proprietorship

Sole proprietorships are typically one person businesses that do not register with the state. There are more than 22 million sole proprietorships in the U.S. Here is how to form one:
  • Decide to become a business. There is no formal application to submit. As long as there is one owner, the sole proprietorship exists.
  • Choose a Name. Make a webpage, register your name, or trademark your name.
  • Separate your personal and business assets. Get a separate business bank account, business credit card, find a recordkeeping solution.
  • Be prepared to pay self-employment taxes.
  • Obtain insurance.
It is very simple to start this type of business, but also very risky. As a sole proprietor, the business owner has absolutely NO personal liability protection and could be personally exposed should anything go wrong within their business.


Partnership

Partnerships form when two or more people join together to create a business. There are two types of partnerships: general partnerships and limited partnerships. Here is how they are created.
  • Select your partner(s) and the type of partnership needed.
  • Write a business plan.
  • Choose a name.
  • Know your tax obligations.
  • Get a federal employer identification number.
  • Get all licenses and permits.
  • Choose a location of operations.
  • Obtain insurance.
  • Create a partnership agreement.


LLC (Limited Liability Company)

An LLC is a flexible business enterprise that provides limited liability to its owners, blending elements of a partnership and corporation. The following are the steps to setting one up.
  • Choose a business name that complies with your state’s LLC regulations.
  • File all legal forms (articles of organization), and pay all filing fees.
  • Create an LLC operating agreement. This describes the rights and responsibilities of LLC officers and members.
  • Conduct an organizational meeting to document who the officers, governors and managers are as well as their authority.
  • Create a subscription agreement to document who the owners are and what they contributed in exchange for membership.
  • Issue Membership Certificates and create a Membership Ledger.
  • Depending on your state, you may have to publish a notice of intent.
  • Obtain any licenses and permits needed for your specific business.


Corporation

A corporation is a business entity that operates as a separate legal entity to provide protection against liability for its shareholders and owners. Here is how to form a corporation.
  • Choose a name.
  • Select a board of directors.
  • Complete articles of incorporation and file with secretary of state or required department.
  • Create corporate bylaws.
  • Conduct the first meeting with the board of directors and appoint officers.
  • Create Stock Subscription Agreements establishing the value of the shares, the classification(s) of the stock, how many shares the corporation is authorized to issue, who the Shareholders are and the amount they subscribed in exchange for their shares.
  • Distribute stock certificates to corporate shareholders and owners.
  • File your tax status with the IRS (C-Corp, S-Corp, etc.).
  • Obtain any licenses and permits needed for your specific business.


THE SAFE SHIELD® SERVICES FOR BUSINESS FORMATION

Our team will provide step-by-step assistance and documentation services for businesses eager to establish themselves in the market. We will:
  • Acquire and record your Federal Tax ID number
  • Complete appropriate filings
  • Prepare Operating Agreement and Organizational Resolution forms
  • Document business formation and complete all filings
  • Prepare and file articles of organization or incorporation
  • Prepare Membership or Stock Certificate s and Ledger
  • Supply you with all documents and a complete Corporate Record Book
  • And much more

Contact Safe Shield® now at 320-352-4200 or toll free at 844-618-SAFE (7233) or email us us for more information about business formation.