Some businesses have flourished during the COVID-19 pandemic. Some have not. If you find yourself unemployed and looking to create your own business, how do you do that?
In a perfect world, you have an attorney, an accountant and a banker as part of your business creation team. Your banker can help get your business bank accounts set up and work with you on any business lending needs. Your accountant can ensure that from a tax perspective, the type of business for you is created to minimize tax burden and maximize potential tax savings. And your lawyer will ensure that your business is properly formed and all internal governing documents protect you.
But, the world is not always perfect. Thankfully, the secretaries of most states, such as Minnesota, have made the business creation process fairly straightforward. With the filing of articles of organization and $155.00, you can start a limited liability company. A corporation is born with the filing of articles of incorporation and $155.00. So too is a partnership.
While the devil is in the detail with the internal governing documents, and even more so if you have a co-owner starting the business with you, it is relatively straightforward to file the initial document for your new business to come to life. Without formal internal governing documents, your business will be governed by the statutory defaults. But you will be off and running. Do make sure that you spend the time to appropriately protect yourself and your business as soon as you are able by seeking the advice of a business attorney.
The material contained herein is provided for informational purposes only and is not legal advice, nor is it a substitute for obtaining legal advice from an attorney. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced attorney. All information contained in links are the property of the linked site.