More Than 40 Years Of Legal Service To The Baton Rouge Region
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Photo of Professionals at Ezell Law Firm, LLC
More Than 40 Years Of Legal Service To The Baton Rouge Region

5 tips for starting a new business

On Behalf of | Feb 29, 2024 | Business Formation, Business Law |

Baton Rouge Legal Blog

When you start up a new business, it’s going to be a difficult process. It’s a good idea to have some advice to follow as you take the firs steps to becoming a Louisiana entrepreneur..

Create a business plan

You’ll need to set up the foundation for your business and that’s where a business plan comes into play. This is where you will outline the structure and operation details. It’s also the document you’ll give to people who may be working with you or investing in your company to give them confidence in your ideas.

Funding solutions

After you finish your business plan you should know the amount of money you require for your business start-up. You may need to seek the funds elsewhere if you don’t have them available at the time. You can raise the money or take out a loan; just be sure to do your research first.

Choose the right name

Every business needs a name that reflects what it is about. Whether you want something that’s completely serious or has a quirky element to it, make sure it’s appropriate to your target audience and isn’t already a business name. Then, you’ll need to register your business in order to protect your brand.

Set up tax essentials

You have to get an employer identification number (EIN) to operate your business. This can be obtained from the Internal Revenue Service.

Establish a banking relationship

You can get a small business checking account from a bank in your area that you trust. This not only allows you to keep your funds secure, but it also is ideal when it comes to tracking your expenses, income, and for dealing with tax matters.