How To Start Your Own Business!

Have you wanted to start your own business, but was unsure how to start or where to begin? If it was so difficult, no one would own their own business. So calm down, you can do it and it can be done. All you would need to do is follow these steps that will be provided in the passages below. Don't doubt your self or worry where the finance will come from. JUST DO IT NOW!

An LLC is a limited liability company that provided personal liability protection and a formal business structure. It protects your personal assets and finance and only focuses on the assets and finance of the LLC (Hankins, 2017) .

Below are some of the risk without an LLC:

*For example, if you are sued and you do not have an LLC, you will be vulnerable to allow the creditors to go after your personal assets and finance for unpaid debt. Everything you own will be at risk.

*Lack of structure: If you are not the sole proprietor of your business and have partners, its important to have structure. An LLC will allow rules to be established on losses, responsibilities, and profits. If there is a disagreement, the rules will be established to solve those problems (Hankins, 2017).

*Harder to raise money: Banks and investors would like to see the structure and some evidence that you are a legit business (Hankins, 2017).

*Potential harder to market: Filing an LLC does not allow two businesses to have the same name. When filing an LLC, your business will be the only one in the state with that name and it will stay that way (Hankins, 2017).

Now that you are aware of the reason to have an LLC below are the steps to file for one with the state of Mississippi: www.sos.ms.gov

~Name LLC: Choose a company name that meets the Mississippi name requirements. It may be helpful to do a name search to make sure it is not already taken. This can be done in google search or on the State of Secretary website. The name will have to include LLC.

~Choose a registered agent: If you are the only owner you will choose individual (yourself).

~File a certificate of formation with Secretary of State. It can be done online. It will give you a question and answer form. It will cost $50 (non-refundable) to file. The certificate of formation is the legal document that officially creates the LLC.

~Create an operating agreement (optional)

~Get an EIN ( Employer Identification Number) It is like the social security number for a business. www.irs.gov

YOUR LLC IS FORMED! Contact me for more details to make this happen.

Reference:

Haskins, J. (2017). Do you need an LLC to start a business? Retrieved from legalzoom.com