Although being a successful business owner is looked upon by many as the epitome of the American Dream, the process of making it a reality is often grueling. If this is your dream, you must be aware that in addition to the many challenges associated with starting a business, you must clear a number of legal hurdles before seeing your hard work really pay off.
Connecticut Works to Help Start-Ups
Recently, Connecticut became the third state in the nation to join the Startup America program. Through the Startup America program, the state will provide small businesses with guidance and the necessary connections to bring their ideas, products, and services to the market.
Recognizing that entrepreneurs and innovators are the fuel that drives the U.S. economy, Connecticut Governor Dannel P. Malloy rallied support to get his state into this program. By doing so, Governor Malloy has placed Connecticut at the forefront of building small business infrastructure. The state believes its investment in this program will be repaid in economic growth. In training these new business owners, supporters of the program hope that those who benefit from it will repay the state’s investment by helping other new business owners get started.
The Difficult Process of Starting a Business
Despite many effective tools offered by public and private organizations whose mission it is to help entrepreneurs, most people starting a business will still come across challenges in the beginning. In order to form a company you must select a suitable business structure –from sole proprietorship and limited liability partnership to limited liability corporation or corporation. Many factors must be considered – from capital and taxation to minimizing your personal and professional liability and more – when deciding which business structure will best serve the needs of your fledgling business.
Once you’ve selected a business structure, the documentation stage of setup really begins. This may begin with drafting the company bylaws, writing operating and employment agreements, and much more, depending on the way you choose to set up your company. This is a good place to invest some care and effort. A number of start-ups have learned the hard way that the success of their business can and often does ride on the accuracy and thoroughness of these documents.
Finally, in order for your business to be recognized by the state in which you are establishing your business, you must file certain documents with that state.
Ensuring a Business’s Prosperity
Given the years of hard work and resources you will invest in achieving your dream of owning a successful business, it is imperative for you to adhere to all the regulations and mandates of the state in which your business is located. Given the legal complexities that add another layer of complexity to this process, finding a good legal partner who is an expert in business matters, for both short-term transactions and long-term planning, may be of great benefit to you. If you are in the process of starting a new business, contact an experienced business law attorney to discuss all possible options with you.