Starting Your New Business
The decision to start a new business is one of the most exciting, challenging and potentially rewarding decisions you will ever make. Most people start their own business as experts in what they do, but unsure of all the things they should consider in making the transition from employee to business owner. There are several critical decisions you will need to make before you start your business.
You know your product, but how do you choose what type of business to become? Typically a new business will be formed as either an “S” corporation or a limited liability company (LLC). An “S” corporation is often appropriate for a single owner business while an LLC provides more flexibility, particularly for compensation issues involving multiple owners.
If you have multiple owners you will want to consider whether a buy-sell agreement should be created to resolve the business separation issues before problems arise. Legal agreements such as real estate leases, vendor contracts and employment agreements can all be part of what you need to consider before you start operations.
Start-up Programs for Your Business
Basic: The most basic package for those business owners who want only the minimum level of services. This includes forming the company as either an “S” corporation or a LLC, filing with the Secretary of State, reserving your business name, creating a corporate record book including the articles of incorporation, by-laws, election of officers and directors, and initial actions. New businesses will receive a reduced rate for all additional services in the first year and a free one-year legal hot-line.
Advanced: All of the Basic features plus a review of any real estate leases, vendor contracts, an employment handbook, and employment, non-competition and/or confidentiality agreements.
Partnership Level: For businesses starting with multiple owners, this includes the features of the Basic and Advanced programs along with the creation of shareholder agreements, buy-sell agreements, shareholder employment contracts—non-competition and confidentiality agreements.
All of these programs include for the first year a legal hot-line for business and employment related legal issues with no additional charges.
Resources Every Business Needs
The goal behind the Corporate Cranium is to provide businesses with direct referrals to experienced, high quality advisors who will provide assistance in every facet of your business. We take our role seriously as your counselors and look to ensure you have the best advice available in all of the essential aspects of starting a business. Many of these affiliated professionals will offer their own package of fixed cost, business start-up services, exclusive to clients of the Corporate Cranium.
We can provide you with professional contacts in:
Accounting: An essential relationship to have at the beginning of your business, as a client of the Corporate Cranium you will have access to accountants who specialize in helping start-up businesses.
Banking: Financing for your initial operations, lines of credit and cash flow management are all critical to surviving the first three years in business. Our banking referrals will help you examine your options and resources, and plan for your banking needs.
Business Coaching: While often the most frequently overlooked of the essential start-up advisors, the Corporate Cranium provides an exclusive offer for professional business coaching services that will help you understand how to increase lead generation, customer conversion rates, price per sale, sales per customer and gross margins.
Insurance: Workers compensation, property and casualty, employment practices insurance, owner or key person life insurance are all a part of a businesses’ insurance needs. We will help you identify the insurance broker best suited to your needs.
Legal: Halagan Law Firm, Ltd. provides over 25 years of experience in business, employment, commercial transaction and litigation.