How do I start my business?

This is a common question I get asked all the time. I have an idea, I know what I want to sell, I know my customers I want to target, but I don't understand the steps to starting a new business. I even get the comment, "I need to do my taxes for my business, what paperwork do I need?" There is a lot packed into these questions. This week we will focus on different aspects of these questions.



Let me start by saying, yes it is absolutely wonderful if you have a detailed business plan that you have put together either by yourself or with the help of a professional. I consider this to be a sound approach that works for many people.



The reality though is that most small business owners dive into their business with both feet forward and no real plan in place. Fair enough. This is the reality and I can't very well change human nature. So if this is your case, let's get going....



First, you will need to register your new company with the state, federal government and local government. Since I deal with businesses in South Carolina, I will focus on the process for this state. Every state is different so your best bet is to contact the Secretary of State's office for the procedures.



In South Carolina, your first step is to check to see if the name that you want to give the new company is already taken. Go to http://www.scsos.com/ and on the left hand side of the webpage, click on corporation search. Type in the name that you are interested in and see if any similar ones show up. If not, you are ready to start applying with the state. If the name is taken, try adding something like Enterprise or XYZ Corporation of Charleston LLC. It has to be enough to differentiate yourself. Just changing or adding a pronoun won't work.



After you have a name, it is time to register with the state. For SC, you go to http://www.scbos.sc.gov/. You will need to set up a username and password. Keep this in a secure place for future use.



Tomorrow we will begin the process of setting up a company on-line.



If you would like to contact me directly, I can be reached at (843) 971-5866 or brian@bkurtzcpa.com .