How do you set up your first company?

Question

I want to set up an events company. I have tonnes of experience organising events and now want to set up my own company but dont know where to start or how to go about it...
advise greatly appreciated

Answer 1

The following are steps that you must take when starting new business:
1) Choose your Business Name
2) Create Business Plan
3) Choose Business Structure and register your company
The following table will help you to make a decision about business structure: http://www.blquest.biz/business_structure.htm

DBA is the cheapest one. But it is the worst way to save money. In taxes and liabilities you will pay more down the road. Partnership is another disastrous option. Chose between LLC and Corporation.

4) Apply for Employer ID Numbers (EIN) with IRS. http://www.irs.gov/businesses/small/article/0,,id=98350,00.html

5) Establish your business:
•Obtain all necessary licenses
•Open physical location for your business. The best approach is to find a good commercial realtor. The realtor will help you negotiate the best lease possible. And can also suggest the best place to open the store.
•Order business phone lines, fax line, 800 numbers and other communication tools
•Order business website and e-mail
•Open business account with your bank. Try to have an average daily balance of at least $1,000
•Establish trade references. You can start with the business credit cards.
6) Apply for Identity Theft Protection with PPL. Having business without affordable legal assistance is an expansive option.
7) Enroll your business in Better Business Bureau after 6 months of existence.

Good luck,
Marina Lando
President
Business Loan Quest
http://www.blquest.biz

Answer 2

Hello, I started a number of limited companies myself. My suggestion is if you want to setup a limited company then get hold of a company pack. This contains ALL the legal and required documents, along with a clear explanation of what you might need to do to start your firm.

Such as appointing a company secretary, how many shares, how many directors (sleeping or otherwise!), how many shares are you going to assign, when your accounting period starts,etc,etc.

**NOTE: You can get a company pack from several firms that have websites (see the same company that does law pack). Again if you Yahoo or Google with the key word "company pack" or perhaps "company pak" or limited company pack? that should get it for you. (sorry! I dont have the precise URL to hand for you).

**The company packs can also be purchased from a good stationary store like Rymans or even WH.Smiths? Mine cost me I think £20 at the time.

**NOTE: you will also need the assistence of a solicitor to complete the company registration. They will normally charge you a small fee again about £20 for completing that task.

Good Luck.

Answer 3

You need to put together a portfolio - what you want to do, how you intend to do it, what it'll cost, projected profits, all the things the bank will want to see before they consider lending you money to start up.

Do some market research to help you with all this data.

I don't know where you are, but in England all the banks have leaflets and specialist staff you can talk to about the requirements for a business loan and bank account.

Answer 4

Form an LLC or a corporation with an attorney, obtain a federal employer identification number, open a bank account, register with the state you are located in and then sell the hell out of your service.

Answer 5

The best advice in business are three things Management, Management, Management.

If you are, at all serious, about your new endeavour please follow these links provided...they are case sensitive so enter as I did.

I am not an associate of this man, only wish I was...He will respond to questions and topics, but has an extensive FAQ section that will cover all that you need know plus more...

Answer 6

First get loads of cash.