Here are some Small Business Planning FAQs we have received. If you have another question, please email us at firstname.lastname@example.org and we will answer you and add the question to this list!
What is a small business structure?
The most important structural elements of your small business are the legal entity and agreements, insurance, and your financial system.
What is an EIN?
An EIN is an Employee Identification Number, also known as Federal Tax Identification Number. It is used by a business much like a Social Security Number is used by an individual. For example, the EIN is required to apply for a business back account, applying for business licenses, and filing tax returns.
Is small business planning just writing a business plan?
Not at all. Although writing a business plan is a crucial first step in a new business venture, small business planning encompasses the legal, insurance, and financial structure of the business as well as reviewing the business operations on a regular basis to ensure it is operating properly.
Won't the Small Business Administration do all this for free?
While the Small Business Administration is a wonderful resource that we highly recommend you utilize for their free resources and consulting appointments, they cannot and will not give legal advice or do any of the legwork for you. We will set-up the proper structure, systems, succession plan, and advise your business on a regular basis to ensure you are properly operating and growing your business on a sustainable basis.
Why does a small business need an attorney after they incorporate?
Incorporation is merely one of the first small steps in the establishment of a business. All businesses would benefit from having legal counsel oversee and review how they are operating to ensure legal compliance and to minimize liability.