One of the first steps to start the business is to found it and to find the right legal form. Commonly this will be a LLC if you do not intend to issue shares and a corporation if you do. If you plan to raise money through venture capital funding, the requirement will likely be to have your company incorporated in Delaware.

Other things to best do early on is to set up the right accounting system and chart of accounts, to develop an accounting manual and document the policies and procedures put in place. If you have employees you will also need to set up and run a payroll system and make sure to comply with local labour laws and practices.

If you intend to raise money you will need a business plan to present to potential investors. You will also need a business plan to get a bank loan. And even if none of this applies to you, it is good practice to have a business plan nonetheless, since the business plan is the basis for short- and long-term planning of company resources and pays for itself through increasing efficiency.

Please contact us with any questions that you might have.