Creating my own business

heretoinform

I want to create a small animation company, mainly to do some local commercials. The problem is that I have no idea to begin the process and make my company official. Can anyone give me some tips on what to do? I would be the only employee in the beginning, but I would probably have about 2-3 workers in a couple of months.

Thanks.

Sheep Have Wool

Small business owner here: Seek legal advice.

Find a law office that specializes in business law and go in for an initial consultation. It is vital that you set up the company correctly to protect yourself legally and make life easier for you tax-wise. Most law offices like this will give you a free initial consultation, and can offer advice on the paperwork and such that will need to be filled out for your state.

Important questions to ask:

• Type of company (LLC, LLP, LP, etc.)
• Applicable tax laws
• Liability Insurance
• Paperwork required

At the very least, you'll need to file the appropriate company formation paperwork with your state and get an EIN from the federal government.

When I was setting up my LLC, the law office offered to complete all the paperwork for $1000 + filing fees (around $300). My business partner and I ended up filling out the paperwork ourselves - it took some time, but it wasn't too difficult to do. Check your state's secretary of state website for details on what needs to be taken care of. If you're planning on getting started soon, you need to file this stuff ASAP - it doesn't happen overnight.

NexusSix

In addition to the important legal advice, you'll also need to put together a business plan. I did my first one about 3 years ago, and it was a tough slap in the face but extremely helpful. A biz plan puts your idea through the grinder (which is very important) and shines a light on "oh fuck, I didn't consider that" aspects. There are so many fine details that aren't considered early on when a person is in idea mode, and it's these little things that can make or break a great idea.

Here's a wiki post with some really basic info and you can start following links from there:

Wiki Business Plan

Here's a link for the Small Business Administration as well.

Best of luck! 8-)