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There are many questions and answers in new business formation


Those pursuing business formation and entity formation decisions should not become overwhelmed and, instead, understand that many resources are available to help.

For those looking to turn the dream of starting a business into a tangible reality, there are many important questions that must be asked and the answers may be important. Many may have making this dream a reality on the list of New Year's resolutions. Some initial considerations that are important include answering the question if the business idea offers value to customers and how it is distinguishable from what is already available in the marketplace. Other important considerations include the financial preparedness of the individual to begin the start-up business and the ability of the individual to cope effectively with rejection, setbacks and possible failures.

It also is important for the individual considering a start-up business to enjoy working without structure and have the ability to work and succeed in an unstructured environment, in addition to the ability to multi-task and perform different roles within the company. Individuals should also consider if their talents are more focused on invention and innovation or business; those in the former category may need to seek help with the business aspects of the start-up company.

There can be many important business and legal considerations when forming a business. Each can have important implications for the business start-up. In addition to important entity form decisions, such as the decision if a limited liability company, corporation or limited partnership structure is best, other important ownership considerations exist, each with important legal implications. The party may have to decide on how best to execute a business plan which may include considerations of licensing, investors and regularity compliance issues.

Those dreaming of a start-up company should not become overwhelmed with all the questions and answers involved. A trained business attorney can help a new business find the answers to questions that best suit the goals and needs of the business.

Source: Mashable, "7 Questions to Ask Before Starting a Business in 2014," Nellie Akalp, Dec. 11, 2013

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