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Submitted 552 days ago...

Thwart967

Thwart967

New User (1)

I want to open my own company

I live in Macomb county, MI I do not know what the first thingI should do is?

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Answer 1 / 2 - Submitted 552 days ago...

Mtnrescue

Mtnrescue

Brain (2,698)

Well first, to register a company, you usuallly go through the state Secretary of State. However, I went to the site for MI and for the few minutes I spent there, it wasn't readily apparent. I did find this guide to starting a business in MI for you: http://ref.michigan.org/medc/services/startups/?m=12;7

Typcially what needs to happen is you register you company in the in which you live, aftter that, you go to the IRS website and you can get a Tax ID number for you company online. Once you have that, depending on the type of entity you have, you create organizational minutes (very easy) and take that to the bank with your tax id number, and start a business checking account.

Just my expereience from the last 4 I've done in Colorado.

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Answer 2 / 2 - Submitted 550 days ago...

Pinocle239

Pinocle239

Beginner (47)

Well to be honest I personally would come up with a business plan. You need to do this to see that it can and will be a viable business. No need to do all the other work and expense before you know if you can make with what you will need to spend vs what you will have comming in.

I recomend that you be extremly conservative in your numbers and projections. Should you exceed this minimum number that you have set out then you are into making a profit faster. However it will give you a better what if picture.

Once you know what you want to do and you have done the business plan and work on a business model then you can determine what type of business you want to be, LLC, Sub S or a Corp. For these I would recomend talking to a Tax Atty in your state and they can advise you.

Consider you location. Are you going to be where people are going to best find you or are you going at it word of mouth? Are you looking high profile area when you can be in an industrial area. The rates for rent vary based on area.

Good luck and I hope you are able to pursue your dreams.

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