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Opening a business in Michigan

| Jan 23, 2015 | Business Formation & Planning |

Entrepreneurs in Michigan might be interested in learning more about the different steps involved in starting an enterprise. Conducting a significant degree of due diligence is recommended for anyone seriously considering opening a business. Aspiring business owners may benefit from researching employment laws, tax laws and financial funding, as well as the appropriate industry and business knowledge for the venture. One of the first steps in starting up an enterprise is to draft a business plan.

People who need to obtain funding from a lender or investor are typically required to present a business plan. Some people have found commercial software and websites to be helpful in developing a business plan. The business plan should be designed in a way that explicitly states the goals and mission of the venture. Before providing a loan, lenders may consider factors that include assets available for collateral, financial projections for the enterprise and credit history.

Business owners who open a location in a high-traffic area may fair better than those setting up shop elsewhere. Aspiring business owners need to take time and decide which type of organizational structure best suites their long-term interests. Some of the most common choices to consider during the formation phase include corporations, LLCs, partnerships and sole proprietorships. After filing the appropriate documentation and paying the required fees for establishing an organizational structure, business owners may obtain an Employer Identification Number in order to hire employees.

People who need more information about business planning typically benefit from consulting a lawyer. Legal counsel may be equipped to help entrepreneurs prepare a business plan and presentation that could qualify for a bank or third party loan. Lawyers might even be effective in helping aspiring entrepreneurs evaluate alternative options for obtaining funding. In addition, legal counsel may be able to help these people gather the documentation and research required for opening a viable business.

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