One of the first things that a business owner or owners will need to do if they decide to form their new business as a corporation is to select a name for the organization and file the requisite articles of incorporation. Selecting a name is a fairly simple process, although there are a few guidelines. The name must not be the same as any other business entity in the state, and it must not violate trademarks. Additionally, states require that the business name indicate it is a corporation, and will usually require some variation or abbreviation of that status in the name itself.
Michigan entrepreneurs considering making a bold business move with a fresh startup may be looking for guidance regarding how to effectively assemble and launch such a venture. Business planning is an essential component in effectively adapting and growing during periods of uncertainty, but the seeds of success are sown early on in the initial stages.
Before establishing a business in Michigan, it may be helpful to take time to evaluate the various business formations that are possible. A sole proprietorship may be one of the simplest choices, but there may be an interest in business planning that will shield personal assets and finances. A limited liability company may provide a better option in this case, although many creditors still require personal guarantees of business debt.