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.
New business owners in Michigan who are forming their companies with other individuals may need to draw up a buy sell agreement. A buy sell agreement could be an important document that attempts to protect all owners if an event, such as a divorce, death or bankruptcy, occurs.
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.
We've previously discussed Michigan-based businesses, and particularly those headquartered in and around Detroit, that are succeeding thanks to determined, savvy entrepreneurs with solid business plans. Now comes good news about two more such businesses. They are among just 12 companies chosen from almost 35,000 small businesses throughout the country to receive $250,000 from Chase. According to the "Detroit Free Press," the funds, which they can use any way they choose, were given as part of Chase's Mission Main Streets Grants program that rewards promising "homegrown companies."