According to the 2018 California Small Business Trends report by Guidant Financial, Baby boomers made up 51% of new business owners in the state last year. Striking out on their own, defining the rules they live by are nothing new for these spirited entrepreneurs and we salute you! If you’re thinking it’s time to open your own business, here’s a few tips to get you going.
Choose a Business Structure
Let’s begin at the beginning. What type of business do you want to start? Choosing the appropriate business structure for your needs can be tricky. At Barry Kritz & Associates, we work with you to define your needs and determine which business entity is best to form.
Business Entity Types:
Limited Liability Company
Limited Liability Partnership
Picking Your Location
It was Lord Harold Samuel, a real estate tycoon in Britain, who coined the expression: ‘There are three things that matter in property: location, location, location.” It was true then, and remains true today. Your location can make or break your business, so choose carefully. We can help you evaluate different locations to determine what is best for your business needs.
Tax Employer Identification Documents
If you plan to hire people right away, you’ll need to file the proper documents first. We can assist you with filing the appropriate documents for your business to get you up and running quickly.
Licenses & Permits
Most businesses will be required to file for operating licenses and permits. Different municipalities can have a wide range of requirements, so it is best to check with each municipality you plan to operate in, to make sure you have applied for all required licenses & permits at each location.
As you can see, starting a new business is an involved process, but that doesn’t have to hold you back from following your entrepreneurial dreams! If you are interested in starting a new business in California, contact us today and we’ll pave the way!