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Business Formation & Planning Archives

Millennials: Entrepreneurial spirit runs deep in this generation

Business formation and planning might be on your mind if you're a millennial, according to a new study from June 2017. The study revealed that around half of all millennials are planning to start a business within the next three years, showing an entire generation with the aim of being entrepreneurs.

You can open a business by making business plans now

If your goal is to start a business, Minnesota is a good place to be. There are several steps you need to take to begin. When you're ready, it's a good idea to take your business plans to your attorney for a review. Your business plan can help you get the funding you need from a bank. Additionally, your attorney may need to help you with contracts and paperwork.

Protect yourself from liability with the right business entity

When you run a business, it's important that you protect yourself and your personal assets. If you decide to have a sole proprietorship, you run the risk of being held liable for anything that goes wrong with your business. That means that if your business goes bankrupt, you may go bankruptcy as well.

What is a partnership agreement?

A partnership agreement is a legally binding document that sets rules for your business relationship. The agreement might have information on what happens if one partner leaves, or it may have other important rules or guidelines that each person must abide by.

What do you need to start a nonprofit?

When you want to start a business, there are many steps to take to make it legal and to obtain the contracts you need to hire employees or to make purchases over time with other business entities. One of the first things you need to do is to determine what kind of business formation you're going to have. For example, you can opt to be a sole proprietor or to have a partnership. You could opt for a limited liability company or corporation, or you could open a nonprofit organization.

Trademarks are your first step to protect your brand

As you start a new company or business, you want to make sure that you protect the brand you've worked so hard to create. You probably spent months or years branding yourself. This includes designing a logo, coming up with a color scheme, working on slogans and much more.

Have a plan for making a plan

Starting and running a business is a complex activity. First, you have to have a good idea, a "better mousetrap" or a better way of doing what has already been done. If you want to run a brewpub, you need to know something about brewing beer, something about running a restaurant and something about financing the capital costs and something about marketing. In a crowded field, you either have to provide some exceptional product or a less stellar product that is produced with incredible efficiency.

Make sure your backup backs you up

Many in business are optimistic. They have an idea, however grand or modest, and they gather the capital and other like-minded individual and begin. If they are successful, their business can grow. That growth brings the chances of greater rewards and carries the risk of larger, more complex issues that could threaten the business.

Coopers rolling out the barrels

A cooper is an occupation that most people may have thought would have disappeared with buggy whip makers and farriers. For the most part, they were correct. In Minneapolis, there used to be numerous cooperages, but over the years, the number declined to where there were only two remaining.

The hidden danger of efficiency

This week's computer problems at Delta Airlines caused significant delays and massive headaches for many of its customers schedule to travel on Monday. With an airline and scheduled flights, and disruption can bring a cascading series of exponential disruptions. A line of severe thunderstorms striking a major hub like Chicago or Atlanta can ripple through the system for hours, as planes fail to depart or arrive, and passengers cannot make connections.