Startup Tips for the Pandemic Entrepreneur by Margrit Lent Parker
Pandemic got you thinking about starting a new business and being your own boss? You are not alone. According to information from the US Census Bureau, new business filings for self-employed business owners are up significantly this year, especially in the last several weeks. For the solo or small business entrepreneur in Colorado, the initial steps to forming a business are quick and cheap. The Colorado Secretary of State’s website has easily accessible online forms, and the initial filing fee is currently $50. Obtaining the federal EIN is free and takes only a few minutes online. But, there’s more to it than that. As you start to give shape to your business, there are a number of things you’ll need to watch. Here, I’m talking about risk management and legal and tax compliance, the things you should be thinking about and doing to protect the business that you have worked so hard to develop. As some examples:
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Business name (Have you chosen a name that does not tread on another business’s?) Choice of entity (Have you carefully considered what form of entity you should have from a liability protection and tax perspective?) Entity governance documents (Do you have them, especially if you are going into business with others?) Licensing and permitting (Have you obtained all the necessary permits and licensing required for your business?) Insurance (Do you have appropriate insurance in place to protect your business against risks?) Intellectual property (Are there trade name and copyright protections you should have in place?)
