Opening a New Business Can Be a Challenge!
You and your brother have discussed reviving your grandfather’s restaurant business for quite a while. Though the economy isn’t booming, the business environment is picking up in Atlanta. According to the 2011 Kauffman Index of Entrepreneurial Activity, Georgia is second in the nation as having the largest increase in entrepreneurial activity during the past decade. So, you conclude that now is the time to take the risk and re-open Sam’s Oyster House.
Now that you’ve made the decision, where do you go to get information on how to get started? On its website, the Georgia Department of Economic Development (GDEcD) provides important information for prospective small business owners.
The initial decision on how to conduct business is an important one that you should discuss with a Georgia attorney experienced in business law. He or she can provide invaluable advice regarding liability exposure, taxes and your future plans for expansion. In Georgia, you have a number of choices for setting up your new business:
- Sole Proprietorship – An individual starts the business in his or her own name and there is no distinction between personal and business activities.
- Partnerships (General/Limited/Limited Liability) – Two or more people work together to carry on a trade or business. Each person contributes money, property, labor, or skill and shares in the profits and losses of the business.
- Corporations – This is a complex process that involves articles of incorporation, establishing a board of directors, etc. Corporations are regulated by the Georgia Secretary of State, Corporations Division.
- Limited Liability Company (LLC) – This type of business combines elements of a corporation and a partnership.
By reaching out to a knowledgeable business attorney in Atlanta, you’ll benefit from sound legal advice that can help you avoid unforeseen pitfalls.