Setting up a business

Before deciding to start or buy a business, one needs to develop sound business ideas, perform adequate market research, engage in necessary financial planning, and decide on the form of the business. The latter entails deciding whether to have sole ownership, co-owners, or to establish a corporation. It is important to determine whether a market exists for your service or product, and how best to access this market. Trade associations, local offices of the federal Small Business Administrations, prospective franchisers, as well as banks and private business consultants can help with financial planning. Capital for new businesses generally derives from contributions made by investors, loans from banks and financial institutions, and capital raised from other individuals and institutions. Capital can be obtained from other individuals through limited partnerships. According to many such types of equity or debt ownership, particular laws of securities acts apply. These acts entail a variety of legal obligations and requirements. For more information on setting up a business, contact a qualified attorney.