Creating the Legalities of a WordPress Business →
Great article on forming a business (quickly) from Adam Warner.
One of the biggest things I try to tell people is to hire an attorney that specializes in business law *BEFORE* you organize your business. They are able to advise you on the best structure for your business and the best state to be organized in. Most corporations are registered in the state of Delaware for a variety of reasons even though they operate in another state.
Another thing I recommend is finding an accountant before you organize your company as well, as they will also be able to provide tax advice to you before you get in way over your head. It’s better to put together a strategy for paying taxes and understanding tax liabilities before you get started, otherwise you’ll find yourself with some issues when tax preparation season rolls around.
Hi Chris,
Thanks for the mention, you’re quick!
I’ll second your recommendation of hiring both an attorney and an accountant ***Before*** creating the business. I know anyone can read up on the different business structures and create one for a minimal cost, and that’s what I almost did, but because I see this upcoming launch as long term and one where we will have multiple people on our team, it’s more important to get it right rather than save a few bucks.
Make no mistake though, we are bootstrapped so it isn’t easy, but I’m confident it will pay off in the long run.
Thanks again for the mention, I appreciate it:)