ABSTRACT
When do you need to incorporate? ......................................................................................... 131 Some basic “rules of thumb” in choosing a business entity ................................................ 134 Comparison of entity types ...................................................................................................... 136 The differences between an LLC and an S-corporation ....................................................... 139 Basic steps to incorporate your business ................................................................................ 139 Comparison of costs and fees for formation in different states ........................................... 143 When your business name is a trademark violation ............................................................ 144 Don’t forget to make the necessary state and local fi lings ................................................... 149 How do I choose the “right” name for my business? ........................................................... 154
Generally, your new venture will begin with a small, core group of individuals with an innovative idea or perhaps the Eureka! moment of a single entrepreneur. However, before you know it, your small venture could quickly grow in size with numerous new hires, rapid product development and exciting business opportunities, and new customers. In
the world of startups, change happens in the blink of an eye, and being prepared for that change is just as important as the change itself. To be certain that the entity for your startup that you create will be the right one for both the small team of founders and the rapidly expanding organization you hope to become, it is important to consider how your entity will be structured from a legal perspective.
