Did you start a new business but don’t know what to do now?

Creating a new business entity with Florida’s Division of Corporations (sunbiz.org), is relatively simple.  However, to properly operate your business and to obtain the liability protection and other benefits of a distinct legal entity, there is still a fair amount of work to do.  If you filed the organizational documents yourself, you need to review and understand the additional tasks necessary to operate your business.  If you used LegalZoom or another online service to form your new entity, you typically will receive a number of boilerplate documents or pamphlets that attempt to explain the additional tasks you need to perform.    In either scenario, creating the entity is only the starting point for the operation of your business.

While you may have saved money by forming the entity yourself or having an online provider do it, there are numerous potential pitfalls that could be a cause for concern down the road.  You should consult with a business attorney to make sure you understand and comply with your obligations as a new business owner.

Rather than evaluating these tasks in a piecemeal fashion, my suggestion is to perform a Business Startup Checkup.  For a flat fee typically between $2,500 to $3,500 (depending on the size and complexity of your business), my firm will do the following work to ensure your new business gets off to a good start:

• An initial client meeting so I can learn about your new business and what you have done so far to get it started;
• Review the type of legal entity you formed and whether it is appropriate for your business;
• Review the entity formation documents – Articles of Incorporation, Articles of Organization, etc.;
• Review shareholder or member meeting minutes regarding the appointment of directors, officers, or members and other initial decisions;
• Review your registration with the Florida Department of Revenue;
• Review the Florida Workers’ Compensation Insurance requirements for your business;
• Review the city and county licensing requirements for your business;
• Review your non-compete agreements with any current or prior employer;
• Review your office or store lease agreement;
• Review your company’s current insurance coverages;
• Review your form subcontract or purchase order for sales of your services/products (1 agreement or purchase order);
• Review your form notice or demand letter to customers regarding unpaid invoices; and
• Have a follow-up meeting to discuss my recommendations.

The Business Startup Checkup is an investment in your business and a way to avoid problems before a claim or other issue arises.  While the checkup is designed for new business owners and new entities, it may also benefit existing businesses by confirming that they are operating properly.