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Holly

From Bench to Business is all about bridging the gap between the science world and the business world. I give hints about how to start your own biotech business, highlight new and emerging biotech companies and products, as well as how larger companies are affecting the biotech world.

My posts are presented as opinion and commentary and do not represent the views of LabSpaces Productions, LLC, my employer, or my educational institution.

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Friday, August 13, 2010

So, you have a great idea, and a great business plan, now what? First step you you can take is to become an LLC and fill out all the necessary paperwork. I have had to do this myself for a previous companies new branch, and the task seemed daunting. Where do you get this information? Who do you talk to? How do you set it up?

If you undertake this task yourself, it is going to take you an inane amount of time. It could delay you starting your business and derail your focus completely. The best way for you to go about this is to: OUTSOURCE, OUTSOURCE, OUTSOURCE.

The cost? The fees you already would have to file anyways plus a small additional fee on top. In some cases it can cost you less than the hourly fee of an attorney.

Example company to help you get set up:
http://www.corpnet.com/

If you aren't convinced you should form an LLC or Inc. You might still consider it because:
An LLC or Inc. Business comes off as more credible than a business that is not. Sure you may be running this operation out of your home, but if it has those letters tacked onto the end of the name, it brings instant credibility.

It also brings other benefits like: asset protection, credit and building capital, and tax savings.

If you don't feel comfortable going the route of an online service, you should go the route of the attorney. They are able to give you legal advice that is invaluable. if you aren't sure where to start looking for an attorney I really recommend:

http://www.lawyers.com/

You can find a large amount of local attorneys that specialize in exactly what you are looking for. I always recommend shopping around when you are looking for the right lawyer, contractor, or consultant. Find someone with good references and that you feel comfortable talking to. When you find a good one, they are worth their weight in gold. A bad one can make your life miserable.

It should go fast and be pain free so you can focus on your business.

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