Okay, you have this great idea for a business. It may be a dream you have been thinking about for a long time and you are just tired of waiting. You are going to take the plunge into the murky waters of entrepreneurship. How do you start? What do you do? Here are the 3 top things that you need to do to get started.

1. Protect yourself. The world of business can be a tank of sharks. In our society, you are not permitted to knowingly hurt anyone, and I am assuming that you are honorable and will not intentionally do that. However, we all know that sometimes things go wrong and someone can decide to take you to court. In order to protect your personal assets, your best bet will be to go with a corporation or a limited liability company form of company. These 2 entities can protect your personal family assets (home, savings, bank accounts, investments, cars etc) in the event that your company has a judgment filed against it. A good attorney who knows business can be your best protection and a close second is a good commercial insurance agent. Both should be consulted prior to launching your business.

2. Protect your idea. Without knowing the specifics about your business, it is difficult to know where to start. However, you should learn about, copyrights, trademarks, patents, and non-disclosures. Don't just say "No one can take this idea from me!" You may be surprised. These protections may help you establish a claim if someone buys your product or service and reverse engineers it and sells it for less that you can, putting you out of business. This is another issue to have an attorney help you with.

3. Protect your revenue. Books and records may be the LAST thing you want to think about when you start your business. But the IRS says that you are required to keep track of all your income and expenses to produce them if they ask to see them. You need to file at least an annual tax return, no matter what business type you select. Did you know that the IRS could tax you on a loan that you borrowed from 'Aunt Jane' if you cannot prove that it is a loan? ALL money coming into a business is taxable, unless it is specifically exempted. Funds such as loans, investor funds, and your own personal funds are not taxable. But be sure that you have the right documentation to prove it to the feds if they decide to call on you. If you are unsure about how to do that, see a good business accountant to help you.

In summary, there are 3 people that you should identify during the planning phase of your business. A business attorney, accountant, and commercial insurance agent. Spending a few dollars consulting with these business professionals could save you lots of heartache and money in the long run. It will give you peace of mind and help you get your dream launched.

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