Saturday, March 9, 2013

Following a Dream

I mentioned a couple of weeks ago that I was working on a business plan for a business that I could run entirely out of my home.  I finished it up a few days ago and presented it to my husband.  He helped me work through some of the numbers and think about how I could get started without a huge investment in inventory.  After working through some details together, we figured out how I can get started with a very small initial investment.

So, the first step is to form an LLC, or Limited Liability Company.  As an attorney, I am usually of the opinion that it is a good idea to talk to a lawyer about almost every legal thing you do.  But when it comes to forming an LLC in Virginia, don't bother.  You might want to get someone to help you when it comes to your legal requirements and fees, but forming an LLC is as easy as filling out one page of paper, signing it, and mailing it to the State Corporation Commission, along with a check for $100.

I filled out the paperwork to form an LLC yesterday, and I plan to mail it on Monday.  I expect it will take a week or two for them to process it, but soon I will have a registered LLC in the Commonwealth of Virginia. The next step will be filing for an EIN with the IRS, which I should be able to do online.  Again, a pretty easy step.

After that is complete, I will be able to do other things, such as starting a bank account, adding inventory, and building my online presence.  I hope to be able to launch the new business by the end of May.  More information will be coming in the next few weeks, so stay tuned!

No comments:

Post a Comment