Look, I know that you want to save money and do it yourself. But this may be penny-wise and pound-foolish; there are nuances and details you may miss. Think about engaging a lawyer.
There are lots of different types of entities and lots of different states. We’re going to stick to limited liability companies, for now, as most new entities are LLCs. We’re also going to stick to New Jersey, as that’s where I usually sit.
From Soup to Nuts
There are five basic steps that should be taken in setting up an LLC:
- Tax ID
- Operating Agreement
If you feel uncomfortable doing any of this, consult a lawyer. (That’s what we’re here for.) In any event, I would highly recommend having a lawyer prepare your operating agreement.
First you’ll need to pick a name for your LLC.
Your name is something indicates that identifies and distinguishes your goods or services. It’s your brand.
It’s beyond the scope of this post to go too much into the details of trademarks and tradenames. Generally speaking, if you wish to have trademark protection for the name of your LLC, you need to avoid names that are purely generic names, such as Computer, or descriptive names, such as Teledoctor. You can combine these words with other words and probably get protection.
Ok, pick a name.