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Starting a Business

T

tweakmm

Lifer
So, I'm going to be starting a web programing consulting company, it's something I've been doing, but I want to incorporate as to seperate myself from any potential liability, plus I want to say I own a business.

I'm sure there are pleny of entrepeneurs here, does anybody have any good resources for the first time business owner?
I'm already in talks with a very good attorney, but I'd rather not pay him $255 an hour to fill out some forms that I could do myself.
I live in North Carolina, as I know the state is important.
 
Play Sims 2 Open for Business for a week or two and you should have the skills to have a successful business
 
Just so you guys know, fern is THE MAN.
My faith in ATOT really is restored.


Does anybody have any advice on procuring a small loan(2-3k?) just to cover a bit of equipment and legal fees? Should I just start walking up to banks? My personal credit is not so hot, but I'm going to be incorporated as soon as I fill out the forms.
 
Originally posted by: tweakmm
Just so you guys know, fern is THE MAN.
My faith in ATOT really is restored.


Does anybody have any advice on procuring a small loan(2-3k?) just to cover a bit of equipment and legal fees? Should I just start walking up to banks? My personal credit is not so hot, but I'm going to be incorporated as soon as I fill out the forms.
Click to expand...
Can Fern share this secret information with the rest of us too? :Q
 
Originally posted by: Otaking
Originally posted by: tweakmm
Just so you guys know, fern is THE MAN.
My faith in ATOT really is restored.


Does anybody have any advice on procuring a small loan(2-3k?) just to cover a bit of equipment and legal fees? Should I just start walking up to banks? My personal credit is not so hot, but I'm going to be incorporated as soon as I fill out the forms.
Click to expand...
Can Fern share this secret information with the rest of us too? :Q
Click to expand...
It's nothing secret, it's just he's been explaining the specifics of incorporation in NC as he is familar with them(it's different for each state). Not of much use to anyone else. It's just nice to see someone helping another person out(I try to whenever I can, but a lot of people here are just morons.)
Saving me a hell of a lot in legal fees though.
 
Originally posted by: tweakmm
Just so you guys know, fern is THE MAN.
My faith in ATOT really is restored.


Does anybody have any advice on procuring a small loan(2-3k?) just to cover a bit of equipment and legal fees? Should I just start walking up to banks? My personal credit is not so hot, but I'm going to be incorporated as soon as I fill out the forms.
Click to expand...

If your personal credit is not too hot, could be a little difficult.

For a loan that size (micro credit), go to the bank you are currently using. Tell them you'll be depositing the loan in your new corp biz account with them. You don't wanna go do to much "loan shopping", they access your credit report and after a couple of hits your score will start being reduced.

For loan that size, they will be able to make a decsion without kicking it to HQ etc.

I am assuming you have no persoanl assets that could be used for collateral.

The better prepared you look beforehand, the better your chances. At a minnimum, I'd suggest a list of the equipment you wanna purchase. BTW: if this money is intended for your personal living expenses, prolly a "no go". It's reasonable to expect that someone who wants to start their own business have at least some savings they can invest in it themselves. That's a very common attitude among banks and small business lending institutions.

I see no need for a detailed Biz Plan (projections etc), but the SBA & SCORE are geart places for free assistance with that stuff.

Finally, if your banker can't help have he/she recommend someone who can. Most towns/cities have different non-profit orgs that exist soley to make small loans to new businesses.


Good Luck,

Fern
 
Why incorporate when and LLC provides the same amount of protection without the hassle of maintaining corporate documents. Unless you are seeking capital in exchange for equity.
 
Originally posted by: axelfox
Why incorporate when and LLC provides the same amount of protection without the hassle of maintaining corporate documents. Unless you are seeking capital in exchange for equity.
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Because from what I can tell it's more of a hassle to create a LLC, plus I think I'm going to file as a subchapter S corporation which has some added tax benefits.
 
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