It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, we are happy to help you reach your goals.

You know what you do better than anyone. We will walk you through the process of registering your business with the state, draft the necessary documents to incorporate, and connect you with the resources you need to get started.

Julie and Ethan can meet with you to discuss what you need to accomplish, advise you of the risks, and help you make sure that your business is protected from that risk through the contract.

Review Information on Starting a Business (sometimes necessary)

There are a variety of websites and publications that attempt to list and describe the steps involved in getting a business up and running. The rest of this web page is an attempt at such a list, but focuses only on the decisions and requirements of the majority of Kentucky small business to make the process more sequential and manageable.

Develop a Business Plan (frequently necessary)

A written business plan serves as an outline of business goals and steps to achieving those goals. A good business plan allows you to look at your business objectively and see where the strengths and weaknesses are before opening. A business plan is a key part of any financial documentation package that you submit for a business loan.

Understand Basic Financial Management (sometimes necessary)

An entrepreneur should carefully plan and honestly scrutinize his or her business idea to determine how it can be profitable. This involves making detailed projections of revenues and expenses. A firm understanding of financial management is necessary to set up the financial record keeping system that will continually monitor the business’s growth. If the business’s finances are organized, the business may be more readily valued and bank loans or venture capital may be secured.

Reserve a Business Name (sometimes necessary)

The name of any business entity must be distinguishable from other business entity names on file in the Office of the Secretary of State. A name may be reserved to ensure availability. An Application for Reserved Name is available from the Secretary of State to reserve a name prior to formation of a particular business. By reserving a name, an entrepreneur ensures no one else may reserve or register the same or a very similar business name in Kentucky.

Secure a Web Address (frequently necessary)

Because so many new businesses seek a web presence, an entrepreneur should consider whether there is a suitable web address available for the intended name of his or her business. One way to do this is to simply type the desired web address in a browser’s address bar. Alternatively, a simple search of the whois database will reveal whether the desired domain name is available. If the desired domain is available, it is usually advantageous to register that domain immediately at any of the various domain registrars, which can frequently be done for less than $10 per year, to prevent another person from snatching up the desired web address.

Choose a Business Entity Type (always necessary)

All businesses operate as one of variety of business entity types (sometimes called “business form” or “business structure”). Kentucky recognizes Corporations, Limited Liability Companies, Limited Partnerships, Limited Liability Partnerships, and other entity types. Even an entrepreneur who has not affirmatively done anything is considered to be operating as a Sole Proprietor or as part of a General Partnership. Usually, however, a filing will be required with the Secretary of State and sometimes with the Internal Revenue Service, as well.

There are three major factors that go in to the choice of a business entity type:

Liability – depending on the entity type, financial and legal liabilities may be shifted from the business owners and participants to the entity itself

Taxation – depending on the entity type, taxes may be reduced given the nature of the business

Formalities/Governing Structure – depending on the entity type, the state will require varying levels of action to maintain legal compliance

Because of the interaction of these three factors, the choice of a business entity type is both significant and complicated. We offer legal services to help entrepreneurs make this important decision.