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What you need to know about forming a business

Many people have an entrepreneurial spirit, and that's a tremendous gift to have. It also means you will have a lot of responsibility when you start your own business. When you go this route, you will have to consider a lot of very critical issues to ensure your business is successful.

First and foremost, you have to make the decision to start your company. Great! But it's not as simple as just saying "I run my own business now." What type of business will you have? Is it a partnership? A corporation? A limited liability company? A non-profit? This first step is incredibly important, because it will dictate all of the legal setup and documentation you need to do to ensure your company is compliant with the law and properly established.

You will also want to familiarize yourself with your state's rules, regulations and laws relating to starting (and maintaining) a company. There will be many forms, fees and tax documents that need to be completed, paid and filed.

That last point -- the tax documentation -- is arguably the most important. The IRS is going to be very interested in your company's dealings, so you will want to have your affairs in order. Taxes will be an important part of your job as a business owner.

If you are having trouble establishing yourself as an entrepreneur, or if you are running into legal problems with your new business, you should consult with an attorney -- which is another big step in learning how to manage your business. You will always need legal advice as a business owner.

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