When I started my business, choosing a business name and type were crucial decisions that I had to make. In this video, I share my experience of choosing a business name and emphasize the importance of selecting a name that doesn't limit the business's scope.
I knew that selecting a business name that was easy to pronounce and had a.com domain available was vital. I spent a couple of days brainstorming names and had a list of options with available dot coms. I also wanted a name that didn't box me into a specific service, and I saved the details of the services for the slogan. This approach allowed me to remain flexible and change the focus of my business in the future if necessary.
I also realized the importance of consulting with a tax advisor and attorney to determine the best business structure. At the start of my business, I operated as a sole proprietorship, but after a year, I restructured the business as an LLC, taxed as an S corp. This change allowed me to have a separation between myself and the business and minimized my tax liability.
Choosing the right business type is critical because it determines the tax liability and legal obligations of the business. There are different business types available in the United States, and it's essential to consult with a tax advisor and attorney to determine the best structure for my business needs.
In conclusion, selecting a business name and type are crucial decisions that can impact the success of the business. It's essential to choose a name that is easy to remember, not limiting, and has a.com domain available. Additionally, consulting with a tax advisor and attorney can help entrepreneurs choose the right business structure to minimize tax liability and legal obligations.
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