Did you know that state and national resources are available to new business owners? The Small Business Administration, as well as organizations such as SCORE, offer advice and help with business planning, formation and finance. Some of these organizations offer additional help to minorities, veterans or women who are starting businesses.
If you plan to form a business, there are a few things you need to do first. You'll need to decide what kind of business you're going to be, first. Are you planning a partnership, S Corporation, cooperative, Limited Liability Company, corporation or sole proprietorship? Each has its own benefits that you'll want to consider; the U.S. Small Business Administration has information on the types of ownership, but to focus on just one, look at the LLC.
When you run a startup, you have a handful of options that you can use to classify your business, including making it a C-Corp, an S-Corp or an LLC--a Limited Liability Corporation. While all situations are different, there are two big reasons why making your startup into an LLC might make the most sense in Colorado.