After working hard to bring your business idea to launch, the last thing you want is for a missing permit or legal document to hold you back. We created the Company Setup Framework to help you answer the next important question: Did you do your paperwork?
Company Setup Framework
This framework starts with your company basics to make sure you have the required understanding of your business before spending time on paperwork. A clear picture of your company and product/service will help you sort out the necessary paperwork. The team member section will help you keep track of who needs to be involved with each paperwork item.
The remaining two-thirds of the framework is dedicated to the paperwork checklist. We define paperwork as activities that need to be completed before launching, and these activities are not related to honing your idea. The checklist is here to layout the general paperwork any business might have to do, so that you don’t realize you’re missing paperwork on the day of launch. As you go through the checklist, if an item doesn’t apply to you, mark the activity as “No” and move on. For the items that do apply, mark them as “yes” and make sure you have them scheduled to be done. A month before your launch, make sure to check back on this framework to make sure your paperwork is all set.
Some helpful tips on completing the items on the checklist:
For your name, domain, and social media handles, try using name searching websites to see what is available so that you can unify your digital presence.
Find a Lawyer that specializes in business incorporation and Small and Medium businesses
States usually have a Society of Certified Public Accountants with a list of CPAs that you can reach out to for accounting help
For patents, it is possible to apply for “patent pending” status which costs less and gives you a 12-month window to submit your full patent application
“No wise pilot, no matter how great his talent and experience, fails to use his checklist.” - Charlie Munger