Re: small business rules

Starting a new business, especially in a heavily regulated industry such as air travel, entails numerous legal, accounting, taxation, licensing, permitting, and insurance issues, and that is just the tip of the iceberg. One of the first decisions you will need to make is how you want your business organized. Consult an attorney to get advice on how your business should be organized (whether it should be a sole proprietorship, a subchapter S corporation, or a limited liability company (LLC). The attorney should be able to explain the legal ramifications and tax consequences of each type of organization and give you his or her best recommendation, as well as to file the appropriate paperwork to create the type of organization you choose. The attorney should also be able to advise you concerning the multitude of other legal issues involved, and refer you when appropriate to the accounting, insurance, and other specialists you will need.

I wish you well in your new venture!

Re: small business rules

A lot depends upon the type of entity you want to create, whether a corporation, an S corporation, a limited liability company, a sole proprietership, etc. (An "S" corporation seems most likely/beneficial.) Also, despite the fact that you will not have an office, per se, you will need an address as your principal place of business, i.e., where you will keep your books and records, etc. Moreover, you will have to have considerable insurance, given the nature of your business.

Unfortunately, the nature of your business requires detailed legal attention that is simply impossible to provide in this forum.

-- Kenneth J. Ashman; Ashman Law Offices, LLC; KAshman@AshmanLawOffices.com; www.lawyers.com/alo

Re: small business rules

The best advice you can receive is to search out a

law firm that specializes in business matters and is accessible to you and responsive to your needs.

Assuming this undertaking will require a substantial financial commitment from you, it would be wise to budget legal needs with accounting and other professional services.

Re: small business rules

Like any other small business, at a minimum, you will need an accountant, lawyer, banker and insurance agent. As concerns a lawyer, find a firm that handles business matters to determine what type of entity you should form (C corporation, S corporation, limited liability corporation, sole proprietorship). It is likely that an S Corp. may best fit your initial needs. You will need a business address where you would like to receive correspondence. If you occupy space, you may need to obtain an occupational license, but this is an issue that you will need to discuss with your lawyer, especially if you plan to start off working from home. In terms of insurance, you will need to consult with your lawyer and an insurance agent experienced in providing insurance coverage to businesses like yours, which I would imagine require substantial coverage. Seek the advice of counsel and good luck.