6 Tips for Operating a Business in Missouri
Brad Smith • Oct 25, 2019
You’ve got an amazing idea.
It’s so amazing that you want to start a new business in your home state of Missouri.
Here are six tips to help ensure your business prospers in the “Show Me State.”
1. Consult Others For Advice
Prior to starting your business, talk to trusted authorities. These include attorneys, accountants, financial advisors, and anyone else whose input would be valuable to the idea you have. Experts will help you determine whether your new business is feasible.
2. Write A Business Plan
We like your idea just as much as you, but the cold, harsh reality is that most businesses fail. USA Today
says that “roughly 20% of new businesses survive past their first year of operation,” a number that has held steady for nearly 20 years.
Set your business up for success by creating a business plan to understand your target market and help you clarify your vision.
3. Know Who To File With
New ParagraphNew businesses in Missouri must file with the Secretary of State. You would be expected to file…
- Creation filings to create a statutory entity.
- Maintenance filings, which include updates required by circumstances, annual corporate registration, and annual fees
- Major transaction filings, which is required by significant organizational changes
- Dissolutions or terminations of the entity
- UCC filings
- Trademarks and service marks for original logos, marks, or products
4. Pick Your Legal Structure
How you structure your business depends on how you pay taxes, what risks you assume, and more.
Structures include—at a basic level—sole proprietorships, partnerships, limited liability companies, and corporations.
To learn more about picking a legal structure for your business, click here.
5. Secure Financing
If your business requires financing, Missouri has many resources for state and federal assistance for small business development. Among others, these include…
- Industrial development bonds
- Financing on-the-job training
- Tax credits for small business incubators
- Angel investment groups
- Programs related to energy, agriculture, infrastructure, redevelopment, art, exports, and tourism
6. What To Do If You’re Operating Under Other Names
In Missouri, a fictitious name
is that which a company does business “other than their true or corporate name.” The Secretary of State provides an example:
“For instance, John Doe and Jane Smith may be the shareholders of Doe and Smith Ventures Inc., but operate a shop called John and Jane’s Coffee Shop. Doe and Smith Ventures Inc. must register the fictitious name under which it is doing business, John and Jane’s Coffee Shop.”
If you’re interested in learning more about operating a business in Missouri, contact us today. We’d be happy to advise you in your next steps, and help with any of the tips listed here.
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