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What do I need to know in order to set up a new company?

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• What will the company do? There are some activities that require a license (such as medicine, dentistry or architecture) or special permission (banking, insurance, aviation) before it can be formed.
• Who will own the company? These will be the shareholders of a corporation or members of an LLC.
• Who will manage the company? These will be the directors and officers of a corporation or managers of an LLC
• What will the company’s name be? It must follow the rules of the state where the company is formed, and have a corporate indicator.
• What type of entity will it be? Generally, it will be a corporation or an LLC.

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