Starting A Business In Michigan Checklist – Starting a business in Michigan doesn’t have to be painful. Check out our 10-step guide to building your business from start to finish. Find out why so many Michigan startups are trusted.
The name Michigan comes from the Ojibwa Indian word “mishi-gama”, which means “big lake”. Named the Great Lakes State as the only state touching four of the five Great Lakes. Also called Wolverine Country, there are no wolverines to be found.
Starting A Business In Michigan Checklist
No point in Michigan is more than six miles from water. This country has the only floating post office in the world that delivers mail to ships as they pass through the Ambassador Bridge.
Business Resources & Tools For Starting A Company
The world’s first concrete road was built in 1908. in Detroit. Michigan is home to the world’s largest cement plant, limestone quarries, Holstein dairy herds, and manufacturers of magical paraphernalia. Detroit is known as the automotive capital of the world, and Michigan remains the national capital of the automotive industry and advanced manufacturing.
Ford Motor Company is Michigan’s largest company. They were followed by General Motors, Lear and Whirlpool. Other large companies include Meijer, ZF North America, Dow Chemical Company, and Kellogg.
Although Michigan’s economy took a huge hit in the early 2000s, the state is currently enjoying a period of extraordinary growth, setting several records for the production of goods and services. This means that there are a lot of opportunities that can come into play in the automotive and technology industries. Until 2022 several sources have rated Michigan as a thriving startup ecosystem.
If you’re not sure what type of business to choose, it’s important to learn about business entities. If you’re running a modest, low-risk venture, a Michigan name may be all you need to get started. Most businesses choose an LLC or corporation (more details below) for tax flexibility and limited liability protection. You may need to consult an accountant or attorney to help you make the right decision.
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Create a separate company. An assumed name allows you to do business under a name other than your own. You must request a certificate to use a name that is considered valid. DBAs are used by LLCs and corporations to maintain multiple separate entities under the same business structure. For example, you can form Michigan Widgets LLC, but use assumed names to distinguish between Michigan Mac Parts, Willy’s Widget Shop, and Pro Widget Manufacturing.
A corporation is a separate entity that provides liability protection for business owners. This type of business structure is owned and operated by shareholders, directors and officers. Traditional C corporations come with strict rules and high taxes, so they are usually only chosen by companies with complex or large employees.
An S corporation can be a corporation or an LLC that registers with the IRS as a small business. S-corporations take advantage of “skip” taxes, which means the business does not need to file a tax return. Instead, income, losses and expenses are reported on each individual tax return. If your business is simple and doesn’t have many employees, we recommend filing a small business election to simplify paperwork and taxes.
Note: Certain professions must choose what is called a “professional company” or computer (doctor, lawyer, architect, etc.). A company page can help you get started with your computer.
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A limited liability company, or LLC for short, is a separate business entity that is easy to manage. An LLC can be owned and managed by only one person, you need a director or officer. Limited liability companies are managed by members and managers. This business type is the most popular choice among LLCs, corporations, and DBAs. If you are looking for a business that is easy to manage and inexpensive to maintain, an LLC may be the best option.
The right business name should tell the public about your products and services and be easy to pronounce. You need a strong name that can grow with your business, so you should spend some time creating something interesting and memorable. Even if you don’t stop selling over time, it’s a good idea to leave room for names of future products and services.
Example: Jake wants to sell snow sports equipment, but is not sure if he will sell skis and accessories or add equipment and outdoor clothing later. that name
Think about what you want to sell. Do you transport a product or provide a service? Once you know what you’re going to offer, write a title that includes words that describe your business. You can also include words like city names or area codes to appeal to local markets. Have fun and ask family and friends to help you by saying the new name out loud and pretending to answer the phone using the company name. If it’s easy to say, catchy, and memorable, you probably have a good name.
Annual Compliance Calendar Checklist
Type your specific business name into Google and other major search engines to see if anything comes up. Remember that a good business name is unique, so you want to make sure it hasn’t been used or is similar to other business names, especially in the city and state where you operate. Be sure to check the different spellings and spellings of your name to find other business names similar to yours.
If your name doesn’t make it through the internet filtering, check the Michigan Secretary of State’s website for name conflicts.
Use a business name that is completely unique to your business to avoid tax issues and avoid false names in lawsuits.
You can hire a brand specialist to do the research, but they charge more. We’ve found it effective to check the internet and state business websites, so you can save money by doing your own research. The US Patent and Trademark Office (USPTO) can search for company names online. This is probably the best indicator that there are discrepancies in your name.
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Once you have a unique business name, you can register your business online with the Michigan Secretary of State. Before starting a business in Michigan, you must register with local and state business authorities. Details are available here for LLCs, Corporations and DBAs. If you want to create a different type of entity, we can still help. Please contact us for more information.
Note: All Michigan businesses that wish to operate under a name other than their original business name or do not have a formal business structure (LLC, corporation, etc.) must register a different business name by filing an assumed name application.
You can review this checklist and order a Michigan LLC, corporation, DBA, and more. Start the process with the starter pack and save time.
Employer Identification Number (EIN) – Also called a federal tax ID, issued to all US businesses that employ employees. You can apply online with the IRS or get an EIN with any of our business formation packages.
Free Move In / Move Out Checklist
DBAs only need an EIN if they are hiring employees, but having one can reduce the risk of identity theft. Otherwise, you must use your Social Security number for taxes and other documents. We recommend that all DBAs apply for an EIN.
Keep your personal finances separate from your business with designated bank and credit card accounts. Setting up these accounts in the company name will help you build business credit and apply for loans as your business grows. You can look for options starting with your local bank. If they don’t offer business solutions, a quick internet search should turn up local and online financial solutions. Every organization is different, but to open an account you can expect to provide the following documents.
Now that you have registered your company name, you need to obtain your company business license, which authorizes your company to operate in your city or county. This usually includes registration for taxes and state permits (the city may require these as part of the business licensing process).
Spend some time setting up your accounting system and organizing access to important documents. This can save you a lot of time if you are already vetted. Tax records must be kept for a minimum of seven years and other documents for a minimum of three years (some for the lifetime of your business). You can find out more about managing business finances in our guide.
Mmmp Application Packet
You must have an active employer ID number to legally hire an employee. You can get the number by contacting the IRS or by requesting one of our formation packages. As an employer, you may need to register with local and state business authorities. Once you have an EIN and a workers’ compensation policy, you can start hiring
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