Dawn LaCarte on Tips for Starting a Business in Albany

Starting a business is a daunting task that can be overwhelming. You may have a great idea, but you don't know how to get started. Finding the right space and following all of the rules and regulations can become tricky to navigate if you don't have any idea where to start. There may be local, state, and federal regulations to be aware of during the process of starting a business. Here are some tips to help you start a business in New York.

Determine Your Name and Structure First

When you seriously begin to create a business, the first things that you need to know are the business's name and the structure of the company. When thinking of the name for your new business, try to come up with something easy to pronounce and understand while remaining relatively unique. Do a Google search and see what comes up and if there are any conflicts with the name that you're thinking to use. Aside from looking on a search engine, be sure to search for any trademarks through the US Patent and Trademark Office or other companies with the same name using the New York Business Entity website. Taking these steps will help ensure that your company has a great unique name from the start.

Once you have the name, look into the legal business structure of the company. The basic types include a DBA or Sole Proprietorship, Corporation, and a Limited Liability Company (LLC). Each has its own pros and cons for registering and maintaining the business. A DBA puts more risk on the owner but is very easy to set up, while a Corporation provides liability protection to owners and is very complex. An LLC is a mix between the two as it provides liability protection but is a bit more complicated and has easier management.

Taxes and Insurance

Once you have a name and structure, you need to register with the Tax Department and obtain the proper insurance. There are various taxes that your new business will need to pay, so take the time to keep precise records, so you are not overwhelmed later on. If your company has employees, you will need to have workers' compensation insurance. Depending on the type of business you have, you may need other coverage as well. Visit the New York State Business Express site for details on the insurance you'll need.

Check If You Need an Albany Business Permit

Currently, not all types of businesses require a permit in Albany. If you're a vendor, a pool hall, auctioneer, or a door-to-door vendor, you are required to obtain a permit. Other businesses are also required to get a license, but be sure to check out the City of Albany site for specific details.

Dawn LaCarte is a behavioral health professional from outside of Albany with 15 years of experience. She is currently a Clinical Outreach Coordinator and works to help match people to the best treatment for their needs.