How to Start a Business

Start Your Business The Right Way

Starting a business doesn’t have to be as complicated as many online resources make it seem. Many websites that claim to provide guidance on how to start a business just recycle old ideas, but the reality is that the process of starting a business has changed. In the past, it used to involve opening a physical storefront, securing a bank loan, and taking on a significant amount of risk and debt.

However, today’s business climate is more focused on getting started quickly and often online, making sales as soon as possible, and protecting yourself from liability and maintaining privacy. In this guide, we will walk you through the steps you need to take to get your business off the ground and start operating in a way that is both successful and compliant. We will cover everything from creating a business plan to choosing the right business structure for your company and the state in which it will operate.

Creating a Business Plan

Many websites and guides make creating a business plan seem unnecessarily complicated. While it is true that you will eventually need a more formal, comprehensive business plan to present to potential lenders or investors, it is important to remember that you cannot secure funding without making sales first. Therefore, what you need to focus on in the early stages of starting a business is answering a few key questions:

  • What product or service am I offering?
  • Who is my target audience or customer base?
  • How will I reach and connect with potential buyers?
  • What are my costs for producing and selling my product or service?
  • How much should I charge for my product or service?

By answering these questions, you can create a basic business plan that will help you get started and begin making sales. Once your business is established and generating revenue, you can then develop a more formal plan to present to potential investors or lenders.

Choosing a business structure

Once you have determined the purpose and revenue-generating potential of your business, it is important to decide on the most suitable business structure. There are several options to consider, including a limited liability company (LLC), a sole proprietorship, or a corporation. The structure you choose will have significant implications for how your business is taxed, managed, and owned, as well as your level of personal liability. Each business structure has its own advantages and disadvantages, and the process for setting up each type of business can vary.

If you are considering a particular business structure, you may find it helpful to refer to our free guides on how to start an LLC or corporation. These guides provide detailed information on the steps you need to take to establish your business and help you choose the structure that best fits your needs and goals.

Sole Proprietorships and Partnerships

If you have made your first sale, then congratulations, you have a sole proprietorship or partnership. If you have not formally established an LLC or corporation, your default business structure is a sole proprietorship (if you are the only owner) or a partnership (if you have multiple owners). It’s important to note that a sole proprietorship or partnership is not a separate legal entity from you; your business is an extension of yourself. This means that all of your company’s liabilities are your personal responsibility.

On the plus side, sole proprietorships and partnerships are relatively simple to set up and do not require any state paperwork to be formally established or dissolved. They are also relatively inexpensive, unless you are sued or go bankrupt. There are no state filing fees or annual report fees associated with these types of business structures. However, there are also significant downsides to consider. For example, there is no liability protection for you or your investors, and there is less flexibility in terms of taxation. Additionally, you cannot issue stocks, and you may not be able to use a fancy or prestigious name for your business without registering a “doing business as” (DBA) name.

Once you have proven the viability of your business concept and made some sales, it may be wise to consider forming a more formal business entity, such as an LLC or corporation, in order to protect yourself and your investors. These types of business structures provide additional legal and financial benefits that can help your business grow and succeed.

Why Form an LLC or INCORPORATE A Corporation?

Forming an LLC or incorporating a corporation can offer significant advantages and protections for your business, including limited liability and tax flexibility. LLCs and corporations are business entities that are formed by filing articles with a state agency, usually the Secretary of State. While these types of business structures do require additional fees and paperwork, they provide valuable benefits that can help mitigate risk and optimize your business’s financial performance.

Limited liability: One of the primary benefits of LLCs and corporations is that they are legally separate entities from their owners. This means that the owners and investors are not personally responsible for the debts and obligations of the business. This can help protect your personal finances and provide a more attractive and secure scenario for potential investors.

Tax flexibility: Unlike sole proprietorships and partnerships, LLCs and corporations have multiple tax election options. For example, both can be taxed as C-corporations or S-corporations. Having more options can be beneficial, as you can choose the option that will save your business the most money or provide the greatest opportunities. Even if you find tax considerations boring, it is important to understand the potential financial benefits of different tax election options.

It is important to note that Non-US citizens or Non-permanent aliens cannot directly own an S-Corp. But they can easily form an LLC or incorporate a C-Corp in the U.S.A.

What About Privacy and Anonymity?

Maintaining personal privacy is a common concern for many business owners, and for good reason. Sole proprietorships and partnerships literally share the personal names of their owners with the business, while LLCs and corporations require public state filings that may reveal personal information. However, there is a simple way to better protect your privacy when forming an LLC or corporation: hiring a registered agent service that can list its business address instead of your personal address when filing your formation paperwork. This provides an extra layer of privacy protection that you cannot get by filing on your own or using a standard filing service.

At Triple B Business, we understand the importance of privacy and take steps to protect the personal information of our clients. We follow industry standard privacy guidelines to ensure that your personal information remains confidential. If privacy is a concern for you, consider hiring us as your registered agent to help you maintain your privacy while forming your business.

If privacy and anonymity is at utmost importance, please click the options below to find out more about Anonymity Planning and Wyoming Holding Company.

LLC vs Corporation

LLCs and corporations are different in terms of ownership, management, and taxation. LLCs are owned by members, who can either run the business themselves (like in a partnership) or appoint directors (like in a corporation). LLCs also have the greatest number of tax election options, as they can be initially taxed as disregarded entities or partnerships, but can also choose to be taxed as C-corporations or S-corporations.

In a corporation, shareholders own the business and are represented by shares of stock, which can be easily transferred. Shareholders elect a board of directors to make business decisions, including appointing officers. Corporations are automatically taxed as C-corporations, but they can also apply to be taxed as S-corporations. Many nonprofit corporations can also qualify for tax-exempt status.

If you are unsure which business structure is right for you, our LLC vs corporation page provides a detailed comparison of the pros and cons of each type of business.

Starting an LLC or corporation can require some knowledge and expertise, which is why we are here to help. At Triple B Business, we offer support and guidance to help you understand the process and make informed decisions. Our team of local experts, known as Corporate Guides, are available to answer your questions by phone or email. Additionally, we can help you form your LLC or corporation, so you can get started quickly with the support and privacy protection you need.

where to form my new business?

This is a great question and it depends on multiple factors.

We currently offer Business Formation Services only in the States of Wyoming and Delaware because these two great states offer multitude of advantages to new small business owners.

Please see the links below to find out more.

WE HAVE Answers

Ask Us Anything

When choosing a name for a business in the United States, it is important to consider a few key factors including availability, distinctiveness, legality and branding.

If you are setting up a Limited Liability Company (LLC) or a Corporation, you will also need to include a designator (suffix) in your business name, such as “LLC” or “INC.” This will help to differentiate your business from other types of legal entities.

Please click here to find out more.

It is not easy to determine which type of business entity, an LLC or corporation, is best for you as it depends on multiple factors such as your business goals, the nature of your business, and your individual circumstances.

If you are a U.S. person / U.S. resident please click here to find out more.

If you are a non-U.S. person / non-U.S. resident please click here to find out more.

Wyoming is a leading incorporation domicile due to low fees, no taxes, simple filing and maintenance requirements along with allowing anonymous LLCs and corporations.

For more information please click here.

If you are a U.S. resident not living in Delaware or Wyoming, the best state to form your business depends on various factors. Typically, it’s advantageous for a U.S. citizen or permanent resident to form the business entity in their home state. However, for most businesses forming a company in Wyoming is also a great choice.

If privacy and anonymity are important to you, forming a Holding Company in a state like Wyoming may be a better choice. Holding Companies can choose their domicile as they are only considered as transacting business if they engage in activities beyond holding assets and leasing them.

For further information, click here.

Common choices for a holding company (a.k.a parent company) are Wyoming, Nevada, Delaware and New Mexico. Wyoming is currently the leading state to form a Holding Company (LLC or Corporation) due to the specific statutes, anonymity, asset protection and comparatively low fees.

Please click here to find out more.

In order to incorporate in Wyoming, you need to have a company name, business address, registered agent, share count, par value, and incorporator. These are the only requirements by law to establish a corporation.

For more information please click here.

Yes, as a non-U.S. person / Non-U.S. resident / International Entrepreneur / International Founder / Digital Nomad you can form an LLC or C-Corp in the United States. In fact, it is not even necessary to physically visit the U.S.A, as it is possible to set up your LLC or C-Corp online.

Please click here to find out more.

You don’t need an SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) to get an Employer Identification Number (EIN) from the IRS. An Employer Identification Number (EIN), also known as a Federal Tax Identification Number or a Federal Business Tax ID, is used to identify a business entity not an individual. You only need an SSN (or ITIN) if you want to apply for an EIN online with the IRS.

We have business formation packages for Non-U.S. owner(s) that includes EIN application for a discounted fee of $150. You can also hire us to obtain your EIN from the IRS for a fee of $175.

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS) for individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security Number (SSN) from the Social Security Administration (SSA). ITINs are issued to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for SSNs.

The first step is to get an EIN from the IRS. You cannot open up a U.S. bank account without an EIN for your LLC or Corporation.

The easiest option is to opening up a business bank account online with a Fintech company like Mercury, Novel etc.

Another solution is to visit the United States yourself.

For other options and more information to open up a U.S. business bank account please click here.

Wyoming is a leading incorporation provider with low fees and no corporate income taxes. Delaware is generally only used by those raising venture capital or looking to go public.

For more information please click here.

How Triple B Business can help in starting your new company?

The fastest, easiest way to start your new company? Hire us and get everything you need: registered agent service, privacy, free mail forwarding, and the guidance of local experts.

We currently offer Business Formation Services only in the States of Wyoming and Delaware because these two great states offer multitude of advantages to new small business owners.

Here’s how you can start the process with Triple B Business today in 3 easy steps:


Tell Us Your Business Name

If you have already decided your new business name then simply enter it on our form. We will perform a free name search for you with the state.


Answer A Few Questions.

Answer a few questions and enter the required information on our business formation form. If we have any questions then we will get back to you.


We Will File Your Paperwork

We will complete your paperwork and be off to the races filing your new company with the state.

Don’t Wait

Contact Us For A Free Consultation