If you are an entrepreneur ready to start your own business you might have wondered which state is the best to form a company in. Louisiana is definitely a great state to begin in. In fact, in 2017, it was ranked 24th out of the 50 American states, according to its GDP.
Some of the top industries include:
· Entertainment
· Oil refineries
· Manufacturing
· Fishing
· Agriculture
So, let’s dig in and find out what necessary steps you need to take in order to start a business in the state of Louisiana.
1. Choose a business structure
One of the most important initial steps it to pick a business structure that fits you best. Some of the most common types include: LLC, Corporation, Sole Proprietorship, Partnership.
2. Pick a name
Choosing a name for your company that is easily remembered by your potential clients is an essential step for your business’s future success.
3. Licenses & Permits
Before you’ll be able to operate your business in the state of Louisiana, you will need to get all the necessary licenses and permits to cover areas like:
· selling certain products
· offering certain services particular services
· the environment
· agriculture
4. Pick a location
Unless you’ll only do business online, you need to start searching for an ideal location. Try to find out as much as possible about the business in the area and if your target market is located nearby or works in the area.
5. Taxes
Depending on the business structure that you have chosen, the taxes will differ. For more information, you can check the Louisiana State Business Income Tax website.
6. Insurance
Regardless of the type of business that you own, getting insurance is fundamental.
To check your knowledge about opening a business in Louisiana check out the quiz that we’ve created.
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