Among the first essential steps to starting a business is establishing the corporate entity. Sadly, this is sometimes the last thing aspiring entrepreneurs take care of. For instance, I have a business contact who’s had an interesting (and viable) business idea for years, but still has not incorporated a local company. My friend goes about talking to prospective investors and partners, but some feel that he is not too serious about getting into business because of the lack of a solid corporate entity.
Hence, the first step one should consider in setting up a business is incorporating into a new legal entity. Not only does a businessperson get the protection of limited liability, he also enjoys a higher level of trust from prospective investors.
Besides, incorporating is an easy and inexpensive activity to undertake nowadays. Even if you don’t have a bankable idea yet, you can actually already begin to incorporate a holdings company for all your business ideas.