Starting a Business Episode 2

Ok, so we covered the initial planning phases, now lets look at what
we did for the actual startup.

Being as there were four of us going in on this, it made a lot of
sense to form a legally binding partnership. Now this may not be
perfect for everyone and several ways of organizing a company other
than and including partnership. Another tip here is to make sure and
check with your state and make sure that your going to have everything
covered. Even here in North Dakota where the rules are pretty lax(Its
a wonder more companies don’t move out here) we ran into a few things
that we didn’t expect. But the delay was minimal, so it really didn’t
set us back at all.

Seeing as we formed a Partnership, we found that it was highly
recommended to draft a partnership agreement. This took us a good 4-5
weeks between first draft and final signed copy. It would have
probably been much quicker with some professional lawyer help, but as
our funds were limited, we chose the cheaper route. The one nice thing
here is that with four partners, we have a pretty good system of
checks and balances for all things related to distroofthemonth.

Well, I think that thats about it for the initial set up of the
business, in episode 3 I’ll go over the website and initial product
and advertisement we did.

About Shane Ede

Shane Ede is an IT guy by day and a Entrepreneurial Blogger by night. You can follow him here on Thatedeguy or over on Twitter and Google+.

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