6 Tips for Operating a Business in Missouri
Brad Smith • October 25, 2019
You’ve got an amazing idea.
It’s so amazing that you want to start a new business in your home state of Missouri.
Here are six tips to help ensure your business prospers in the “Show Me State.”
1. Consult Others For Advice
Prior to starting your business, talk to trusted authorities. These include attorneys, accountants, financial advisors, and anyone else whose input would be valuable to the idea you have. Experts will help you determine whether your new business is feasible.
2. Write A Business Plan
We like your idea just as much as you, but the cold, harsh reality is that most businesses fail. USA Today
says that “roughly 20% of new businesses survive past their first year of operation,” a number that has held steady for nearly 20 years.
Set your business up for success by creating a business plan to understand your target market and help you clarify your vision.
3. Know Who To File With
New ParagraphNew businesses in Missouri must file with the Secretary of State. You would be expected to file…
- Creation filings to create a statutory entity.
- Maintenance filings, which include updates required by circumstances, annual corporate registration, and annual fees
- Major transaction filings, which is required by significant organizational changes
- Dissolutions or terminations of the entity
- UCC filings
- Trademarks and service marks for original logos, marks, or products
4. Pick Your Legal Structure
How you structure your business depends on how you pay taxes, what risks you assume, and more.
Structures include—at a basic level—sole proprietorships, partnerships, limited liability companies, and corporations.
To learn more about picking a legal structure for your business, click here.
5. Secure Financing
If your business requires financing, Missouri has many resources for state and federal assistance for small business development. Among others, these include…
- Industrial development bonds
- Financing on-the-job training
- Tax credits for small business incubators
- Angel investment groups
- Programs related to energy, agriculture, infrastructure, redevelopment, art, exports, and tourism
6. What To Do If You’re Operating Under Other Names
In Missouri, a fictitious name
is that which a company does business “other than their true or corporate name.” The Secretary of State provides an example:
“For instance, John Doe and Jane Smith may be the shareholders of Doe and Smith Ventures Inc., but operate a shop called John and Jane’s Coffee Shop. Doe and Smith Ventures Inc. must register the fictitious name under which it is doing business, John and Jane’s Coffee Shop.”
If you’re interested in learning more about operating a business in Missouri, contact us today. We’d be happy to advise you in your next steps, and help with any of the tips listed here.
Interested in Working With Us?
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.
Helpful Guides
Begin your journey by taking advantage of our collection of complimentary guides.
Online Documents
Simple & Convenient, Cost Effective, Attorney Reviewed Documents.
Recent Posts
Whether due to a sudden illness, an unexpected hospitalization, or other urgent situations, it's important to know what essential documents should be in place and how an attorney can help ensure a smooth transition for your loved ones.
Whether due to a sudden illness, an unexpected hospitalization, or other urgent situations, it's important to know what essential documents should be in place and how an attorney can help ensure a smooth transition for your loved ones.
Click HERE To View March Newsletter
Understanding the difference between an heir and a beneficiary can help you navigate estate planning more effectively and ensure that your wishes are carried out properly.
Estate planning is about more than just dividing assets; it’s about making sure your wishes are honored when it comes to your health, finances, and legacy.
Beyond understanding the medical aspects, there are critical legal steps you should take to safeguard your rights, clarify your wishes, and prepare for any unexpected situations.
Estate planning is a sensitive and complex process that often involves difficult decisions. One of the most challenging choices parents may face is whether to leave their children unequal inheritances.
Submit Your Confidential Request
Click the button & fill out the form so we can better understand how we can help.