Import From China Business

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A practical guide for starting a small business

Small Business Name

What’s in a Small Business Name?

Once you have chosen a business idea, you'll need to give it a good name. This task should not be taken lightly. Take your time, and choose the best meaningful name that you can come up with. Once you pick a name, it is yours for life. Changing your substandard business name after you’ve started is not something that you not even want to entertain.  

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Deciding a name is a subjective exercise but there are a few golden rules to follow.

Tips for Choosing a Small Business Name

After Small Business Name is Business Location

The Real Estate slogan of "it's all about location, location, location" is true for certain types of businesses.  If you planned to import goods from China to sell in your gift shop, then all good retail rules follow.  You need to pick a location where your potential consumers like to shop.  If you are importing for the purpose of wholesale and you are looking for warehouse space, then you will have more flexibility.

 

Tips for Selecting the Best Location for your Business

Name, location and Now  Business Structure

The next step to setting up a business is deciding on one of the four business structures:  Sole Proprietor, Partnership, Corporation and Limited Liability Company.

  1. Sole Proprietor - simplest to form. Business owned and operated by yourself.  You have unlimited personal liability which means that they can come and take your house, car and assets if your business goes into debt.  Business ends when you die.  You do have total control of your business.
  2. Partnership - simple to form. Business formed and operated by two or more individuals.  Same unlimited personal liability risk as sole proprietors.
  3. Corporation - most complex to form because it is a separate legal entity. There are many more regulations to follow.  Your personal assets are separate from the corporation.  So they can't take your house if the corporation goes bankrupted.
  4. Limited Liability Company (LLC) - somewhat moderately complex to form.  It is a combination of the benefits of the sole proprietor and the corporation.  This is not a separate legal entity.  So you report profits as your personal income.  Your assets are protected from the business liabilities if there are financial difficulties.