Frequently Asked Questions

What are the key steps to start a business in Montana?

Starting a business in Montana involves several key steps. The first and most crucial step is to write a comprehensive business plan. This plan will not only help you secure financing from banks but also provide a clear direction for your business. The next step is to choose your business structure, which could be a sole proprietorship, partnership, LLC, or corporation. Once you've decided on the structure, you need to register your business name with the Montana Secretary of State. Following this, you should obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) for tax purposes. However, not all businesses require an EIN. Next, apply for any necessary business licenses and permits. While Montana doesn't require a general business license, certain professions and industries do require state registration. Securing financing is another crucial step. Banks generally prefer business owners to invest 15 to 25 percent of their own money into the business. Once you've secured financing, open business credit and banking accounts. This will simplify your business accounting and present your company in a more professional light.