Business Formation
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Business Formation
This guide will explain the key business documents and programs needed to prepare you to start your business and work with other entities, including the government. We will explain what the documents are, why they’re important, and what Select GCR will complete for you.
Operating Agreement
Business Plan
Standard Operating Procedures
What is an Operating Agreement?
Operating Agreements define how decisions will be made for your company, and who gets to make them. This is a vital document that provides the business’ structure for things like managing member(s), voting rights, and operational procedures.
Key Features:
Percentage Ownership
Distribution of profits and losses
How meetings will be held
Buyout and selling rules (in the event of any changes in ownership)
Responsibilities and powers of managing members
Why Are Operating Agreements Important?
- They establish how your company will handle its financial and legal matters. Without them your business will have to rely on the State’s default rules.
- They turn any verbal agreements between members into legal writing and provide a structure for business decisions to be made.
- They prevent individual members from taking on the sole liability for the company. Operating Agreements keep the government from treating your business as a sole proprietorship. This means that without an official agreement individual members could be sued for their assets should the business need to settle any debts.
Operating Agreements
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What Will Select GCR Accomplish for You?
Our team of advisors will draft and complete an Operating Agreement on behalf of your company based on the information we receive during your onboarding. This will allow your business to operate worry free and with full recognition as a distinct legal entity from the business owner(s).
What is an Business Plan?
The Business plan is a roadmap for how to structure and grow your business. This covers key elements such as your mission statement and managing hierarchy, what services/products you currently provide, your current financial status and total assets, and your business goals for the future. The business plan is meant to act as an outline for where your company started, where it is now, and where it will be in the future.
Planning Your Business
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Key Elements:
Market Gap
Your strategy to capitalize on it
Any immediate or foreseen obstacles
What you need from investors
Financial Projections
Why Are Business Plans Important?
Business plans are one of the primary tools to attract potential investors. Whether you’re contacting a bank for a financial loan, or pitching your company to an investment firm, having a clearly defined strategy will inspire greater confidence and willingness to fund your business.
Additionally, business plans are used internally to keep everyone within your company working towards the same goals. This is a living document that should be updated as the needs of your business grow and change, so make sure to come back to it regularly.
Writing Your Business Plan
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What Will Select GCR Accomplish for You?
Our team of advisors will draft and complete a Business Plan on behalf of your company. This will allow you to attract new investors as well as align your company mission and strategies towards your business goals.
What are Standards Operating Procedures (SOPs)?
Standard Operating Procedures are the step-by-step instructions on how to complete a task as well as the expectations for success. They should provide an overview of tasks and workflows, explain the programs that will be used, and cover any access requirements like links and credentials.
Key Benefits:
Safety:
Whether that’s by keeping smart digital practices or having clear rules for handling dangerous materials.
Compliance:
Following government regulations is a must if you ever intend on winning a contract.
Training:
High quality SOPs allow new employees to be onboarded quickly and efficiently
Efficiency:
When all employees are operating with the same set of procedures it is significantly easier to identify both recurring errors and places for improvement.
Why Are SOPs Important?
SOPs standardize the procedures for positions and operations. They serve as a tool both for training and for referral. Having solid SOPs in place also allows you to review and adjust procedures so you can streamline or even automate portions of tasks.
SOP Writing Guide
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What Will Select GCR Accomplish for You?
Our team of advisors will draft and complete a Standard Operating Procedure on behalf of your company based on the information we receive during your onboarding.
What Are Meeting Minutes?
Meeting Minutes act as the official written record of what happened in a meeting. Who was there, when did it take place, what was discussed, and what are the objectives everyone is leaving the meeting with?
Key Elements:
Date/Time
Attendees/Absentees
Meeting Agenda
Action Items
Votes/Motions
Questions/Obstacles
New Business
Date & Time for the next meeting
Why Are Meeting Minutes Important?
Meeting Minutes provide team members and department with a defined list of items they are responsible for. This promotes greater accountability and acts as an easy reference document for members to come back to in case of any disagreements or misunderstandings. They also serve as the historical record of your business’ decisions, which is important when the company needs to reevaluate its goals and strategies.
What Will Select GCR Accomplish for You?
Our team of advisors will provide you with easy-to-follow templates to use in your meetings, as well as guidance for how to fill them out properly.