Michigan Business Banking and Accounting – What Are the Basics?

The Michigan Economic Development Corporation is an independent public-private Partnership agency and economic development agency dedicated to job creation in the state of Michigan. The EDC was established by the Michigan State Legislature to promote economic growth, reduce unemployment, and improve the quality of local, regional, and national economy. The Corporation is also responsible for promoting and protecting the rights of Michigan residents while ensuring that all citizens have access to high quality education and training, affordable health care and benefits, affordable housing, and adequate transportation.

Michigan Business

What can the MDEC do for you? Promote and grow your small business! There are numerous resources available to help you get started, including: local chamber of commerce, local economic development office, small business organizations, and others. The MDEC has a number of publications that you can distribute to inform others about your community and the different opportunities that are available in Michigan. For example, the “Midwest Energy Review” publishes monthly reports on energy-efficiency standards across the country. Each month, they publish an “article of interest” and some Michigan small business owners have submitted articles to the MDEC to share their story and provide valuable information to help people get started.

How do you start a Michigan Business? If you want to start a new business in the state of Michigan, you need to register a corporation first. To do this, contact the Secretary of State’s Office for your state and complete the Application for Corporate Registration. Be sure to include a complete description of your company, your name, and your proposed business name. When completed, print, copy, and file the Application in a secure place. The application should be filed with the clerk of court in the county where you live.

Once the application is filed, purchase a blank Certificate of Registration from the Secretary of State. In addition to providing a complete description of your company, the certificate also will list your registered agent. You may choose to use the same-Certified Public Accountant who handles your other filings, or you may choose to hire an attorney to file your papers. Either way, hiring an attorney is strongly recommended.

Do you need a business bank account? As a new business, you must establish a bank account. If you currently have a savings or checking account that is not insured by the Small Business Administration, you will not be able to incorporate until a personal asset protection insurance policy is purchased. This insurance covers your personal assets in case of bankruptcy or loss, so that you do not need to liquidate your personal assets to pay the legal fees associated with incorporating.

Is may be a complete and accurate document? The DBA is just the first step in establishing your business structure. The “plates” provided by the DBA are the foundation upon which you will build your business structure. Following the guidelines set forth by the DBA, you will be able to purchase stock and/or issue shares of stock, negotiate and/or enter into Memoranda of Association, select the state filing forms, and issue payroll.

How many social media accounts are we going to create? Social media accounts are very important for creating a brand identity and communicating your company’s image and mission. Many people do not have an account on Facebook and would rather not have to share their name, email address, and phone number online every time they post a status update. By opening a few accounts on popular social media sites, you will be setting yourself apart from your competitors. There are a few different social media accounts to choose from: Facebook, Twitter, LinkedIn, YouTube, Flickr, and many third-party websites (Pinterest, Digg, StumbleUpon, etc.)

Is this all too overwhelming? Michigan Business Banking and Accounting require that you be organized, not overwhelmed, and most importantly, you are professional. It is okay to use a computer to make notes and do research. However, you should only do what you can with the tools you are given!