Montana might not be the first place that comes to mind for starting a business, but its hidden benefits could make it the best decision you'll ever make. Find out what makes Montana a secret gem for entrepreneurs.

How to navigate the rules and regulations in Montana to set your business up for success.

Montana offers a comprehensive guide to starting your own small business, but who has time to sift through it all? We’ve distilled the essentials into a simple eight-step plan to get you up and running fast.

When starting your business, choosing the right structure is crucial. You might consider going solo or forming a partnership, and decisions like whether an S-Corp suits your needs or if you'll need investors. These decisions will shape your business operations and how you manage legal and financial matters, aiming to support your long-term goals effectively.

There are two main benefits when it comes to forming an entity in Montana: personal liability protection and increased credibility in the marketplace.

Registering a Business in Montana: FAQs

What Type of Business Insurance Should I Get?

Types of insurance include general liability insurance, workers’ compensation insurance, and professional liability insurance. A general liability policy is the most common. It is important to note that Montana businesses with 1+ employees, including corporate officers and LLC members, are mandated by law to have workers’ compensation insurance. 

What is a “Doing Business As” Name?

A DBA or trade name is a certificate that allows a business to run under a different name than its registered name. This is used primarily for branding purposes, and it doesn’t provide liability protection. This certificate must be filed in the county in which the business is located.

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1. Plan your business concept and structure

2. Organize funding and designate a financial model

3. Register your business entity with the state

4. Set up business accounts and cards

5. Obtain insurance

6. Organize licenses and permits

7. How to hire employees, legally

8. Promote and market your Montana business

Where Can I File the Certificate for a “Doing Business As” Form?

You can file the DBA certificate here.

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Registering a Business in Montana: More Resources

What is a DBA?

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Benefits of Using the LLC Structure

Step 1: Plan Your Business Concept and Structure

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If you’ve spent any time exploring the information on our site or had a free consultation with a PRIME advisor, you know we normally recommend registering as an LLC (Limited Liability Corporation). This option provides individuals asset protection by creating a separate legal entity. Sole proprietorship requires an individual to be an employee of the business, accepting all the risks and rewards of the business. Partnerships encourage the same structure, except the responsibility is split between two people. Finally, corporations are another option but require more intensive reporting requirements.

If you have questions about which business entity structure is right for your Montana start-up, reach out to one of our advisors for a free consultation!

Once you've solidified your structure, the next step is selecting a name. Conduct an entity search to ensure legal availability and avoid potential conflicts with similar names in your industry. Also, verify the availability of domain names and social media handles to ensure a cohesive online presence.

If you want more time to think of a business name there are ways to get the ball rolling without having all the details figured out. For example you can use a "Doing Business As" (DBA) which  allows for some flexibility in naming. However, getting these foundational elements right from the start is crucial, and if doubts remain, consulting with our team of experts can provide clarity and guidance free of charge. You can schedule a no obligation call right here.

Every business needs cash to operate, especially in the early stages. There are several ways to secure the necessary funding for your venture. Whether you choose to borrow from friends and family, apply for grants, seek bank loans, or explore more substantial investments like venture capital, each option has its benefits and considerations. It's important to choose the right funding strategy that aligns with your business goals and financial needs. Here’s a look at some effective ways to fund your business and get it off the ground.

Step 2: Organize Funding and Designate a Financial Model

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1. Friends and Family: This option involves borrowing money from your personal network. To maintain clarity and prevent future disputes, it's wise to have a formal agreement that outlines the terms of repayment.

2. Small Business Grants: Grants are appealing because they do not require repayment. You can apply for these through various entities that offer support to startups or small businesses.

3. Bank Loans: Traditional but effective, securing a loan from a bank provides a straightforward way to get funding. You'll need to comply with the bank's terms and demonstrate your ability to repay.

No matter what business structure you choose, following these basic steps to register your business in Montana will set you up for success:

Choose a registered agent: A registered agent is an individual or entity that is designated to accept legal and tax documents on behalf of your business.

Obtain an Employer Identification Number (EIN): The IRS will assign an EIN to identify your business for tax purposes.

Step 3: Register Your Business Entity With the State

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File formation documents: The required formation documents, and the associated fees, will be determined by the business structure you choose.

Reach out to a PRIME advisor and let us handle the entire process for you! Our experts know all the nuances and regulations involved in setting up businesses in Montana, and we can make the entire process fast and painless.

To protect your personal assets, PRIME advisors always recommend establishing business credit. To help our clients with that goal, we’ve developed a unique business credit program designed to help you build an attractive financial profile for your business quickly and efficiently. 

Regardless of the path you choose to fund your entity, there are three basic steps that all new business owners should take to optimize their financial future:

Step 4: Set Up Business Accounts and Cards 

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1. Open a business bank account: Protect your personal assets by separating them from your company’s assets. This will also make accounting and tax filing easier and more straightforward.

2. Obtain a business credit card: Build credit and access funds by opening a business credit card. This step will help you separate personal and business expenses and build your company’s credit history.

3. Set up business accounting: You can use business accounting software such as QuickBooks to help you handle the books yourself, or you can hire an expert to keep things simple and clean. Whether you use specialized software or hire a business accountant, having a dedicated process makes annual tax filings much easier and helps you track the performance of your business. Looking for an expert? PRIME has an experienced staff of CPAs who specialize in helping businesses in Montana and around the country keep more of their earnings through smart tax planning and strategies. 

Business insurance helps you keep your risk under control and in the background to protect your assets. 

Types of insurance include general liability insurance, workers’ compensation insurance, and professional liability insurance. A general liability policy is the most common. It is important to note in Montana, businesses are required to have workers’ compensation insurance if they have one or more employees, including corporate officers and LLC members. 

Step 5: Obtain Insurance 

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To move forward with the legal entity process, you must comply with the federal, state, and local mandates. Oftentimes, this requires obtaining specific permits and licensing. 

Depending on the type of business you are running, you will need to conduct a business license search. 

One helpful resource to use is the US Small Business Administration (SBA) guide. 

Step 6: Organize Licenses and Permits 

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To ensure you meet Montana’s hiring requirements, you must ensure you are legally registered with the IRS to manage hiring reporting and employee taxes.  

To attract qualified candidates, think about the hiring benefits on behalf of the employees. What kind of compensation and benefits will you offer? How will you find candidates? Make sure you follow all of the relevant federal and state employer requirements. 

Step 7: Hire Employees, Legally

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Here are a few factors to consider when promoting and creating marketing material for your Montana business:

Step 8: Promote and Market Your Montana Business 

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1 .Brand Development: Before advertising, you should be clear on the core values, purpose, and customer return for your company’s products and/or services. 

2. Marketing: Tell the world about your new Montana business with a great website and attractive branding and signage. Don’t forget the power of good old-fashioned word of mouth and excellent online reviews. Google My Business is a great tool to help generate online reviews and bring traffic to your business. 

3. Social Media: There are many social media platforms that allow your business to reach its potential audience. Some of the most important include Facebook, Instagram, and Youtube. 

Take advantage of the large library of information and resources on our blog, or jump on a call with one of our advisors for a free consultation. We’ll help you bring your business to life and stay with you as your business grows, offering comprehensive tax and planning services.

5. Savings: Utilizing personal savings from other employment or sources is the most straightforward way to fund your business without external dependencies.

6. Outside Funding: Seeking funds from investors or venture capitalists can provide significant financial resources but may require giving up a share of business control.

4. SBA Loans: These are government-backed loans that typically offer more favorable terms, such as lower interest rates and extended repayment periods, making them an attractive option for small businesses.

Regardless of the funding path chosen, establishing business credit early and keeping business and personal finances separate are crucial practices. To get business credit established quickly, we have developed a unique business credit program that is designed to help you build an attractive financial profile for your business efficiently and effectively. Talk to our advisors so you can learn more about how you can secure business credit rapidly.

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