How is a company formed? More times than not a company is formed because somebody somewhere has an idea to solve a problem of the people in their community, and without realizing it they may be solving a problem people are having nation or even worldwide. When a company starts out and eventually begins to expand, the owner must think about how they want the company to be structured, about how they want the company managed, and how they want everything to be split up? A company must find a way to reach all different kinds of people if it hopes to survive, and they must be able to market whatever product or service they are providing to the customer. A company must also be able to keep up with changing times, for if they can't keep up with the latest and greatest technology especially in today's modern times then the company will surely perish. There are many things that go into the formation and maintenance of a company.

Before going through the legal steps of creating a company the potential business owner will normally structure the company as a sole proprietorship, partnership, S corporation, or a corporation. The owner must also of course have the answer to the question of what good or service is the company going to provide? According to Derek Miller, there are 9 questions good entrepreneurs answer before starting a business. Some of these questions are: Who the competitors in that industry are, How the market for that industry is, and, most importantly, H ow will the entrepreneur define success after the first year? There are of course dozens of questions that must be answered before any part of the formation of the business can begin, and of course positions that will normally need to be created before any legal part of the creation of the business can begin.

Reference:

Miller, Derek. "9 Questions Smart Entrepreneurs Answer before Starting a Business." SCORE, 6 Dec. 2022, https://www.score.org/resource/blog-post/9-questions-smart-entrepreneurs-answer-starting-business.

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