Oh here goes.
I"m a 33 yo IT professional male in the DC area. I make a good salary (mid six-figures) but I've been getting tired of working period and I see how much money passes to me from the federal contractors I work for. I want to start my own small (at first) federal contracting firm. Initially my idea is I want to bid on some state/local gov contracts then I use those to build my portfolio to bid on some actual federal contracts. A few things are motivating me for this.
1. I'm getting old.
2. I don't want to be a old engineer
3. I've been told by several different people at several different companies I've worked with that I have business sense and I should be a manager/start a business etc (i.e. why the hell are you working).
4. I have bumped into several people I know that are self employed (usually themselves and another person) and do the contracting biz and do well.
I'm a minority and I've been reviewing information at the SBA.gov site. It appears I need to come in under a 8i (small disadvantaged). This would make it a little easier.
Several questions.
1. I think the first thing first is I need to register a business entity, doing this shouldn't be an issue with sequence since I will have to do this anyway. I'm a little confused on what "business type" I should use. Ultimately I need to look attractive to federal/state customers so it seems a "Stock Corporation". I'm interested more in a LLC. In my state (Maryland) I can also go Sole Proprietorship, General Partnership, LLC, Non-Maryland LLC, Tax-exempt Non-stock corp, close corp and non-Maryland corp. I"m concerned I might choose a business type that would not be good for contracting and/or open me up to all kinds of problems. Imagine this will be more/less me (to start). It seems a LLC is much easier. When filing for a Corp you need to specify board members, incorporators, resident agents and initial stock price!!!!!
2. Do I need to have a business partner?
3. I have a few ideas for business names, are there any guidelines for this. I"m planning to use the name of a system I developed for a gov customer a few years back.
4. Please if you have knowledge in this area I would want to message you.
Thanks
I"m a 33 yo IT professional male in the DC area. I make a good salary (mid six-figures) but I've been getting tired of working period and I see how much money passes to me from the federal contractors I work for. I want to start my own small (at first) federal contracting firm. Initially my idea is I want to bid on some state/local gov contracts then I use those to build my portfolio to bid on some actual federal contracts. A few things are motivating me for this.
1. I'm getting old.
2. I don't want to be a old engineer
3. I've been told by several different people at several different companies I've worked with that I have business sense and I should be a manager/start a business etc (i.e. why the hell are you working).
4. I have bumped into several people I know that are self employed (usually themselves and another person) and do the contracting biz and do well.
I'm a minority and I've been reviewing information at the SBA.gov site. It appears I need to come in under a 8i (small disadvantaged). This would make it a little easier.
Several questions.
1. I think the first thing first is I need to register a business entity, doing this shouldn't be an issue with sequence since I will have to do this anyway. I'm a little confused on what "business type" I should use. Ultimately I need to look attractive to federal/state customers so it seems a "Stock Corporation". I'm interested more in a LLC. In my state (Maryland) I can also go Sole Proprietorship, General Partnership, LLC, Non-Maryland LLC, Tax-exempt Non-stock corp, close corp and non-Maryland corp. I"m concerned I might choose a business type that would not be good for contracting and/or open me up to all kinds of problems. Imagine this will be more/less me (to start). It seems a LLC is much easier. When filing for a Corp you need to specify board members, incorporators, resident agents and initial stock price!!!!!
2. Do I need to have a business partner?
3. I have a few ideas for business names, are there any guidelines for this. I"m planning to use the name of a system I developed for a gov customer a few years back.
4. Please if you have knowledge in this area I would want to message you.
Thanks
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