startup-costs1)
I want to register a sole proprietorship in Maryland. I registered here, is that correct? https://egov.maryland.gov/
2)
Also, I realize when starting a sole proprietorship, by default, my name will be the legal business name. Where do I go about changing it to ProtonBank?
3)
Where can I find investors at? Is contacting a bank my best choice? or going to a local business college for connections?
I agree with the comment above, it would have been better to break down the question in 3 parts.
I will answer them nevertheless.
Here counter question: What are the agruments for registering as a sole proprietorship if you are looking for an investor? You may want to consider a legal form where it is easier to invest. For example an LLC or an Inc can hand out shares to an investor and you will get money from them as a return. It also legally protects your private assets from lawsuits or liabilities the company has. It basically separates your bancrupcy from the bancrupcy of the company, just in case that happens.
As above, you might prefer the options of LLC or Inc als legal form.
It greatly depends on your stage of buisness, revenue, revenue forcast and of course how much money you need.
In general there are two ways of raising money, either by loans or by selling equity. In a early stage the best ways to get seed money are:
basically everybody who believes in you and your company/product this money will get you started and you will be able to operate your business and start getting revenue (depending on your product/service of course). If you run out of money the next time you probably will need a bigger investment. Here your sources of capital are:
Their money is expensive but you’ll need it for growth or to stay in business. Note that they will take equity in return for the money. Here you have to know your numbers. What revenue do you expect, how many products have you sold, what is your margin ect. to prepare for that you might consider to watch “shark tank” if your unprepared or your business idea is not worth anything they will shredder you, so be prepared.
There is always the option of going to the bank and getting a loan for your business. Note that your creditworthiness has to be given and that you will have to pay intrest on the dept so don’t get to much dept. In general if you have a business with a profit margin high then the dept intrest it is worth getting a loan.
I hope this helps, good luck with the business!
feel free to post related questions and to describe your situation more detailed.
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