The first step in starting a business is to determine the basic legal structure of the business and to properly record the business name. This step is important when starting a business since financial and legal implications vary depending on which legal structure is selected. These range from responsibilities for annual franchise tax fees to the extent of personal liability for business dealings. The business name selected is the identifying and marketing component of the business. It should be given much thought and consideration. A professional tax consultant, accountant, and/or attorney should always be consulted before selecting a legal structure and business name.