This article is part of a seven-chapter story following Gus on their journey to start a Seafood Business. Inspired by the guide How to Start a Seafood Business: Complete Guide, the series blends practical steps with storytelling to show what starting a business really feels like.
From Name to Legal Entity: Seafood Business Setup
The loan approval letter sat on Gus’s kitchen table like a winning lottery ticket he was afraid to touch. Eighty-five thousand dollars, approved pending final documentation and business formation. Patricia Williams had called Tuesday morning with news that made his hands shake enough to spill coffee on his notes.
“The committee liked your plan,” she’d said. “Conservative projections, realistic timelines, and your industry experience sealed it. Now we need to make it official.”
Official meant names, paperwork, and legal structures that would transform his idea into an entity the IRS would recognize. The business had lived in his imagination for months; now it needed to exist in the real world.
Where Should the Money Come From?
The funding journey had started with conversations Gus preferred to forget. His brother Mike had offered to invest his retirement savings—”We could be partners, split everything fifty-fifty.” Jane had suggested he liquidate his 401k early, paying penalties to fund his dream. His neighbor Tony knew someone who loaned money to small businesses at rates that made payday lenders look generous.
Each option carried emotional weight that complicated financial decisions. Family money meant family involvement in business decisions. Early retirement withdrawals meant sacrificing future security for present opportunity. Private loans meant interest rates that could strangle a business before it found its footing.
The SBA loan felt different. Professional, arms-length, structured. Patricia Williams represented the bank’s interests, not his family’s hopes or his neighbor’s schemes. Success or failure would be measured in financial performance, not holiday dinner conversations.
The loan terms were reasonable: 7.5% interest, seven-year repayment, with monthly payments of about $1,304 starting sixty days after funding.
Personal guarantee was required—his house would secure the loan—but that risk felt manageable given his research and projections.
More importantly, the loan process had validated his business plan in ways that family encouragement couldn’t. Bank committees didn’t approve dreams; they approved viable business models backed by competent operators.
What Should He Call This Thing?
Naming the business felt like naming a boat—the choice would follow him everywhere, painted on signs and printed on checks. It needed to sound professional without being pretentious, memorable without being cute, specific enough to convey purpose but general enough to allow growth.
His first list looked like a convention of maritime clichés: Harbor Bay Seafood, Dockside Fresh, Coastal Catch Market. Every combination of “harbor,” “dock,” “fresh,” and “catch” that could fit on a business card. They were safe but forgettable, like boats named “Serenity” or “Second Wind.”
Jane suggested something more personal. “Why not Thompson’s Seafood Market? It’s your name, your expertise, your business.” But Gus’s old-school sensibilities resisted the ego. Putting his name on the storefront felt presumptuous, like claiming more credit than he’d earned.
The breakthrough came during a conversation with Danny Herrera. “My dad named our market after the family because he wanted everyone to know we stood behind what we sold,” Danny explained. “When your name’s on the building, you can’t hide from problems.”
But Gus wasn’t ready for that level of exposure. He needed something that honored his background without making him the focal point. During his drive home from the bank, the answer surfaced: Harbor Point Seafood. Specific enough to suggest location and expertise, generic enough to feel established rather than experimental.
The domain name HarborPointSeafood.com was available. Social media handles checked out across Facebook, Instagram, and Twitter. The trademark search revealed no conflicts in the seafood industry. Thursday afternoon, Gus registered the domain and claimed the social handles, making the name officially his.
How Should the Business Be Structured?
The conversation with attorney Elizabeth Foster revealed complexities Gus hadn’t anticipated. Business structure affected taxes, liability, and operational flexibility. The wrong choice could cost thousands annually in unnecessary taxes or expose him to personal liability that partnership might have shared.
Sole proprietorship was simplest but offered no liability protection. If a customer got sick from contaminated fish, they could sue Gus personally, potentially claiming his house, savings, and future earnings. Corporation provided maximum protection but created double taxation and administrative complexity that felt excessive for a single-location retail operation.
LLC emerged as the middle path. Personal asset protection without corporate tax complications. Operational flexibility without partnership disputes. The ability to elect different tax treatment as the business grew and circumstances changed.
“Think of it as insurance you hope you’ll never need,” Elizabeth explained. “The LLC structure costs a few hundred dollars annually but could save you hundreds of thousands if something goes wrong.”
The New Hampshire Secretary of State’s office required articles of organization, a registered agent, and annual reports. Elizabeth would handle the filing for $1,200, including the first year’s registered agent service. The business would exist legally within two weeks of paperwork submission.
What Permits Can’t Wait?
The permit timeline looked like a project schedule for building a submarine. Health department approval required completed facility inspection, which required finished construction, which required building permits, which required zoning approval. Each step depended on the previous step’s completion, and any delay rippled through the entire timeline.
Zoning clearance came first. Downtown commercial district allowed retail food sales with proper permits. No special variances needed, no neighborhood hearings required. One obstacle cleared.
Building permits for the renovation work took longer. The electrical upgrades needed licensed contractor estimates, engineering review, and inspector approval. Three weeks minimum, assuming no complications. Gus hired an electrical contractor recommended by Thomas Sullivan, the building owner, who promised expedited processing in exchange for using approved vendors.
The health department was surprisingly helpful. Inspector Janet walked through the space with Gus, explaining requirements and suggesting layout improvements that would streamline future inspections. “Most problems come from people who try to wing it,” she said. “You’re asking the right questions early, which tells me you’ll probably get it right.”
Food service license application went in immediately, starting the thirty-day review period. Business license was approved in five days. State tax registration took a week. The bureaucratic machinery moved slowly but predictably, like tides that couldn’t be rushed but could be planned around.
Will the Name Stand Up to Scrutiny?
The trademark search Elizabeth Foster conducted revealed no conflicts for “Harbor Point Seafood” in relevant business categories. Class 29 covered seafood products, Class 35 included retail services, Class 43 encompassed restaurant services.
Filing for trademark protection would include USPTO filing fees (typically $250–$350 per class) plus any attorney fees, and approval often takes 12–18 months. It was still worth doing to help prevent competitors from using confusingly similar names.
“You’re not Coca-Cola,” Elizabeth explained, “but protecting your business name is still important. Especially if you plan to expand or franchise eventually.”
The logo design fell to Jane, whose graphic design degree finally found practical application. She created a simple mark featuring stylized waves and a compass rose, professional enough for business cards but friendly enough for shopping bags. The design worked in single color for cost-effective printing but included color options for digital use.
Business cards, letterhead, and basic signage could be produced locally within two weeks of final logo approval. The visual identity felt authentic—maritime without being cliché, professional without being corporate.
Does He Have Enough Protection?
Rebecca Morris’s insurance recommendations filled three pages of coverage options that ranged from essential to exotic. General liability was non-negotiable—$2 million coverage for slip-and-fall accidents, product liability claims, and operational hazards. Commercial property insurance would protect equipment and inventory against fire, theft, and natural disasters.
Business interruption coverage proved more valuable than Gus had realized. If equipment failure or health department issues forced temporary closure, the policy would cover ongoing expenses and lost revenue during shutdown periods. “Seafood businesses are particularly vulnerable to interruptions,” Rebecca explained. “One power outage can destroy your entire inventory.”
The total insurance package cost $1,078 monthly—higher than Gus had budgeted but comprehensive enough to protect against catastrophic losses. Workers’ compensation would be added when he hired employees. Vehicle insurance would increase when delivery services began.
Professional liability insurance sparked debate. Rebecca recommended it for businesses providing advice or expertise to customers. “You’ll be making cooking recommendations, suggesting preparation methods, advising on freshness and storage. If someone gets sick and claims you gave bad advice, professional liability protects you.”
The additional $200 monthly seemed excessive for a retail operation, but Gus’s expertise-focused business model did blur the line between sales and consultation. He added it to the coverage package, viewing it as protection for his greatest asset—his reputation.
Can the Banking Relationship Support Growth?
Opening the business account at First Harbor Bank felt like a milestone worth celebrating. Patricia Williams introduced him to the business banking team, who explained cash management services, merchant payment processing, and line of credit options for seasonal cash flow fluctuations.
The basic business checking account included online banking, mobile deposit, and integration with common accounting software. Merchant services would allow credit card processing for 2.9% per transaction plus monthly fees. A business credit card with $10,000 limit would provide flexibility for inventory purchases and emergency expenses.
“Keep business and personal finances completely separate,” Patricia emphasized. “It protects your LLC status and makes tax preparation much simpler. Every business expense goes through the business account, every personal expense through your personal account. No exceptions.”
Robert Pierce, the accountant, recommended QuickBooks for bookkeeping and monthly reconciliation services to ensure accurate financial records. “Most small business failures come from cash flow problems, not lack of sales,” he explained. “Good bookkeeping prevents surprises and enables smart decisions.”
The accounting package would cost $350 monthly but include payroll processing when employees were hired, quarterly tax preparation, and annual financial statements for bank reviews and loan compliance.
Is Everything Ready to Launch?
Friday afternoon, Gus sat in his truck outside the future Harbor Point Seafood location, watching pedestrians pass the windows that would soon display his fish. The “For Lease” sign was gone, replaced by permits and construction notices that announced his intentions to the world.
Legal formation was complete. Funding was secured. Permits were processing. Insurance was bound. The business existed legally, financially, and practically. What remained was the physical build-out and the terrifying leap from preparation to operation.
His phone buzzed with a text from Jane: “Saw the permit notice in your window today. It’s really happening, isn’t it?”
Gus typed back slowly, hunting for words that matched his feelings. “It’s happening. Scared and excited in equal measure.”
“That sounds about right for someone starting their own business. Dad?”
“Yeah?”
“I’m proud of you.”
The words hit harder than he’d expected. Proud wasn’t something his generation said often, but it was something they felt deeply. He was proud too—of the research, the planning, the courage to bet on himself when safe choices were available.
Monday would bring equipment deliveries and construction crews. Tuesday meant final permit inspections and health department reviews. By month’s end, Harbor Point Seafood would be ready for its first customer.
Gus started the truck and drove home, the setting sun painting the harbor orange and gold. Tomorrow would bring new challenges, but tonight he’d sleep better than he had in months. The plan was real, the funding was secured, and the foundation was solid.
Like any good fishing expedition, success would depend on execution. But the preparation was complete, and Gus was ready to cast his line in waters he’d never fished before.
Next Moves:
□ Complete facility build-out and equipment installation within permit timelines
□ Schedule final health department inspection and secure operating licenses
□ Begin supplier relationship development and initial inventory planning
See the guide Gus used: How to Start a Seafood Business: Complete Guide
You’ve just finished Chapter 5. In Chapter 6, Gus focuses on the Final Setup and Team Players needed to get the Seafood Business ready for operation.