What do I need to know about starting out a small business?

That you need $$$$ to start it. I do not know what you mean by a "cell phone communication business". Start with: Is there a need for this service in your area? How many customers will use this service? How much will the equipment cost to engage in this business? How about the "store" location? Rent, Utilities, local business license, insurance, employment regulations and insurance. An accountant can help you get set up and running. Check you city web site to see what is needed for a business and go from there fol local regulations. LLC is a limited liability company which is formed to separate your personal ets from the company's thereby limiting your liability. A corporation or a Limited Partnership, is more or less the same - a separate entity which will have it's own tax ID#. Your state web page will probably give you the information that you need for filing a new company. Your first stop should be an accountant so you start out right with the type of company that would be best for you. You could look up the definitions of those business types for more detail.