Kudos to you for getting your ducks in a row and getting in Formation for 2018! So, let’s go!
First, decide the STRUCTURE of business you would like to establish (Sole Proprietorship, Limited Liability, or Partnership). If you have no idea what these are- click here.
Most entrepreneurs starting out go the sole proprietorship to get started quickly and for the least amount of funds up front.
1. NAME YOUR COMPANY– The first step in this process is to select a company name. Be sure you pick one that has not been selected by another company in your state, city, or county. You can check with you Secretary of State and local offices and do an online search. There are three different ways to establish a business name–
Locally by filing a Doing Business As (DBA) in your local city, county, or state that your business is located in
Establishing an Entity Name with your State
Federally with your Trademark
2. ESTABLISH A LOCATION – A UPS Store address will do just fine. *These work great for SEO purposes, especially if you’re trying to get your name out in your area.
3. Get an Employee Identification Number- Apply For Your EIN Once you have incorporated your business you will need to obtain a Federal Employer Identification Number. You can file form SS-4 online at the Internal Revenue Service website.- Click here to apply for your EIN FOR FREEhttps://sa.www4.irs.gov/modiein/individual/index.jsp
4. Get a separate business phone number on Google Voice, Grasshopper, or your local phone provider.
5. Open a Business Checking Account
And just like that, you’re ready to go!
The following resources are recommended to get you going!
The All Access Pass to Tomayia Colvin Education for $19 a month! Unlimited courses, replays, and new content added weekly!
Pricing for Profit Course by Tomayia Colvin to help your determine your rates to make a profit for your business
I’m a Business, Man by Amber Marlow- Running a business, 102. You have the bare bones down, now what? Practical advice about business credit cards, insurance, social media marketing for year two, and turning a profit.
Accounting 101 by Prudence Rufus- This course is designed to provide tools to business owners on how to manage their business finances so that they can be more organized, maximize tax deductions and feel more confident about the numbers so that they can have intelligent conversations with their Accountant, CPA or Tax Preparer.
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