In what order do i do things to start a business?
Answers:
Please take a look at the following published article.
It's about starting small online business in Arizona. It's similar to any other states.
http://ezinearticles.com/?start-your-onl...
Or see the original article here.
http://www.terencechang.com/2007/05/23/s...
tc
You first get a tax id, then register the name with the secretary of state, next open a bank account (you need the tax id for that). For any other questions contact your small business association and SCORE, look it up on the net. Most of it can be done on line in no time whatsoever. Good luck with your business. I just started one a month ago.
As a sole proprietor in the US, you do not have to do any of that assuming...
- Your business name is your name, and line of work (Bob Smith's Handyman).
- Your SSN is your tax ID if you havre no employees.
- Good idea to have a separate bank account.
-Incorporate to protect your personal assets (house/car...).
In the US, you only need the desire. You don't even have to make money to be in business!
Incorporating protects your personal assets from insurance claims and financial risk, but it does make it harder to get credit as a new corporation. Think of your new corporation as a just graduated high school kid... who would give him credit?
You only need to register your name if you intend to Do Business As (DBA) something other than your name and line of work. To do it, registration is required with your state's Dept of State.
You only get a tax id # if you are a DBA, corporation, or take on employees. Think of a tax id # of an SSN for that high school graduate.
Now... you are in business right now! Open a checking account with your company name on the title.
If you decide to do what you asked eventually, should be this order...
1. Business name, incorporating and receiving the company's tax id # works at the same time.
2. Open the bank account. You will need proof (Dept of State DBA registration) to connect this ficticious name to you personally.
REMEMBER:: Keep track of of all your expenses! You will need to itemize these for taxes. Your days of the EZ tax forms are over! You will not be able to expense any previous expenditures (tools, etc), but you can from now on. If you incorporate, these items can be "sold" to the business in exchange for equity (stock).
Good luck! Ihope this helps!
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http://mymonkeywrench.com/matt_shirk...
Cheezy, There are a lot of smart people answering questions here but you need to find an attorney and an accountant. I've owned a service business for 12 years and it's the little mistakes I made when we were small that bit me in the butt later as we grew. The money you spend to get started right will be well worth it.
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