This week, we are finishing off our short two-blog series on starting your own business! Business formation can seem daunting, so breaking it up into little bite-sized sections helps you prioritize, set deadlines, and stay calm & organized throughout the process. Here are the next five steps to start your own business!
Pick your Business Name
Choosing a name for your business is another incredibly important step. A name reflects what your startup is all about and provides first impressions for customers and investors alike! Your business name should showcase who you are and what you are all about, capturing the spirit of your work. Just make sure you pick one that is not already taken -- you can search through the United States Patent and Trade Office (USTPO) databases to ensure yours is unique!
Register your Business
After you have a name, plan, and startup funds, it is time to register your business. Registration legalizes your startup and protects your brand from being taken. Just make sure that, if you register with a name other than your own, you register at the federal and (depending on where you are) state level to cover all your bases.
Obtain your Federal and State Tax IDs
You will need an employer identification number (EIN) in order to open bank accounts, pay taxes, and grow your business. Think of an EIN as a social security number for businesses rather than individuals. Depending on your state, you may or may not have to obtain a tax ID as well, so make sure to keep that in mind when opening your startup.
Apply for Licenses and Permits
What licenses and permits your business requires is up to the type of business you are running. No matter what, you will want to stay legally compliant to ensure the smooth operation of your startup without any hiccups. Multiple factors contribute to what type of licenses and permits you need, such as industry, state, location, and more!
Open a Business Bank Account
Now that you have your employer identification number (EIN), you can officially open a bank account for your business. This is the final step to starting your own business and aiming for success. Small business checking is, thankfully, easy to sign up for as long as you are registered and have the right paperwork for it. You will need this bank account for your business's legal, tax, and typical daily activity, so don’t wait on this step!
There you have it: the final five steps to creating your business. Now, it is time to open a shop and focus on the future! Manage and grow your business with care, and you are sure to turn your startup into a full-fledged business success.
Do you need a little legal guidance through this process? Contact Epstein Law Firm! > > https://www.epsteinlawllc.com/contact