Have a Legit Business in 5 easy steps
You will learn how to become a legit company, painless. Cause you don’t want your SSN floating out there or the IRS wanting to talk to you.
For my readers, below is the transcript of the video:
Well Hello! My name is Renee Lamb and I am your job exit strategist. You will learn how to become a legit company, painless. Cause you don’t want your SSN floating out there or the IRS wanting to talk to you.[maxbutton id=”1″ url=” https://reneemlamb.com/online-business-or-hobby” text=”Related Reading – Online Biz or Hobby?” ]
The 5 easy steps
Step 1. Pick a Business name
Pro-tip: Name it after yourself and then register a D.b.A. (do business as) for that clever name or a product that you can market out. Doing it this way is if you do not like the DBA, you can stop using it and never go through the hassle of changing your legal business name.
Step 2. Get Tax ID
Also referred as EIN (Employer Identification Number). This number will be crucial when you open your business bank account. It is also much safer to have out in the internet, than your social security number.
Step 3. Registered Agent
You do this if you do not want your home address out there in the public. This applies to home-based business (online business). Some options to get business address (which must be a physical address, not a P.O. box if you do a LLC)
Virtual office spaces, or virtual business addresses provide you with a professional-looking mailing address. Do a google search of “virtual business addresses” and you will find many options, that can fit your business budget.
Co-working Space- co-working spaces provide you with a more professional mailing address to use for your business and meeting and conference rooms you can use. If you live in the Phoenix AZ area check out She Works Here.
Step 4. Choose your business structure and register with your Secretary of State office
The business structure should start with is an LLC (limited Liability Company). It gives you great protection and the easiest to handle with paperwork. You can always move to S-corp. or Corporation later down the line.
Step 5. Permits or License
Depending on what your home-based business you may have to have a permit. For instance, if you are a cupcake baker, health inspections or zoning rules. Check it out to be on the safe side.
Just do it! If you signed up for the Freebie, it will tell you exactly what steps you need to take in your specific state. I also included options for you to get it done for you. So no excuse.
Let me know in the comments if you have completed this. Also what is your business all about. Please tell me in one sentence.