How do you actually start the business you always wanted to? So many of us look to start a business but they never do because they are overwhelmed by the first steps to take. Use these steps to finally make the move! ➡️ Step 1: Business Name Search Check if the name is available in your state. This is called a “name availability search”, and it can be done online via your state’s website ➡️ Step 2: Start your LLC LLC does not save you taxes but still is important for your personal and business asset protection LLC can save you from potential liabilities in the future Use the LLC Certificate to open your business account ➡️ Step 3: Consider your Business Entity Structure The common business entity structures are: LLC Partnership C Corporation S Corporation The correct business entity structure can help you save $1000s of dollars If a business is netting $50k a year, switching to S Corporation may be a viable option ➡️ Step 4: Get your EIN (Employer Identification Number): EIN is your Employer Identification Number EIN is needed for business returns and is very easy to get You can get your EIN directly from the IRS website: ↳ https://lnkd.in/e4bDsiE ➡️ Step 5: Start your bookkeeping Tracking your income and expenses will save you so many headaches later Incorrect bookkeeping = Inaccurate tax return Inaccurate tax return = IRS Penalties & Fines
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