So you’ve done your research, you have your business plan and finances figured out. What’s the next step in starting your own business? Next up is choosing a business entity. You have several options to choose from and they include: a sole proprietorship, a limited liability company (LLC), a partnership, or a corporation. The structure you choose for your business will impact many factors from the business name, to your personal liability, to your business registration requirements, to how much you pay in taxes. After figuring out your business entity you will want to choose a business name and get registered with your state. Once your business name has been approved an EIN needs to be obtained. An EIN is then used to open a business bank account and file other federal and state licenses and permits that may be needed.
As with most things, not every business situation is the same. Therefore, we strongly encourage you to meet with your accountant and/or attorney to help your business get started in the right direction!