Starting your own business is a rewarding experience. However, starting a business also comes with a lot of challenges.
In order to start your business, you need to follow the following steps: 1. Choose the correct business structure — decide between a Sole Proprietorship, Partnership, Limited Liability Company (LLC), C-Corporation, or S-Corporation. If you can’t decide on which business type is right for you, ask a business lawyer. 2. Second, register your business with the Secretary of State. First determine which state you will be forming your business, then have a business lawyer form your business structure.
3. Third, apply for an Employer Identification Number (EIN) (Tax ID). EIN is used by the IRS to identify your business. You will need an EIN if you are planning to open a business bank account. And 4. Lastly, you will need to apply for necessary business licenses and permits to operate your business legally in your county.
If you have any question about this, ask your business lawyer to clarify your questions.