Once you have created a business plan, use these simple steps to validate your business so you can start making money!
1. Apply for an Employee Identification Number
This is a free and easy task that you can do through the IRS website that assigns a federal tax number to your business. This can help you avoid identity theft because you are not associating your own personal Social Security Number with your business.
2. File your Fictitious Name Statement
It is important to submit this statement in order to ensure that your business name is unique. Also note that you must publish your business name in a local newspaper once a week for four weeks. You can find a list online of which newspapers work for your area.
3. Receive a business licenses
There is a simple form you must fill out with your city to receive a license. It is a good idea to use your Employee Identification Number rather than your Social Security Number on this form.
4. Get a business personal-property tax form
This is where you can list any items you have bought for your business. The form is filed the year after starting your business.
5. Start a new bank account for your business
Having a separate account for all your business transactions makes tracking your finances much easier. Be sure to use your business name and your Employee Identification Number when you sign up with your bank or local credit union.
With these 5 steps, you can get your business up and running in no time! Since every area is different be sure to check with your city to see if you require any other permits.
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