Starting a business as an LLC (Limited Liability Company) or Sole Proprietorship involves several steps. Here are the general steps you can take to get an LLC or Sole Proprietorship for your business:
For LLC:
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Choose a business name: Choose a unique and distinguishable name for your business that reflects your brand or product.
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File Articles of Organization: Submit Articles of Organization to your state's Secretary of State office. You can complete the process online or via mail. The form will ask for basic information about your business, including its name, address, and type of management.
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Get an EIN: Apply for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This unique identifier will allow you to open a bank account and pay taxes.
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Create an Operating Agreement: This legal document outlines the management and ownership structure of the LLC, as well as the rules for decision-making and the distribution of profits.
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Obtain necessary licenses and permits: Depending on your industry and location, you may need to obtain licenses and permits to operate your business legally.
For Sole Proprietorship:
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Choose a business name: Choose a unique and distinguishable name for your business that reflects your brand or product.
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Register your business name: Register your business name with your state's government agency, depending on the state. Some states may require you to file a DBA (doing business as) form.
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Obtain necessary licenses and permits: Depending on your industry and location, you may need to obtain licenses and permits to operate your business legally.
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Get an EIN: Apply for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This unique identifier will allow you to open a bank account and pay taxes.
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Set up a business bank account: Open a separate bank account for your business to keep your personal and business finances separate.
It's important to note that the process of registering a business varies depending on the state and the type of business. Therefore, it's advisable to check with your the relevant state/government website to not only make sure you are filing correctly, but to not be OVERCHARGED.