How To Get Started
Thinking of Starting a Business?
Here's How To Get Started
Filing for a Fictitious Business Name – You have a name for your company, now what? If your business is anything other than your legal name, which most are, then you will have to file for an FBN, or Fictitious Business Name. This you can do through your local Recorder’s office. You will have to file in the county your business is in. Here are some links to get started:
– Riverside Country Fictitious Business Name Info
– San Diego County Fictitious Business Name Info
– Orange County Fictitious Business Name Info
Apply for an IRS Employer Identification Number (EIN) – Even if you are a sole proprietor an EIN is a great way to keep your Social Security number safe. You can do this for free through the IRS website:
Open a business checking account – All business income should be deposited into the business account and expenses paid out of the business bank account. Use a bank that is business friendly! Most post their fees online, so look at those that have fee schedules that best fit your situation.
Purchase business insurance – Below are the types of insurance you may be required to get depending on the type of business you have. You can always go through a local broker or you can go directly to Hiscox if your business will have little revenue through the first year.
o Emissions & Omissions (E&O) Insurance
o Professional and/or General Liability
o Workers Comp (only applicable if you have employees)
Get a business specific email address – Even a free Gmail or Yahoo email looks more professional than a personal email.
Apply for business credit (optional) – Lenders most often require the owner to sign as a guarantor. The idea is to start building business credit. Please keep in mind that getting a business loan can be hard to get in the first year, most lenders look for a year’s worth of revenue. Getting a credit card through your business bank may be your best bet in the beginning.
Ensure that IRS form 2553 has been submitted – This applies to corporations or LLC’s electing to be treated as S corporations. For more information contact us!
Get a PO Box – This helps all business-related mail go to one designed address, also keeps your home address out of business matters.