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How To Get Started

Thinking of Starting a Business?

Here's How To Get Started

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Filing for a FBN – 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 a Fictitious Business Name.  This you can do through your local Recorder’s office.  If you are in Riverside county, here is the link to get started – https://www.asrclkrec.com/fictitious-business-names

 

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  – https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

 

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.