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When you start a small business, one point of business to take care of is getting an employer identification number (EIN). It’s a quick and straightforward process that can be completed in a matter of minutes.
An EIN is commonly connected to your personal social security number when you run a sole proprietorship or single member LLC. However, it gives you a degree of separation from your personal information when conducting business.
For instance, when suppliers or business contacts need your tax information in order to pay you, you might not feel comfortable giving an SSN to a stranger. When you have an EIN you can give that instead.
Stay tuned to this section of StartUpaSmallBiz.com to learn more about the benefits of having an employer identification number EIN and how to get one for your new small business.
When you register a new business, sometimes you may have to get a business license. Getting a license to operate a company is different from the general registration process.
Certain types of businesses require a license — some licenses are on the local level, some on the state level and others that you have to get from the federal government. Businesses that commonly need a special permit to operate include:
– food vendors
– bars and restaurants
– construction companies
– real estate
– nail salons and other cosmetic services
– health-related services
The SBA offers a business license search tool that you can use to figure out if the startup you have in mind requires special permission from the authorities. Stay tuned to this section for more information on the licensing process.
Many small business owners opt to register their new companies as a Limited Liability Company (LLC). This is because an LLC offers a number of benefits. It’s like having a sole proprietorship with the protection of a corporation.
LLC benefits include:
– easy to organize
– protects individual owners from debts and personal liability
– owners can report their business earnings on personal taxes
– a professional business name (My New Business, LLC)
Browse this section of StartUpaSmallBiz.com to learn about starting a Limited Liability Company LLC.
Many small businesses start off as either a sole proprietorship or partnership. They are the simplest business formations and often require minimal registration with your state.
A sole proprietorship is formed as soon as you start transacting business — when you sell something at a profit, whether it’s a service or an old pair of shoes, technically you’re running a sole proprietorship.
A partnership is formed when two or more people write an agreement to be in business. The contract is usually submitted to the state commerce department so that it will be an officially recognized business.
Learn more about whether a sole proprietorship or partnership is the right business formation for you in this section.