Cash Flow Template in Excel
Short Business Plan Template in Word
I’ve been an independent media and public relation consultant for almost a year. As a first-time self-employed tax filer, what business deductions am I entitled to?
One of the most common business structures used to start a business is the sole proprietorship. But sole proprietorships/Doing Business As (DBAs) aren’t popular because they’re essential or even helpful—it’s because they’re simple to form. There’s no formal action required to start a sole proprietorship, and many people own them without even knowing it. For example, if you were to start building and selling rowboats out of your garage, you would be a sole proprietor. There is legally no distinction between the business and you, the owner. Sole proprietorships are formed automatically—all you need to do to form one is sell something. In many cities, states, and counties, you can register a Sole Proprietorship business name (aka: a DBA) for as little as $5. But with a sole proprietorship/DBA, you reap all the profits and you carry the weight of all your debts, losses, and liabilities.
After you’ve filed formation documents to create your business (i.e. Articles of Incorporation, Articles of Organization) and have gotten your paperwork back from the state, you’re ready to open your doors, right? Now what?
There are a few more requirements you should consider before you are fully ready to operate:
There are a handful of states which require initial reports and tax forms to be filed, as opposed to waiting to file an annual report. These states and their requirements are as follows—
A step-by-step checklist to incorporate your business—yourself
Below, you’ll find a simple checklist with step-by-step instructions to help explain how to incorporate your business—yourself. Take a look:
Find a Name
An Employer Identification Number, also known as an EIN or FEIN, is a 9-digit number that identifies your business with the IRS. It is basically your business’ social security number, and all businesses need one. The EIN helps the IRS track wages and identify your business tax account.
Follow this handy checklist to get your EIN today:
EIN checklist if you have a Social Security Number:
Go to IRS.gov and select “Apply for EIN Online”
Have this company information ready:
Building a Website
This free online business workshop will help you: establish a functioning website for you company by providing navigation, design, content, customer service techniques as well a strategies to drive traffic to your website.