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  • Writer's pictureMatt Crumpton, Esq.

Starting A Business Series (Part 1: 5 Steps to Start A New Business)

Updated: Jul 7, 2020

1. Pick a name. You will need it for pretty much everything you do. But, you want to make sure it is a name that you can use without getting into trouble and also that you can protect. Do a trademark search. Look on social networks to confirm that the name is not taken (especially if used in the same way you want to use it). Don’t make it merely descriptive if you want to be able to register a federal trademark.

2. Choose a business entity. Sole proprietorships, partnerships, limited liability companies and corporations are the primary vehicles used as business entities by small business owners. There will be more on this topic in the next post in this series.

3. Get an EIN. You'll need an employer identification number to open a bank account, which you need to do business.

4. Open a bank account. Related: get money for the bank account!

5. Obtain state registrations. If the business will have employees (including yourself) register with relevant state agencies. Learn how to do payroll on your own or hire a payroll company to file and pay payroll taxes to state, local, and federal agencies. Most states require worker’s compensation insurance. Many state agencies govern various occupations. Make sure to get state licensing if required. If you are selling products or services subject to sales tax, obtain Vendor ID number from the state.

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