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  • Writer's pictureNicole Bernier, Esq.

I Formed my Business - Now What?

Congratulations on registering your business! So if you're wondering, "What's next?" Here's a friendly guide to help you navigate the post-registration journey. Make sure you consult with a legal professional to go over these in more detail!

Step 1: Obtain an Employer Identification Number (EIN). First things first, you'll need an EIN from the IRS. It's crucial for various tasks like opening a business bank account or applying for permits, even if you're not hiring employees.

Step 2: Consider a 'Doing Business As' (DBA) Name. Want to operate under a name different from your registered one? Then, filing a DBA certificate with your state or county is your next move. It's a simple way to brand your business. (This is not the same as trademarking your brand.)

Step 3: Stay Informed about the Corporate Transparency Act. Make sure to read my post on the Corporate Transparency Act. It's packed with insights on extra legal requirements you need to meet.

Step 4: Local Licenses and Permits. Touch base with your local government to see if your business needs specific licenses or permits, especially if you're in retail or services. This step is vital to ensure you're all set legally.

Step 5: Sales Tax Considerations. If you're selling goods, be aware of your state and county's sales tax obligations. Staying informed will save you from future headaches.

Step 6: Set Up a Business Bank Account. Now, it's time to get a separate bank account for your business. It's not just about professionalism; it's about smart financial management.

By following these steps, you're not just complying with regulations; you're laying a strong foundation for your business's future. Remember, every big venture starts with small, well-planned steps. Happy entrepreneuring!

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