1st Step, in Starting a Small Business is to fine your PASSION, what do you enjoy doing? Decide if you enjoy providing a SERVICE or product SALES? What is your TALENT? 2nd Step, Branding yourself, how can you describe yourself in three positive words? 3rd Step, decide what the Organization’s NAME & MISSION will be, What is the goal of the Services or Product Sales the organization will provide? 4th Step, Decide type of business Sole proprietor, partnership, LLC or Corporation. A LLC or Corporation will better address legal liabilities and tax filings, (This procedure is both a for filing for a non-profit, or for profit) . 5th Step, downloading the BUSINESS IN A BOX forms is recommended. Corporate, BYLAWS which may be downloaded & edited, Officers (Name temporary officers, President, Secretary, Treasurer)
Now, That we have Our Small Business Mission, Name, and Three Officers, the 6th Step is to file your SMALL BUSINESS ORGANIZATION, LLC or INCORPORATION at your local SECRETARY OF STATE’s Office (Cost $150 in Ohio) (verify price 1st), a NON-PROFIT a FIDICUARY AGENT(local organization or friend with 501(c)3 status) is necessary, If selling PRODUCTs file VENDOR’S LICENSE with local COUNTY AGENCY, as well.7th Step, File for an Small Business EMPLOYER IDENTIFICATION NUMBER (EIN#) with the IRS, (this is like a social security # for your business), CALL toll free: 1-800-829-4933 or visit the IRS WEBSITE, 8TH Step Upon receiving EIN# and Copy of State Certification filing from SECRETARY OF STATE DEPARTMENT, open BUSINESS BANK ACCOUNT cost $50, (check around for best banking services).Most, Importantly, KEEP PERSONAL ACCOUNT SEPARATE, study and research your industry, understand the tax filings, research the additional licensing, tax filings, and best SUSTAINABLE PRACTICES to make your business successful!
Best Wishes My Entreprenuer Family!