How to Start Your Own Business – Coaching Success

Starting a Business: A Simple Guide

If you’re considering launching a business in the United States, the process can be straightforward if you know the essential steps. Here’s a concise breakdown to help you get started.

Step 1: File Articles of Organization in Your State

Begin by filing Articles of Organization online through your state’s official government website. Ensure you’re on the Secretary of State’s website to avoid delays. Conduct a business name search within your state and the US Trademark Office to ensure uniqueness. Register as an agent if necessary, and complete the Articles of Organization for your Limited Liability Company (LLC).

Step 2: Obtain an Employer Identification Number (EIN)

Acquire an Employer Identification Number, which acts as a Social Security Number for your business. Visit the IRS website and complete the online application. Answer the questions accurately, as it’s a simple and free process.

Step 3: Open a Business Bank Account

Gather your Articles of Organization, EIN, personal identification, and, if applicable, an Operating Agreement. Set up your business bank account preferably with a local bank to establish a personal connection. This account will serve as the hub for all your business transactions.

Utilizing Your Business Bank Account

Once your account is active, ensure all revenue and expenses related to your business flow through this account. Deduct business-related expenses from your income to reduce taxable income. Some deductible expenses include equipment purchases, travel costs, marketing expenses, and home office utilities.

If you’re a sole proprietor, paying yourself from the business account is permissible. It’s advisable to maintain clear records by using checks labeled “payroll” for easier accounting.

By following these simple steps, you can embark on your entrepreneurial journey and establish your business with confidence.