Most people dream to start a business, to feel like a boss and to feel free. It’s the best feeling in the world.
According to NPR.Org “Applications to start new businesses hit 5.4 million in 2021, a new record The number of business applications reached 5.4 million last year, surpassing the 2020 record of 4.4 million.”
In the pandemic, millions of people have decided this is the moment to chase their dreams.
1. Your company must register under the correct business structure in keeping with local and state laws.
Business Structure Type
Sole Proprietorship:
Owned by one person with complete responsibility.
Business Partnership:
Owned by two people who decide responsibility between them.
Limited Liability Company (LLC):
Owned by one or multiple members. A hybrid business structure that provides limited liability features and tax efficiency.
Corporation (For Profit and Non-Profit):
Independent business entity with limited liability features and tax efficiencies, but a more complex set of formalities and governance.
2. Name Your Business
Come up with a business name that represents what you hope to accomplish.
3. Choose a business structure and register with the Secretary of State.
4. Apply for EIN from the IRS and apply for necessary licenses, and permits .
5. Insured your business. ( Libility, Workers’ comp, family leave disability)
6. Open business bank account and apply for a business credit card.
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