If you are opening a new business, there is a mountain of paperwork to navigate. It can be very intimidating to see everything that needs to get done when you are just getting started.
Whether you are opening an LLC to protect yourself as a self-employed contractor or starting an e-commerce business, you will still need to make sure you do at least these 3 things when getting started so you don’t incur any penalties or fall behind your competitors.
At ER Financial, we can help you through all of the following steps. Reach out to us as soon as possible so we can get you started and take care of all the paperwork for you. You can even schedule a consultation with one of our business experts to get advice on the best steps you can take to make sure your business is a success.
1. Register your LLC with the state
Currently, we are based in the state of Texas, but be sure to check the regulations/procedures for the state you live in if you are outside of Texas.
The Texas Secretary of State’s office and the office of the Comptroller of Public Accounts are the two main entities you need to know about when starting your LLC.
- Note here that a DBA and an LLC are different kinds of businesses, with the DBA being at the county level and the LLC being a state level organization with the option to get a federal tax ID.
To make sure you are registered properly with the state, you will want to keep for your records a copy of your application, the receipt for your payment of the registration fees from the state, and a copy of your Certificate of Formation when your application is done processing.
Send us a message or fill out this request form with the business name you want and your mailing address, and we can complete the paperwork for you. You can have all of your business documents ready in as quick as two days.
2. Get A Federal Tax ID (EIN)
It is also important for you to get an EIN number for your business. Since an LLC is registered with the state, it is up to the business to inform the IRS and federal agencies of the existence of your company.
An EIN number is the number used to identify your company on important forms like tax returns. It is like a Social Security Number for your business and sets it apart from your personal tax liabilities.
This process is separate from the original registration of your business because it is completed with a different agency.
It is included in our LLC registration package, and you will be able to receive your EIN number the same day when you register your LLC with our experts.
3. Open A Separate Business Bank Account
Once you have your Certificate of Formation and your EIN number, you will want to open up a business bank account.
It is important when you are starting out to separate your personal expenses and your business expenses for bookkeeping purposes. There are several reasons why this can help you as a business, including for your taxes, for funding opportunities like local business loans and grants, and to protect your personal money from the expenses of the business.
When choosing the right bank account, you will want to find a reliable institution that is backed by the FDIC. Do your research on the costs and benefits of different styles of accounts and what will work best for your business.
Keep in mind the most important thing about the account – more than the benefits offered or the kind of account – is that it is separate from your personal account.
Conclusion
While starting a business can seem hard and the paperwork can seem too complicated, it is worth it to chase after your dreams and open your business.
Let us take care of the paperwork, taxes, and bookkeeping. ER Financial helps dozens of local businesses succeed by taking the accounting off of your plate so you can focus on growing your business. Reach out today to open your LLC and ask our experts how else we can help you succeed as a new business owner.
ER Financial 