In order to obtain any pricing or a business bank account you will need to have these Basics for Starting a Business checked.

Company Status – Sole Proprietor, Limited Liability or an (S) Corporation. If you are not sure what direction you are heading with your curiosity of business then the most affordable would be to file as a Sole Proprietor. I would encourage you to file as an LLC as you would (depending on your state) have more protection and less liability than having all your business dealings reported directly to your credit report. You will want your company to relay on its own credit file and not yours. (*Dun&Bradstreet – see post)

Naming your Business aka DBA (Doing Business As) – Get the name of your business registered. Check with your County Recorder for availability. If you are going to use part of your name or your full name you are not required to register it. Banks will usually require a DBA statement only when using a fictitious business name.

Business License – A simple application filed with your local City Office that basically says they acknowledge your existence and you will be expected to comply with Code of Ethics and pay proper Taxes. You do not have to have a business location to obtain one, you simply have to indicate that you are operating your business from home.

Federal Tax ID Number (FEIN) – This is perhaps the easiest step to check off. You can visit IRS.gov and apply online for a Fed Tax Number. You can obtain the FEIN in order to open a Business Checking account and from having to provide Vendors with your Social Security Number. Eventually, as your establish your business you will be glad to have obtain an FEIN.

State Tax ID -  See Below

Sellers Permit – Some States require or offer a separate Certificate that you can use to purchase at Wholesale. Ultimately, this will allow you to collect taxes to be paid to the State. Many vendors/wholesale companies will request and verify with the State that your Permit is valid and in good standing. Some states can refer to it as a State Tax ID (In California a Sellers Permit is requested from the BOE Board of Equalization).

City License – Again, varies from City to City, some Cities require that you register and apply for a Business license or contact your County Office.  In California you can visit http://finance.lacity.org for details and links on permits and license you might need.

Visit USA.gov for links to your local government office in your State and City. When you open a Retail location will need to apply for other licenses. (I will post that later)

Many Cities offer workshops for new and existing businesses Free of charge.  These are basics steps to take in order to obtain license to resell and open accounts with vendors for you to sell the products. I will post later for you additional sources to assist you in starting your business.

Do you have a blog for beginning entrepreneurs? If so, please share with us and we can offer a link here. Or perhaps you have tips that may be helpful. Just let me know.

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