Thanks to Northwest Registered Agent, we have started our first business! They made it easy with 8 simple steps you can do on your phone. The cost was above $300. There is a lot more to do.
Our first step is filing for an EIN.
An employer identification number (EIN) is a nine-digit number assigned by the IRS. It’s used to identify the tax accounts of employers and certain others who have no employees. The IRS uses the number to identify taxpayers who are required to file various business tax returns.
IRS
Something to keep in mind while filling out the EIN, you can’t use your registered agent’s physical or mailing address while filling it out. There is an IRS form if you want to update the EIN information later on.
According to the Small Business Administration, we have completed steps 4 to 8 on starting a small business. Those steps include Pick your business location, Choose a business structure, Choose your business name, Register your business, and Get federal and state tax IDs.
10 steps to start your business
One thing not mentioned is having a signed operating agreement. Northwest Registered Agent includes one, which is very helpful. The next steps may be funding the LLC, finding a business bank, and setting up legal representation.
For the longest time, I, smilingdad, was intimidated from starting a business. The compliance, the legal, the training, the marketing, IT back systems, hiring people, selling stuff, it’s a lot of work and skills we don’t have, with a high chance of failure. I have realized that I will only be able to make a small difference as an individual. Consider it ego, but sustainable, democratic capitalism is too important. For that, a business structure provides many benefits, especially since tax law is heavily tilted towards businesses and against individuals.
We will start by donating 5% of our profits to worthy sustainable organizations and causes. Radically, we will start from the beginning to have equal pay for everyone. Once we start hiring, we’ll have salary ranges posted.
Wish us luck! We’ll detail our progress every step of the way.
Sincerely yours,
smilingdad
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