Starting a business is exciting, but proper setup from the beginning can save you thousands of dollars and countless headaches down the road.
1. Choose the Right Business Entity
Your business structure affects taxes, liability, and operations. Most small businesses choose between LLC and S-Corp. An LLC offers simplicity and flexibility, while an S-Corp can provide tax benefits for profitable businesses.
2. Get Your EIN
An Employer Identification Number (EIN) is free from the IRS and required for most business entities. It's like a social security number for your business.
3. Set Up Proper Bookkeeping
Don't wait until tax season to organize your finances. Set up a bookkeeping system from day one with proper chart of accounts and categories.
4. Create an Operating Agreement
Even for solo LLCs, an operating agreement clarifies how your business operates and protects your personal assets.
5. Register for State Licenses
Depending on your industry and location, you may need specific licenses or permits. Research requirements early to avoid penalties.
Proper setup takes time, but it's an investment in your business's future. Our Launch In 60 Days package handles all of this for you.