Get a business account utilizing your small business name and EIN, and only use that account for all business-related deposits, withdrawals, and transactions. One of the simplest ways to screw up your corporation accounting and probably run afoul of the IRS is to commingle personal and business funds (and transactions). Using a business account for all business transactions eliminates that possibility.
Where I live, no kind is required for the year the business is established. Use your EIN as an alternative of your Social Security number to identify your business (for privacy causes if nothing else). Instead, no less than for now, forget branding and unique selling propositions and all of the business-id stuff.
In my space, for instance, a “house occupation permit” is required to verify that a business based mostly in a house meets zoning necessities. If you buy tangible personal property throughout your first yr in business, … Read MoreRead More »