Just a few notes about getting things up and running. Originally, we were thinking about setting up an LLC for this venture. Talking to our CPA, we learned that an LLC is too much for this type of business. Essentially, we are setting this up as a Sole Proprietorship. This allows us to immediately get started – in most states there is not a formal process to start this type of business. You just do it.
That said, we are doing a few things to formalize this a bit for working with other businesses and segmenting in our own lives.
- Assumed Name
Filing an assumed name for the company with our county. This is the term that you will find on county sites, but we know it as Doing Business As (DBA). The name of the business is your name, but this makes it clearer to other businesses that you are legit (probably). There is typically a nominal fee to file and it will take a few weeks to progress to the state where it will be registered.
- Obtain an Employer Identification Number (EIN)
This is not needed for a sole proprietorship, but does allow you to use the EIN rather than your social security number. Note, if you hire employees at some point, you will need one.
- Banking
Setup a separate bank account. Again, this is not required, but by doing this you create boundaries for the business and your personal life. It will help with taxes and general record keeping. It does not need to be a business account (that typically comes with fees) but rather a personal checking and savings account.
Digital Presence. It is worth considering your presence on the web when starting a company. This includes a website, domain, Instagram account, X (Twitter) account and other social media that may help drive your business. We are using the following:
| Registrar – $ | https://hover.com |
| Domain Mail – $ | https://hover.com |
| Website Hosting – $ | https://wordpress.com |
| Instagram – free | https://instagram.com |
| X (Twitter) – free | https://twitter.com |
Janice Ventures 