| More and more individuals are stepping out on | | | | and can help keep the IRS off your back. |
| their own and starting a home based business. | | | | A good bank for small and new businesses is |
| Unfortunately, many make the wrong decisions or | | | | Synovus. They have very reasonable rates and |
| go about it the wrong way. In this article I'll go | | | | are ranked among the top banks for small |
| over three easy steps that are a necessity when | | | | businesses in the nation. |
| beginning your own home based business. | | | | Finally, you need to decide whether your going to |
| The first thing that you need to do is either | | | | have an online presence or not. Honestly, your |
| incorporate, become a sole proprietorship or form | | | | crazy if you don't have your own website for |
| and LLC (Limited Liability Corporation). Usually | | | | your business. More and more individuals are |
| when you go into business for yourself you'll form | | | | shopping online and this trend is expected to rise |
| a sole proprietorship. This simply means your the | | | | dramatically in the coming years. |
| only member of your company. | | | | You can get your own website address and |
| When forming an LLC you can also be the sole | | | | hosting for next to nothing. Yes you may have to |
| member or you can also have partners who have | | | | hire someone to set the site up for you if you |
| a stake in the company. Usually employees are | | | | don't know how, buy products and services for |
| hired as well on a small scale. Corporations on the | | | | your site and possibly open a merchant account, |
| other hand usually have a board of directors, | | | | but it's easier than it sounds. People take the |
| stockholders and thousands of employees. | | | | plunge and open up shop online everyday and you |
| When your just starting out with your home | | | | can too. |
| based business you'll want to go with either a Sole | | | | In closing, make sure you take the right steps |
| Proprietorship or and LLC. This can easily be done | | | | when starting your own home based business. |
| online at They'll take care of everything. | | | | Doing things the right way the first time can save |
| Make sure to either have them apply for an EIN | | | | you a lot of headaches in the future. Nothing |
| number or get one yourself. An EIN number is like | | | | worth doing is easy; if it were we'd all be |
| a social security number for your business. You | | | | millionaire entrepreneurs. |
| can get one for free at irs.gov. | | | | One last thing, so many small businesses fail within |
| Now, once you have your company formed you'll | | | | the first 5 years after opening shop. Don't let this |
| need to open a business bank account. It is very | | | | be you. There is one piece of advise I got from |
| important to do so because you want to keep | | | | watching Donald Trump and it is, "Don't ever give |
| your business accounting information separate | | | | up, ever". I've taken this to heart and so should |
| from your personal accounting information. This | | | | you. |
| will also help out when tax time comes around | | | | |