Module 5- Getting Legal the Basics
Getting legal is not hard, here are the steps;
1) File your business name. You will need an official business name that is recognized by your state government. Two ways to do this:
- Corporation: you can file corporation with your state. All states have websites where you can get information on how to setup an corporation. In many cases you can file your business papers online.
- Fictitious Name or DBA (Doing Business As): This is a simpler way to register your business, but it does not offer you the protection that a corporation does. Also, this cost less to setup. This is obtained from you Local County Office for minimal fee.
If you are not sure which way to go to setup your businesses ask an attorney or accountant.
2) Obtain a Tax ID: In every state you are required to have a Tax ID. This is also called Sale and Use Tax Certificate, others call it Seller’s Permit. They are all same thing, Tax ID allows you to collect sales taxes on sale you make from within your own state. Tax ID is very important when you buy from legit wholesale suppliers. You will be asked to provide them with a copy of this Tax ID certificate. If any wholesale supplier does not ask for Tax ID be careful they might not be wholesalers but mere retailers.
3) Open Business Bank Account, almost all banks offer business bank accounts.
4) Open a merchant account, you will need this to accept credit card from your online sales.
Download and read the entire module.
Learn the simple steps to open your online store you can read the entire ebook here, if you have any questions use the contact form above to reach me.
