How to Start A Business

Types of Business

 One of the first considerations in How to start a business will be to determine what type of business structure you will operate. This is an important consideration that will determine how you set things up and the tax laws inherent in that structure. Types of businesses can include: Sole Proprietors, Corporations, Partnerships, S-Corporations and Non-Profits. For further information on these and other businesses types  please visit, https://fortress.wa.gov/dor/bls/help/IMBADefault.aspx?ApplicationID=IMBA&ArticleID=dol70026

Other important business information:

Register the name of your business: Check to make sure the name of your business is not registered to someone else. It would be a terrible mistake to have all your marketing material go to waste if you find out you are using another company’s name. You can check to the names of businesses registered with the Secretary of State Corporations Divisions, please visit www.sos.wa.gov/corps.

Obtain a UBI Number: Register with the Secretary of State to obtain a UBI number. The UBI number is a unique number that is assigned to you by the Sec of State Corporation Division if you are a Corporation, Limited Liability Company, Limited Partnership or other business entity. If you are starting a general partnership or you are a sole proprietor you will get your UBI number when you complete the Master Business Application with the Department of Revenue. Check out this website for further information www.sos.wa.gov/corps.

Obtain a Master Business: You must file a Business License Application when you first start your business with the Department of Revenue. It is a simplified form used to apply for many state licenses, registrations, and permits. Go to this website www.bls.dor.wa.gov/.

Obtain your EIN Number: EIN stands for Employer Identification Number from the Federal Government. It is also known as a Federal Tax Identification Number and is used to identify a business entity. Generally all businesses need an EIN. Go to this website to learn more, http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Employer-ID-Numbers-(EINs).

Consider a trademark Whether you decide to have one or not it will be worth your effort to consider it before simply ruling it out. It is used to show ownership. It protects words, names, symbols, services, sounds, etc from those manufactured or sold by others. The website for the U.S. Patent and Trademark office is www.uspto.gov.

What about a copyright? Copyright is a form of intellectual property law that protects original works of author-ship? To copyright something cost under $50 usually. 

These are critical steps is response to your ‘How to start a business question’. It is always advisable to ask questions when taking on such a great undertaking. As a consultant we get asked this and other questions all the time. What most people don’t realize is they don’t know what they don’t know. Let us know if we can help!

 

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