You Can Do It! Here’s How To Successfully Set Up Your Business | Ep. 233

• Tiffany explains that multiple clients over the weekend asked the same question about properly setting up their businesses, prompting this episode.

I've been operating my business. But how do I get it set up correctly?

• An EIN from IRS.gov is required for all businesses but does not complete state registration. One client mistakenly believed their EIN meant they were fully registered.

Not so fast. So an EIN is through the IRS website. And yes, all businesses do need one... but let's get into business structures for a minute.

• Regardless of business structure, registration with the state Secretary of State is required. For North Carolina, this is done at sosnc.gov.

• Sole proprietorships with a DBA can register at the local Register of Deeds. LLCs must register through the state's Secretary of State website.

• The registration process requires: business name, your name and address, and information about officers (CEO, COO, etc.).

It breaks my heart when I hear people saying that they paid people bukus of money to set up this stuff when it really doesn't take that much.

• After state registration, apply for an EIN at irs.gov. This gives your business its own tax ID separate from your Social Security number.

• Screenshot your EIN immediately and save the confirmation letter. You will need this paperwork to open a business bank account.

• Ensure your EIN registration matches your actual business structure. Mismatches can cause problems when filing taxes.

You always want to make sure your business registration and your tax registration is set up and also matches.

• With your EIN paperwork, business registration, and ID, you can open a business bank account. This is essential for separating business and personal finances.