How to start or grow your business?
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Depending on the type of business you wish to start (single proprietorship, partnership, corporation), a good first step would be to research your options to protect your business and yourself at websites like http://www.bizfilings.com and http://www.legalzoom.com. A Limited Liability Company (LLC) is a common and effective way to legitimize your business and protect your personal liability and property.
Each state requires different filing methods, yearly updates, and filing fees, so be sure to research your state or the state in which you will be operating. Many services like the websites mentioned above have services to file your incorporation papers for you, but some of the other services are easy and free / cheap to do yourself. After you register your LLC or corporation with your state, you will need to file with the federal government for an Employee Identification Number (EIN), also referred to as a Tax-ID Number. This is a free and easy form you can submit and file for online or by mail, and is required for you to open bank accounts in your company’s name.
If you are selling products and collecting state sales taxes, you must first file with your state’s Comptroller’s office for a Sales Tax and Use Certificate, which will enable you to pay state sales taxes using your sales tax identification number. This is also free and easy for you to file for online or by mail.
Now that you are fully incorporated and protected, look for seminars and online resources in your local area that will help your business get off to a strong start. Your local Small Business Administration chapter has a lot of education, resources, and loan programs that are available to everyone. Research local, state, and federal grant programs for which you may qualify, and get involved in your local Chamber of Commerce to network and learn from other business owners.
You may also contact Chicago Devotion at any time and we will use our best efforts to direct you to the best resources available to your business. Best of luck!
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