Hello Tax stars ! * !* !
I thought this would help give you a better understanding of how businesses are set up. Having a tax ID and articles is not a complete business set up. That is ONLY business registration. Here are some things for you to review. Bylaws and Operating agreement. - you will be asked to have this from different lenders, the banks, to acquire property, to sign business contracts, etc. You have to know how to prepare these.
Corporate veil - If your LLC Is not formed properly, the federal, state, and local government can go after your personal assets.
Business Compliance - Again, if you do not know what it is to maintain your business structure in your state, you lose your corporate veil. Hire your weaknesses - It is important that you do not lean upon your own understanding when it comes to setting up your business structure and the operation of your business. Errors and mistakes are expensive. The hundreds you try to save by DIY could cost you thousands of dollars later.
Choosing your business structure- There is no one size fits all in business, finance, or taxes. Everyone has a different situation. Listening to an online guru could have you paying unnecessary fees. If you are not making at least $25k a year, it is not necessary to be a full blown LLC unless you are dealing in a business with high liability. Business road map - It is important to have a business plan for execution. That's what separates a business from a hobby or a street hustle.
Properly formed LLC - Each state has different rules for LLC setup as LLCs are state mandated.
Business Bank Account - A bank or any financial institution will not open account for your business unless it is formed correctly. From the articles, assignment of rolls members, partners, or board, to Operating agreement or By-laws. Zelle is not recommended for BUSINESS transactions. Especially from your PERSONAL ACCOUNT because you pierce your corporate veil. If you want to operate as a business, yup, You have to put on your grown up shoes and create invoices, return policies, record transactions,
Tax Star Mobile LLC, explains to you how to maintain your business structure, and offer tax strategies along the way. Businesses have to be registered by an agent in the state of the business. We are partnered with a National registering service to meet that requirement. The $79 you pay online is for the leg work of getting an EIN and articles. It is not a full business set up.
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