People talk about starting a business fast but in reality, they do not take conscious effort to put their ideas into practice. They get carried away with the apparent complexity of the administrative and legal task involved in starting a business and they are not very sure of their ideas that may not be absolutely perfect.
There are certain steps which should be followed sincerely to start a company in the fastest possible way.
One has to get over the company name thing: many people agonize endlessly over dreaming up the perfect company name. You should just pick up a name to get the administrative part rolling. You can change your company name later if you wish.
Get your employer identification number: an EIN is the federal tax number to identify your business. It is important to have EIN because you can keep your social security number (SSN) private and reduce the chance of identity theft. If you do not have EIN then your SSN identifies your business for tax purpose. You can always get it done by your locality’s administrative office.
Register your trade name: if you won’t operate on your own name, your locality may require a trade name.
You will require a business license: for this, you have to fill up a form. Use your EIN to identify your business. If you want any loan for your business you may be asked to estimate annual gross receipt. Do it to the best of your ability but do not be stressed.
Complete a business personal tax form (if necessary): If you purchase tangible personal property during your first year in business, you will list those items when you file your business personal property tax form the following year.
Ask your locality about other permits: Every locality has different requirements. Your locality may require some permits. You please ask them and they will tell you what exactly is required for you to start a company.
Get a certificate of resale (if necessary): a certificate of resale, also known as seller’s permit allows you to collect state sales tax on products sold. If you sell products you need a seller’s permit for which you have to fill up forms either online or at your local administrative office.
Get a business bank account: for a business related deposits, withdrawals and transactions get a business account using your business name and EIN. Pick a bank or credit union whatever is convenient. Credit union often provides better deal than the bank.
Set up a simple accounting spreadsheet: You can go for accounting software later, but to begin with you can just create a spreadsheet on which you can enter money you spend and money you receive.
These are the basic steps you need to take to start a company fast. There are other options available also in recent business world. You can take any help line you wish. Don’t waste much time, just start with your idea, you will surely achieve your target in due course of time.