As soon as you set up a business, you are left to your own devices without much guidance or support. Unfortunately, there isn’t a handbook that tells you exactly what you should or shouldn’t do when you’re first starting out, so how do you make sure you’re approaching everything correctly and actually running a legitimate company? When it comes to unleashing business success, you need to make sure you carry out some important tasks first and foremost. This will not only ensure that your business is trustworthy, but it will also give you peace of mind. With this in mind, here are some of the most important steps you should take to ensure your company is legitimate.
1. Register Your Business
Officially registering your business is a very important step, especially when you’re first starting out in the business world. Once you have registered your business you can start to make the most of all of the services available to you as a new company owner.
2. Open Up a Business Bank Account
Having a business bank account is very important when it comes to accounting and filing tax reports. Opening up an account is very quick and simple and shouldn’t incur hefty fees depending on the bank you choose.
3. Keep Up to Date with BOI Reporting
If you haven’t already submitted your BOI report for your small business, it’s a good idea to start familiarizing yourself with the necessary bio reporting requirements. Failure to submit an accurate BOI report could result in penalties and fines for you and damage to your company reputation.
4. Check Your Business Name
Before you register your business officially you may want to triple check your business name. Make sure there aren’t any other similar businesses operating under the same company name as yours to avoid any legal issues in the future.
5. Take Out Business Insurance
Making sure you have business insurance is extremely important especially in certain industries. If you’re working in a high-risk environment or you’re in a client-facing industry, business insurance covers you, your property and your employees in case of any accident or incidents.
6. Put in an EIN Application
Putting in an EIN application for your business couldn’t be easier. This is an important step as it helps to establish the legal identity of your company. The IRS will assign a unique Employer Identification Number to you, as long as you are living in the right location and running a business which fits in with their given criteria. Spend some time looking into EIN applications and whether it’s relevant for you situation.
As you can see, your work isn’t done once you’ve come up with a winning business idea and created a solid business plan. You need to work your way through these vital steps in order to ensure you’re running a fully legitimate company that is legally sound and well-respected in your industry. Hopefully, these steps don’t take you too long to achieve and you can start working on your business goals sooner rather than later.
