Internet Business Startup Kit

It will benefit you in the long run to register your business with a legal business name to ensure everything is legal. By doing this you will also keep other people from using your business name and benefiting from your hard work. • Do a little research on the tax benefits of being incorporated (INC) or being a limited liability corporation (LLC) versus the disadvantages and see if either of those will give you an advantage for your business. • Get a second address for your business for privacy and to keep your personal and business mail separate. Consider renting a mailbox from your local post office to use as your second address. Make sure you get the best size for the amount of mail you will receive. You may also have the choice to pay in 3, 6, or 12 month incremental payments.

Step 2: Open a Business Bank Account Open a separate business bank account to keep your personal and business expenses separate. • You can open a business bank account anywhere, but having a local branch nearby can be helpful, especially if problems arise and they can only be resolved in-person. Explore different merchant accounts to take credit and debit card payments. There are several options: Traditional banks, PayPal, Stripe, etc. • Banks will require more information about your business (including a business plan and forecasts) to grant you access to a merchant account. Virtually anyone can apply for and get a PayPal or Stripe account (without providing the level of information a traditional bank requires), so you will be able to take payments more quickly.