Questions about starting a new business (single member LLC)

[ChuckSullivan97]

Hi everybody. I'm just getting started with a small-time side business (expected revenue < $10K per year, no employees). This is my first time, so I just wanted to make sure I had all my ducks in a row in terms of getting set up properly. I have done the following things so far:

1) Business plan, location, and financing
2) Registered the LLC (single member) with the state
3) Registered the business with the IRS and received an EIN
4) Registered online for state taxes
5) Currently checking in with county and municipality to see what steps need to be taken to get started
6) Also deciding on a bookkeeping software for the business

Any help would be greatly appreciated in terms of other steps I need to take in order to get things going the right way. Thanks!

[David Hunter]

Hi Chuck!

Looks like your well on your way to getting your business going. What type of business are you in?

Have you checked with your CPA to make sure everything has been done? Be sure to get a business checking account.

[ChuckSullivan97]

Thanks for your response David. Good call on the business checking account - I went to sign up for one the other day, but realized that I need an updated driver's license (we just moved). I assume it would also be smart to obtain a credit card for business purchases only? The nature of the business is educational services (tutoring).

[Business Attorney]

That seems like a pretty complete list to me. The only thing I would add that if you are doing tutoring in your home, talk to your insurance agent to see whether your homeowner's insurance covers your situation or whether you need a special policy or rider to cover business guests in your home.

[ChuckSullivan97]

That seems like a pretty complete list to me. The only thing I would add that if you are doing tutoring in your home, talk to your insurance agent to see whether your homeowner's insurance covers your situation or whether you need a special policy or rider to cover business guests in your home.

Thanks so much for your input, Business Attorney. I usually don't tutor in my home, but if that becomes an option, I will make sure to talk to my homeowner's insurance about it.

[user2837]

Maybe your business plan already covers this, but what about a website for marketing your new business? There are plenty of inexpensive options out there for something basic and simple.

[ChuckSullivan97]

Maybe your business plan already covers this, but what about a website for marketing your new business? There are plenty of inexpensive options out there for something basic and simple.

Yes! I set up a very basic web site describing my services. Thanks for your help.