5 Things You MUST Do BEFORE Launching Your Business

So my goal for this video is to tell you everything you need to start a business in English and not crazy accountant terms.

1. LLC or an entity type that fits you
– There are two ways to figure out what type of corporation you should be
– Look on youtube and some research for an hour or two
– Or get a free visit with a few accountants and ask which one would be best for you and how they would set it up for you.

Currently:
– I’m an LLC being treated an S-corp to save money on taxes like Social Security and Medicare ( if you have LLC you can also do by filing an S-corp election ask your accounting about it)
– To become an LLC you have to file the paperwork
– You have two options, do it yourself for free + the fees, or pay someone online to do it.
– I did it with Zen business ( it was free at the time but today its $50), legal zoom is around 79) – the same thing

How I did it:
– Here in New York when you file to become an LLC or any business usually
– You have to publish on two newspapers that your business is official, on a daily paper and weekly paper ( this is called the publication requirement)
– But to avoid paying a ton of money to publish in a city paper, I just published in Albany ( which you can do as long as your registered agent is in Albany) – a registered agent is a requirement for most states, these people receive tax and legal info for a fee. ( and you can act as your own

Total Cost: for starting an LLC should be around 300 for publications, 250 for filing fees, and $50-100 for other fees, so less than 700 for sure, and all of these fees are tax-deductible because they are start-up cost.

2. Get an EIN Number
– Although zen business and legal zoom do this for around $70 bucks
– This is one of those things I recommend you get yourself, it’s so easy
– It stands for Employer Identification number or federal identification number ( think of it like a social security number for your business)

To do this:
– Just type on google get an EIN number and go to the official IRS website where they will have an online application
– It should take you less than 20-30M and it should be straight forward
– You should get the number asap, and then they will send a paper copy in a few days to your address

Tip: when you are done with your application, just print out the page, or download as a pdf if you don’t have a printer.

3. Get Business Bank Account
– This is very important, it’s not just about being fancy
– But this will legally product you
– Because the key of a corporation is proving that your personal finances and your business finances are separate, ( so If you get sued they cant come for your personal assets)

Which Bank account do I recommend: The One that’s most convenient and gives you the most money
– For me that was Chase, and till this day they have the same promotion which $300 bucks when you open the account ( enough to cover half your filling cost)
– All you have to do is maintain $1000 for 60 days and the money is yours
– That’s a 30% return on your money

Tip: search on google

4. Get a Business Credit Card
– now you don’t need any business credit really if you already have personal credit and business income
– but it helps to have business credit and I’ll link a video the pinned comment down below

Credit Card I got:
– I got the chase ink unlimited
– It gives you $500 if you spend $3000 in the first 3 month
– And it has no annual fee

Obviously, if you got this bonus plus the account bonus that’s $800 bucks, which cover all the filling fees and put $100 in your pocket.

– If you don’t know how to spend 3k in 90 days, use plastic it allows you to use your credit card to pay rent and other stuff like that with a credit card.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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