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Starting your own business is an exciting and challenging endeavor, chock full of surprises, risks, and rewards apt to pop up at any point along the way to success. Whether your business-to-be will be your hobby or your livelihood, there are certain steps early in the planning process you want to be sure to handle.
One of the first things you should do is apply for a federal Employer Identification Number, or EIN. An EIN is a unique identification number that distinguishes your business from other businesses, just as your social security number distinguishes you from other people. You can quickly and easily obtain a federal Employer Identification Number online from the IRS.
Even if you don’t plan to hire employees right away, having an EIN will give you an alternative to using your social security number on the multitude of forms you will inevitably fill out in the process of setting up shop.
Another important step in breathing life into your business is establishing solid record-keeping procedures, including bookkeeping. Educate yourself on basic accounting principles and decide whether your will handle the day-to-day bookkeeping duties yourself, or if you will hire someone else to keep the books. Either way, you should know enough about the process to understand how money is to be handled as it comes into your business, as well as how your business will pay its bills.
In addition to managing your finances, you will need to establish a method for keeping up with marketing, IT, and maintenance duties. Depending on your business model, you may also need to prepare for processing payroll and managing personnel records.
These are only a few of the essential items that should be near the top of your to-do list when starting a new business. For professional legal advice about starting or growing your business, call an experienced business law attorney. Scolieri-Beam Law Group, P.C. can answer your business law questions and help you get started in western Pennsylvania. Contact us today at (412)765-0546 or info@scolierilaw.com.