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Turner, here's a few answers for you. You're tax ID# from the IRS you can get on-line in minutes. You're business liscense it depends on your state. A business banking account probably only minutes at your bank, after you get your tax ID#. It's best to check with your bank to see what they require. May I suggest SCORE in your area, they are free, and they can help answer your questions, and headed in the right direction. Last a business loan, and on how long will it take to get, I'll be honest with you it's getting harder, and harder to get, especially a start-up business. It will depend on your personnal credit, what type of business, collateral, and how much you are investing in the business. I am by far not an export in this area, but I'm a start-up too, and this is some of the answers I've gotten and gone though. Hope this helps Warren1 of 1 people found this helpful
Thank you so much. That was extremely helpful! I really appreciate the time you put into your answer, thanks again. - Turner
You can get a tax ID on-line from IRS website in a few minutes. In most jurisdictions, you can register a sole proprietorship and obtain "licenses" either on-line or at your county clerk's office, again in just a few minutes. Registering an LLC or corporation takes longer -- how long depends on the type of entity, the state in which you file, and whether you do it yourself or use an attorney or filing service (the process, start to finish, can usually be done within a month in any case). Once you have a tax ID and have registered the business entity, you can open a business bank account (generally requires a trip to the bank, but doesn't take long). After you have a bank account, you can apply with your state (again, on-line in most cases) for a Sales Tax and Use Permit (has a different name in some states) -- most states issues a temporary permit instantly, and send an official one in the mail within a couple of weeks.1 of 1 people found this helpful
Hope that helps. Welcome to the community and best wishes.
I concur with the comments already mentioned. I live in Las Vegas and my first stop when starting my business was at the Dept. of Taxation. In Nevada if you don't expect to exceed a yearly dollar amount (business income) they will waive costs. Without the paperwork from the Dept. of Tax. I couldn't get a sole prop biz license. As far as the checking account, as a sole prop you can open one up online with an opening deposit of $25. As an LLC you would need member list, tax ID and Article of Organization and $25 to open a biz accnt with BofA. Hope this helps.
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I was just wondering if anyone has started their own business and if so how long did it take for your business license and tax ID number to come through. I am trying to gauge how long it will take me to start up - I already have my business plan (its a rental service). Also if anyone knows about how long it will take to file for a loan and get a business checking account. Any help is greatly appreciated. Thanks!