Starting Your Business 101

Alright guys! I promised this post and I WISH I had something like this when I started my business...so here it is:

The steps you need to take to legalize your business!

I do not know if there is a particular order that this should be done in, but this is the order that I went about doing it :)

1. Apply For and Register Your Trade Name.

This was the first and most crucial step for me. And honestly, getting started was the hardest part. Thank the Lord in Heaven for my oh so patient husband! 

  

As Lee discovered, you can get the application for this on the Secretary of State's website. Your trade name is the name in which you are conducting business. Mine, for example, is "True Light Photography". You can also register a logo for your business with this form. You would need to print out 3 copies of you logo and attach them to your application when you mail it. 

Speaking of which, you will need to mail the application (and the $50 application fee and 3 copies of your logo) back to the Secretary of State's office.  The mailing address is listed on the top of the application.

Do not bring it to the Clerk of Courts Office! Ha! I was told to bring it there...and actually ended up going there 4 or 5 times...and never needed to. Frustrating? You betcha.

About a week later, I received a packet saying that my Trade Name was approved. In it was a certificate that I would need later...

2. Get Your Tax ID Numbers 

Okay, there are 3 different Tax ID numbers...Sales Tax, Federal Tax, and State Tax numbers. 

To get my Sales Tax ID number, I had to go to my local School Board (the sheriff's office should be able to tell you if it's different for you). There, I was directed to the "Sales Tax Office". If you go to the front desk, they should tell you where to go. When I got there, I showed them my Trade Name Certificate and filled out some paperwork. When that was done, she gave me a Tax ID number. A few days later, I received a packet in the mail with some tax forms and explanations on what to do with them.

It was surprisingly simple :)

I was told that my Social Security Number could be used as my Federal Tax ID, so that's what I did.

As for the the State Tax ID number, I was told that I did not need one because I was not a corporation. If you are Incorporated, I'm sure someone can tell you where to get a State Tax ID number. I believe I have heard that you can apply for one online.

3. Get Your Occupational License. 

I obtained this at my local Sheriff's Office. You will receive a form to fill out that includes your Tax ID numbers and other basic information about your business. As I said before, the Federal Tax ID Number can be your Social Security Number. When you have the form filled out, they will take it and give you your occupational license. The cost is $25.

Easy as pie ;)

4. Set Up a Bank Account.

Opening a bank account specifically for your business is not required to "start your business", but it is highly recommended. There a few things that you will need to do:

Obtain an Affidavit of Assumed Business Name. Basically what this paper does is tell the bank what name you will be opening the account under. So, just like with the Trade Name Application,mine would be "True Light Photography". And if I were to get a card for my account, it would say "True Light Photography".

This can be done at your local notary. Remember the Trade Name certificate that you received from the Secretary of State? You will need to bring that with you. Fill out the form, have it notarized, and bring it to the Clerk of Court! Yes! You will actually have to go there eventually ;) As far as the cost for this portion, it depends on the notary. I've heard it's around $30 plus the cost to get it notarized.

I'm not entirely sure what the steps are after this. I don't want to tell you the wrong thing, so here is a link that may help! :)

And that's it!!! 

Total Costs:

-Application for Trade Name.............$50

-Occupational License.....................$25

-Notarizing Trade Name Application....depends on the notary

-Affidavit of Assumed Business Name...$30 plus the cost of getting it notarized.

I hope this helps someone out there!

Photographers and Business Owners out there, please let me know if I missed anything or if any information was incorrect! This is just my experience as I recall it :)

Also, Senior 2012! I am going to be posting available dates on here as well as on the Facebook page. Here is Jacob, my awesome Senior Representative from French Settlement High School. 

It's all God,

Julianne