You're not starting in this business to play small. You're not starting to be broke or to stay broke. So kick that broke mindset and start thinking about abundance and start thinking about where you're going to go and what is the right entity and the proper tax structure to get you there.
- Asha Wilkerson, Esq.
Episode Summary:
Today’s episode of TRANSCEND the Podcast is for business owners who have formed their own entities and need to know what to do next. I discuss 10 steps you need to take immediately to make sure your business is properly formed and in compliance.
These 10 steps are not specific advice for your business. If you need specific advice, you’ll need to find an attorney that is licensed in the jurisdiction where your company is formed or where you’re looking to form it.
What You’ll Learn On This Episode:
- [01:54] Finding an attorney in your jurisdiction
- [02:28] File the proper registration paperwork with the entity in your state
- [03:04] Proper operating agreement or your bylaws
- [04:58] File your statement of information
- [06:12] Get your tax identification number (TIN) or employer identification number (EIN)
- [08:29] File your tax classification election
- [11:55] Determine whether or not your business is going to have employees
- [12:35] Obtain a sellers permit if required
- [12:51] Get a business license
- [13:06] Make sure your contracts are set up and done correctly
- [14:19] Recap of 10 steps
Resources Mentioned:
- Learn more about the TRANSCEND Community
Connect With Us:
- On Instagram | @ashawilkersonesq
- On Facebook | @ashawilkersonesq
- Connect with Asha on LinkedIn!
- Subscribe to our YouTube channel!
Subscribe & Review TRANSCEND the Podcast
Thanks for tuning in to this week’s episode of TRANSCEND the Podcast!
If our weekly episodes have helped you on your journey to build a sustainable business, please head over to Apple Podcasts and SUBSCRIBE to the show. We’d also love it if you would leave us a 5-star rating and review.
Your reviews and feedback will not only help us continue to deliver great, helpful content, but it will also help us reach even more entrepreneurs just like you!
