It costs nothing to obtain an EIN for your company. You can apply for an EIN online via the IRS website or by mailing a Form SS-4 that has been properly filled out to the IRS. You can apply quickly and easily online, and after submitting your application, you’ll get your EIN right away.
You must select a business structure, such as a sole proprietorship, partnership, LLC, or corporation, before you may register a new firm. Every structure has benefits and drawbacks, so it’s important to do your research on each choice and speak with an accountant or lawyer to figure out which is ideal for your company.
After choosing your business structure, you must register your company with the state where you intend to conduct business. Articles of incorporation or articles of organization must normally be filed, and a registration fee must be paid. State-by-state variations in the cost range from $50 to $500.
The procedure of registering a small business requires you to select a name. Your company name needs to be distinctive, memorable, and simple to spell. Additionally, you must confirm that no other company in your state or industry is already using the name you have picked.
Utilizing a doing business as (DBA) name is one option for naming your company. A DBA is a name used by your company that isn’t the same as your legal name. Lack of legal protection and the possibility for customer confusion are two drawbacks of a DBA. A DBA might not be your best choice if you intend to grow your company.
Finally, getting an EIN for your company is free, and the online application procedure is simple. You must pick a business structure for your starting firm, register it with the state, and select an original name before you can register it. A DBA may be a practical choice for naming your company, but it’s crucial to weigh the pros and downsides before choosing. Overall, spending the time to register your company correctly and get an EIN will put you on the path to success.
A DBA (Doing Business As) entity doesn’t submit a different tax return, though. A DBA is a mechanism for a single proprietorship or partnership to conduct business under a different name; it is not a separate legal entity. The owner’s personal tax return will include information about the DBA’s earnings and expenditures using either their Social Security number or Individual Taxpayer Identification Number (ITIN).