If you’ve been following along, you’ve already decided on your business structure and have that in place. Next up you will need an EIN number for your business.
Your Employer Identification Number (EIN) nine-digit number that will be used to help identify your business, gives the IRS a record of your business type, is used for filing taxes, getting business licenses, paying employees, and most importantly is required for banking. It is used as an identifier like your Social Security Number but keeps your SSI number separate from your business and does not compromise your SSI number when people are accessing your business information, increasing your privacy.
Because you need one to establish your business, be aware that there are many less-than-ethical people out there in the world today that will do anything to catch you trying to do the right thing and attempt to rip you off in the process. So, if you just use Google to try to register your EIN number, you will find many resources available for you to pay for the service of obtaining your EIN number. Avoid these scams.
Your EIN Number is Free
There is no cost to registering your EIN number, but it can be difficult to find the right link to get where you need to be to get it. That’s because so many people are vying for search engine ranking for the opportunity to rip you off. Don’t fall for it.
Use This Link
Here is the direct link to the IRS for obtaining your EIN number instantly without cost: https://sa.www4.irs.gov/modiein/individual Simply, fill out the form include the name of your business as it is shown on your business registration documentation, and instantly receive a PDF of your transaction. Save this to your computer and print the document out, and also put it in your business file. You will need it periodically throughout your business journey.
Business Bank Account
Now that you have your EIN number and the rest of your business documentation, you will need a way to take and track money and process credit cards. To do that, you need to start with a business bank account. Here are some that we recommend getting you started. They have somewhat user-friendly internet gateways that you can use to set up your account.
- LendingClub Bank— Best for businesses with tons of transactions
- Bluevine— Best for small business
- Novo— Best for entrepreneurs and e-commerce
- Lili– Best for people who run their own business
- NorthOne— Best for fully mobile business banking
- Axos Bank— Best way to treat your employees
- BankProv— Best checking accounts with full deposit insurance
- Mercury— Best for payment automation
- Chase Business Complete BankingSM— Best for branch access
Credit Card Processor
Next up, if you want to have a business these days, you are going to need a method to receive credit cards, debit cards, or digital currency payments. You will need a merchant account to process these various types of payments. Now that you have your business banking account in place, you need to find an appropriate merchant account to link to it, so that you can conduct your business online.
- Stripe Payments: Best Payment & Checkout Support
- PayPal: Easiest to acquire for alternate online payments (use as a backup)
- Square: Best For Low-Volume & New Businesses
- Dharma Merchant Services: Best For Nonprofits
- PaymentCloud: Best For High-Risk Businesses
- Host Merchant Services: Best For Internet-Based Service Businesses
- Helcim: Best All-In-One Platform
- CDGcommerce: Best For Low Rates
- Durango Merchant Services: Best For Offshore Merchant Accounts
- Stax By Fattmerchant: Best For High-Volume Businesses
This Is a Business
You may have noticed that we are very intent on setting your project up as a business, and it must be operated as such. So, get used to thinking of yourself as a business owner. As a business owner, you may have many businesses.
Early in my entrepreneurial career, I thought it made me more powerful to have a single overrunning corporation that all the other entities were subdivisions of. I found out the hard way that was incorrect thinking on my part because if one part of the group was either massively successful or fell upon hard times, it affected everything else. It also left me at risk of losing it all in one fell swoop, ultimately the lesson I learned.
Having many businesses protects you and keeps you mobile. When you start a business, you should prepare and have an exit strategy in place, so that you can continue to grow and change your business holdings as you continue to grow and change as well.