How I Will Be Rich

If you haven’t already, please read Part 1 of How to start a Business in California.

One thing I forgot to mention in the first article is the fictitious business name statement. This is probably the first step that must be taken if you are planning to use any name other than your own name. You can inquire to your Secretary of State on the availability of the name you are looking for. You may either mail a letter, inquiring about up to three names, or you can call in your inquiry for a per inquiry charge. Once you have selected the name that you are going to go with, you file a DBA (Doing Business As). You pay whatever fees come along with this (Something like $100) and 4-6 weeks later, the name is yours. Once you have your business name, you may now file for whatever entity your business will run as.

The next step would be to file for your Tax Identification number. This step can be skipped if you are a Sole Proprietor because you will file your taxes personally. Since Joe and I are two people, we need to file for this. This is actually a pretty simple process and can be applied for online. In California, here is where you can apply. Once you have your Tax Id number you are pretty much set.

Thew next step will be to just head down to your local bank and open up a bank account under your new business name. It’s actually not a very complicated or expensive process. You will end up paying a couple hundred bucks to file all the forms but then you are set.

I was hoping to make a much longer post out of this but it is just that simple. After doing all the research, there really is not much to it.

-M

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