Start your SMB in a jiffy!!

BANGALORE, INDIA:Starting a business is simple. Here's how to get through the administrative hurdles faster than you think. Here's how:

1. Get over the company-name thing.

Just pick a name so you can get the administrative ball rolling. Remember, your business can operate under a different name than your company name. And you can change your company name later, if you like.

2. Get your Employer Identification number (EIN).

An EIN is the federal tax number used to identify your business. You don't need an EIN unless you will have employees or plan to form a partnership, LLC, or corporation.

But even if you don't need an EIN, get one anyway: It's free, takes minutes, and you can keep your Social Security number private and reduce the chance of identity theft, because if you don't have an EIN, your SSN identifies your business for tax purposes.

3. Register your trade name.

If you won't operate under your own name, your locality may require you to register a trade name. In most cases, you'll get approved on the spot.

4. Get your business license.

Your county or city will require a business license. The form takes minutes to fill out. Use your EIN instead of your Social Security number to identify your business (for privacy reasons if nothing else).

5. Complete a business personal-property tax form (if necessary).

If you are required to file a business personal-property tax form and you plan to work from home using computers, tools, etc., that you already own, you won't need to list those items.

If you purchase tangible personal property during your first year in business, you will list those items when you file your business personal-property tax form the following year.

6. Ask your locality about other permits.

Every locality has different requirements. Your locality may require other permits. Ask. They'll tell you.

7. Get a certificate of resale (if necessary).

A certificate of resale, also known as a seller's permit, allows you to collect state sales tax on products sold. (There is no sales tax on services.)

8. Get a business bank account.

Get a business account using your business name and EIN, and only use that account for all business-related deposits, withdrawals, and transactions.

Pick a bank or credit union that is convenient. Check out your local credit unions; often they provide better deals than banks.

9. Set up a simple accounting spreadsheet.

Worry about business accounting software like QuickBooks later. For now, just create a spreadsheet on which you can enter money you spend and money you receive.

Bookkeeping is simple, at least at first. All you need are Revenue and Expenses columns; you can add line items as you go.

Source: www.inc.com