STARTING YOUR BUSINESS

Done thinking about it and ready to jump?

Costs

My Experience

Company Creation Laundry List

1. Create your corporate name.
2. Write up your Articles of Incorporation.
3. Incorporate in a State of your choice.
4. Within 2 months of incorporating, file your S Election paperwork, Form 2553, with the IRS.
5. Apply for a Federal Employer Identification Number.
6. Apply for a Master Business License with your state.
7. File your Corporate mandatory tax return at the end of the year, even if your company had no profit.
8. File your State's sales tax forms if applicable to your State.

Now you own your own company! But, to make it profitable requires many more steps depending on what type of business it is. And there are many little details that I can't possibly cover, you will have to do research and learn the various systems.

Costs

1. Creating your corporate name: FREE, just use your imagination.
2. Writing up your Articles of Incorporation: FREE, use others as a template, don't worry about getting a lawyer to do it until you actually have money flowing in and can afford it.
3. Incorporate in the State of your choice: $175 in Washington State.
4. File your S Election paperwork: FREE, just download it off the IRS website and mail it in or fax.
5. Apply for Federal Employer Identification Number: FREE, do it electronically on the Government website.
6. Apply for a Master Business License with your State: $20 initial, $59 annual renewal in the Washington State.
7. File your Corporate Federal tax return: $99 for Quicken TurboTax Business.
8. File your State's sales tax forms: FREE, just fill out the form and send it in.

Starting costs are not that bad if you do everything yourself. I've heard of Lawyers charging around a $1,000 for doing all of this and giving you a guarantee that everything has been done correct. If you're the kind of guy that buys tire warranties, starting your company is going to cost you a lot more.

My Experience

Well, if I told you everything I've learned and spilled it on here, I would not be able to keep it among us Veterans. Networking is one of the main tools required for Veterans to help each other out. So if you want to learn from my experience, we'll have to meet at the coffee shop.

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