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starting a repair business, legality questions

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  • startup
  • Business Computing
Last response: in Business Computing
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June 23, 2013 12:36:31 PM

Hey Guys,

I live in Seattle Washington and am in the processes of trying to start a business.

I am unsure what i should register my business under. I will be the sole worker as well as the owner. If things take off i may look into bringing someone under my belt, however that wont be for a few years so no need to worry about it right now.

What i am confused about is should i file as a Sole Proprietor? Also do i need to create a separate bank account? If so, does it have to be a "Business account" or can it be a personal account? I was looking online and it seems to open a bank account you need a TIN....which since i dont have a business filed yet, how can i have a TIN?

Hopefully someone with more insight will be able to help!
Kind Regards,
J

More about : starting repair business legality questions

June 23, 2013 12:45:13 PM

What does your lawyer say?

Seriously.
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Best solution

June 23, 2013 12:45:38 PM

Depending on your state laws you can register as a dba. After you file as a dba most local banks and credit unions will let you open a biz account.
You do want to keep your biz money away from your personal accounts.
If the biz fails and goes under you want to show that the money here was the corp funds. In your town should be a small biz association for people starting up. They can show you how to get low cost loans and grants.
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June 23, 2013 2:07:36 PM

USAFRet said:
What does your lawyer say?

Seriously.


Lawyers cost money, money that i do not have. The purpose of my posting was to have someone in the community who has gone through the process to give advice so i dont have to pay a lawyer for an answer with money that i dont have.
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June 23, 2013 2:08:11 PM

smorizio said:
Depending on your state laws you can register as a dba. After you file as a dba most local banks and credit unions will let you open a biz account.
You do want to keep your biz money away from your personal accounts.
If the biz fails and goes under you want to show that the money here was the corp funds. In your town should be a small biz association for people starting up. They can show you how to get low cost loans and grants.


Thank you for the answers. I found a local small biz association and am going to have them help me out.

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