Congratulations! We love that you’ve made the decision to start your business in Miami! It’s a great city and business community. As you’re getting started, there are a few things you need to consider. We wish it were as simple as hanging up a sign or creating social media accounts, but there is more to heading up your own venture. As seasoned business owners, we wanted to share tips with you.
- Business Structure. Even operating alone, you need to separate and protect personal assets. In case of being sued, it is recommended by the Small Business Association (SBA), that you choose a business structure. As a sole proprietor, there is no protection for personal assets like your car and home. An LLC will provide that protection as will other structures. Consult with the SBA or an attorney to determine what is best for your business.
- Licensing. It may be as simple as obtaining a business license to legally operate or you may need additional permits depending on the industry of your business. Contact the Chamber of Commerce or City of Miami to understand what is required.
- Employer Identification Number (EIN). This is like a social security number for the business. Like the business structure, it separates you as a person from you as a business owner. Be sure the person who applies through the IRS is one of the owners of the business. The purpose of having an EIN is simply for tax purposes.
- Bank Account. Open a bank account in your business name. It will save you the stress of having to look through a year of transactions in your personal account to determine what was business and what was personal for reporting to your accountant. Not only that but the separation illustrates to the government that your business is a going concern, and not a hobby, and protects your personal account.
- IT Services Miami. We couldn’t continue without mentioning the value of IT services in Miami. Protect your business assets and client information when your computers and network are updated, secure, and monitored all day, every day. We work with startups and established businesses in a variety of industries.
While we don’t have a team of attorneys here to help you set up a business structure to protect the business, we can offer the latest in IT Services in Miami. Your business is as important to us as it is to you. We look forward to hearing from you!