Putting these notes together in case I need to reference them in the future. Most of the bullet points below are found here (Department of Labor) https://www.dol.nebraska.gov/ but I’m including some other points about banking at the end.
- Register a Business Name (Secretary of State)
- This has all the information you need to actually register the business name https://sos.nebraska.gov/business-services/new-business-information
- You’ll basically go here to check if the name is available https://sos.nebraska.gov/business-services/name-procedures
- Get a Tax Identification Number (IRS)
- For taxes, you need an EIN (Employer Identification Number). It’s free. Don’t ever pay for this. https://www.irs.gov/businesses/small-businesses-self-employed/how-to-apply-for-an-ein
- You’ll end up going to this link if you want to do it online (It’ll be an SS-4 Form you’ll submit) https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
- Certificate of Organization (LLC)
- If you’re forming an LLC, you’ll need a certificate of organization but you can also register here https://www.nebraska.gov/apps-sos-edocs/
- Forms are found here: https://sos.nebraska.gov/business-services/forms-and-fee-information
- For an LLC the link is here
- Register Your Business (DOR)
- The Department of Revenue (DOR) is who you register your business through. https://revenue.nebraska.gov/businesses/starting-business-nebraska
- Determine Needed Insurance
- You might need insurance but normally you can wait on this. This is where you go if you need some sort of business insurance https://www.dol.nebraska.gov/
- Contact DED’s Field Service Team
- Representatives who can help you with specific requirements. It’s Step 5 on this page https://www.dol.nebraska.gov/
- Banking
- Go to your desired bank and create a business account.
- If you’re an LLC, you can either W2 yourself with the business (you’re an employee of the company) or you can take owners draw. I’m not too familiar with the latter but this is a good resource for that https://www.marketwatch.com/guides/business/pay-yourself-llc/
- Get a CPA
- You’ll need an accountant to help you file taxes.
- Tax Designation (e.g. S-Corp)
- When you create the business, it’ll be a Sole Proprietorship, an LLC, or an S-Corp
- I am not an accountant but this Reddit post tells you if you should be an S-Corp. It basically comes down with how much you make per year or are intending on making per year https://www.reddit.com/r/smallbusiness/comments/1bak13j/when_does_it_make_financial_sense_for_you_to_file/
- Another good resource https://www.investopedia.com/articles/investing/091614/understanding-s-corporations.asp
- Keep Personal and Business expenses separate.
- If you purchase something for the business, and it’s used for business, remember, that means it’s tax deductible.