Starting a Business: The Basics You Need to Know

Starting a business is exciting—but it can also feel overwhelming. From choosing the right structure to handling registrations and fees, every step matters. Here’s a simple, detailed guide to help you get started.

Getting Started

• Pick your structure wisely
  Before you launch, decide how to structure your business. Check out this resource: How to Structure Multiple Businesses Under One Roof.

• Set up payments
  Create a PayPal account using your legal business name so you can get paid quickly and securely.

• File your business name
  File a Certificate of Assumed Name with your Secretary of State. Once approved, provide copies to:

  • Your local county clerk’s office

  • Your lawyer (for records)

• 💲 Fees may be around $20.
  
  

Understanding Liability

If you put multiple businesses under one entity, they all share liability. For example, if one company under your umbrella is sued, all of them are affected. Think of it like a marriage: everything is connected.

💡 Tip: You can always separate businesses later if things grow or get too busy.

Saving Money on Setup

By keeping everything under one umbrella company (as a sole proprietor), you can avoid:

• $600 LLC setup fees

• $175 annual filing fee

• $15 annual state filing fee

You’ll still need to keep separate books for each business, even if you use one bank account. Always check with a CPA to ensure proper tax filing.

Name Registration & Updates

• Your name registration lasts 5 years from the filing date.

• You must renew within 6 months before expiration.

• If you move, file an address change with the Secretary of State (fees may apply).
  
  

Customer Loyalty Programs

Once your business is up and running, you may want to build customer loyalty. Services like Spendgo can help set up affordable and customizable loyalty programs.

✅ With these steps, you’ll have a clear roadmap to get your business off the ground while saving money, staying compliant, and planning for future growth