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I have been getting asked by friends for information on how to setup their own business. I think in these hard times getting a business going can be a very appealing alternative to finding another job.
While I was doing the research I figured I'd just publish here for everyone to reference.
This generally applies to starting a business in Oregon, because that is where I am located.
First go to the State of Oregon and fill out the
Assumed Business Name (ABN) new registration form.
I assume you will be just starting a business for yourself, nothing too complicated.
You can fill out online or print and mail in. It costs you $50.00 currently.
You should receive in the mail in a few days or if you do online it should be quicker. You will then have a
State of Oregon Business Registry Number.
You will then take this State of Oregon Business Registry Number and go register for an
Employer Identification Number (EIN) from the Internal Revenue Service (IRS).
You can do this online or print and mail in as well. Then you will receive the equivalent of a Social Security Number for your business.
With an
State of Oregon Business Registry Number and
Employer Identification Number (EIN) you now have a basic business entity.
You can now go to the bank with both these forms / numbers and get a business bank account.
With a business entity and bank account you can now conduct business under your assumed business name. You can receive checks and other payments for business.
There are a lot of other things you can do now that you have a business. I recommend keeping track of your money with
Quickbooks Online as your first step.
More to come later....
