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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 12691
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Wondering how to open a small business account and what

Customer Question

Hi wondering how to open a small business account and what would be the smartest way to open it
JA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.
Customer: We are spiritual business coaches and my husband is a rabbi and this is the first time we are going out on our own
JA: Is there anything else important you think the Expert should know?
Customer: we are currently transitioning out of a non profit organization that we worked with and going into our own business
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

Hi. My name's Lane. I can help here.

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You may want to look at setting up an LLC for your business. Although many recommend S-Corps as a knee jerk reaction, the administrative overhead and lack of flexibility is typically more costly and restrictive, respectively, that what' needed early on.

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Going here:https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online and getting an EIN (the tax ID for your business) along with setting up the LLC with your secretary of state (typically a $50 to $150 fee) not only sets the stage for the providing the corporatie liability protection of the LLC, but gives you what most banks need for a business account;

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A tax ID for the business, and

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Article of organization for your business entity.

Expert:  Lane replied 1 year ago.

If you'd like to give me your state, I can sho you the site where you can file the LLC (or other corporate registration) with your secretary of state.

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Please let me know if you have any questions at all, before rating me.

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And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be appreciated!

Otherwise I receive no compensation for the work.

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Thank you,

Lane

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, a Masters Degree, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986