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Discussion in 'Finance, Investing & Economy' started by speedcake, Sep 30, 2005.
dammit, you gettin' my pm's?
Work is beginning on the website. Hoorah! Now if that pesky Dammit! would show up I can get incorporated...where is he....
I should start a blog
I was gone for a while, but back now.
Good luck to Speedcake. Keep everyone updated.
will do. I'm filling out the LLC paperwork tonight.
Heh heh, got delayed with the LLC paperwork. But Just filed and paid online. Didn't realize I could do that. But anyways, one step closer I guess.
Way to go. In which state?
Not to be too intrusive but I know that it takes alot less time to get things going in DE than in NY or NJ.
And no problem at all, I'm filing in Florida. It should only take 24 to 48 hours for the paperwork to be processed. I was suprised by that, but I'll post updates as to how long it actually takes.
Here is the site if you are going to start a business in Florida:
I've also apparently got to file form SS-4 with the IRS. hooray.
Next up, bank account, merchant account and accounts with distributors.
I'm surprised you were able to get it registered without an EIN.
The email I got after filing the paperwork says this about it:
"A limited liability company annual report/uniform business report
will be due this office between January 1 and May 1 of the year
following the calendar year of the file/effective date. A Federal
Employer Identification (FEI) number will be required before
this report can be filed. Please apply NOW with the Internal
Revenue Service by calling 1-800-829-3676 and requesting form
So that's what I'm doing now. But there was nothing about needing it before setting up the LLC.
I need cash. Ain't that a b!tch.
Operational Cash? I'm pretty sure that once you've got a bank account, you can get a couple of credit cards. AMEX's Open card is really easy to secure and they are wonderful towards business owners
Yeah, operational cash. I'm waiting on about 15,000 from one source for startup, but I won't likely have much of that left over after launch. The big expense I'll need cash for after startup is marketing. I'll be expanding inventory only gradually to start with, at least until I reach a point where it would make sense to make a large investment in expansion. And my other monthly fixed costs will be more bearable since I'll be operating out of a spare bedroom for the time being.
I'll look into that amex card, thanks for the tip.
And I'm currently considering Bank of America for the biz account. Anyone have any experience with them? Or do you have a suggestion for a good bank to deal with?
I hate BOA with the fire of 1000 suns, but I am sure that they do much better for businesses than individuals. I'd assume all the major nations are the same
My company has an account with Commerce Bank, which is kind of a mom and pop startup bank chain in NJ, DE, PA and NY. We were able to get a no fee business accout and the only requirement is that you maintain a balance of 1k.
To me they seemed to be the most responsive and community involved that i could find.
Hmm, would they deal with a Florida based business? another advantage of the big bank though is their e-commerce solution.
Maybe, but it's probably not worth it for you. It's nice to be able to talk to someone in person
Definately. What do you know about loans from SBA? I don't want to deal with it unless I really need to and if it would be to my advantage. I'll probably have a better shot at a good loan once I've been up and running for a while and can show some results. But then again I don't know much.
Haven't had to get one, so not so much.
That's ok. I'll talk to someone there and get some information. I think it'll be a while before I'm in a position to need a loan, for the right reasons. Hopefully I don't get into trouble and need one for the wrong reasons.
Hey Speedcake, don't stall on getting that EIN number since I'm pretty sure you'll need it to open an account in the corp name.
oh. Alrighty then, thanks for the heads up.
I now have my EIN. Was able to get it on the phone. Mailing it would have taken 4 to 6 weeks, whew!
Is there any reason why opening a bank account should be a problem if I'm not physically present in the U.S. at this moment? I screwed up, apparently, and told the BOA rep on the phone today that I'm in Oslo, but will be returning to the states this summer. He said that it would be a problem.
Should I have just not told him that and given him my Florida address, pretending to be there? If so, I'll call back and go that route. I got the feeling after I hung up that they just don't want to pay to have paperwork sent over seas. Buttholes. As long as I don't have to personally go into the bank, it should be good. If I am required to be present at any point then great, I'm scrooged.
I really need a damn bank account, pronto tonto. Anyone got any advice?
I just secured my startup capital. Hoorah!
Still no bank account though.
Wow! how did you do that without a bank account?
Private source. I'm a lucky dude.