The Business Startup Guide

Discussion in 'Finance, Investing & Economy' started by speedcake, Sep 30, 2005.

  1. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    dammit, you gettin' my pm's?
     
  2. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    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
     
  3. Dammit!

    Dammit! Member

    Apr 14, 2004
    Mickey Mouse Land

    I was gone for a while, but back now.

    Good luck to Speedcake. Keep everyone updated.
     
  4. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    will do. I'm filling out the LLC paperwork tonight.
     
  5. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    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.
     
  6. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    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.
     
  7. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    Thanks. :)

    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:

    http://www.sunbiz.org/index.html

    I've also apparently got to file form SS-4 with the IRS. hooray.

    Next up, bank account, merchant account and accounts with distributors.
     
  8. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    I'm surprised you were able to get it registered without an EIN.
     
  9. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    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
    SS-4."

    So that's what I'm doing now. But there was nothing about needing it before setting up the LLC.
     
  10. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    I need cash. Ain't that a b!tch.
     
  11. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    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
     
  12. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    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?
     
  13. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    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.
     
  14. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States

    Hmm, would they deal with a Florida based business? another advantage of the big bank though is their e-commerce solution.
     
  15. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Maybe, but it's probably not worth it for you. It's nice to be able to talk to someone in person
     
  16. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    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. :)
     
  17. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Haven't had to get one, so not so much.

    Sorry.
     
  18. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    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. :D
     
  19. Dammit!

    Dammit! Member

    Apr 14, 2004
    Mickey Mouse Land
    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.
     
  20. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    oh. Alrighty then, thanks for the heads up.
     
  21. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    I now have my EIN. Was able to get it on the phone. Mailing it would have taken 4 to 6 weeks, whew!
     
  22. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    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?
     
  23. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States
    I just secured my startup capital. Hoorah!


    Still no bank account though. :(
     
  24. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Wow! how did you do that without a bank account?
     
  25. speedcake

    speedcake Member

    Dec 2, 1999
    Tampa
    Club:
    FC Tampa Bay Rowdies
    Nat'l Team:
    United States

    Private source. I'm a lucky dude.
     

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