Sunday, January 16, 2011

Opening the Business

Before we start looking for a location, we will have to get all our permits in place. So first things first... I went to the bank and got a business account. In order to get a business account, I had to register my business with the state of Oregon. Anyone can do it online http://www.filinginoregon.com/ it only takes a few minutes, and it costs $100. After that, you have to register an employer account with IRS, for tax purposes.
My banker explained to me the difference between a corporation and an LLC, although I don't quite get it... I did understand that by being either of those, as opposed to an individual, you avoid being sued as an individual, keeping your finances separate. Corporations have almost the same rights as a human being, but not as much responsibilities, I guess I can take advantage of that ;-)

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