Ok, so we have the tax-id. We figured out how to price our handmade items.
Do you have a business name?
Is it your name? Is your name common? Does your idea of a business name fit what you are selling? This is quite important to know how to choose a business name. If you have a thought, of something unique, register it with your state so it’s yours. No one else can use it. For example, Smith’s Infusion. My married last name is Smith. Folks would always ask why Smith’s Infusion? At the time we were just a retail store that sold handmade items made in Minnesota mixed with vintage finds and furniture. We were an infusion of different kinds and types of art. My brick-and-mortar closed in 2019. A lot of people where I live know what Smith’s Infusion is.
What happens when you have a common name?
I have a very common name. So, I could use my name but it’s hard if you want something one-of-a-kind. I think of words that are related to what I do, and then I type them into thesaurus.com so then I can find something that might go with something else. Example: Budget Boosting Mom, it took a while to find that and when I did I immediately reserved the domain name so until I had time to do something with it, it was mine. Budget Boosting Mom is intended to be a blog, not a business so I didn’t register it with the state. I registered it with the state so I could accept checks made out to Smith’s Infusion.
How to Register Your Assumed Name
If you are in Minnesota you fill out an Assumed Name form online, in person, or through the mail. If you are in Minnesota you can check with the Secretary of State to see if your name is available. You can check that out here. Once your Certificate of Assumed Name is approved and sealed and sent back to you, you have to have a legal filing in a legal newspaper. If you’re not in Minnesota, reach out to your Secretary of State’s website. Once your ads appear in the legal newspaper, the state of Minnesota will send you an affidavit confirming this. Then you’re good to go. You can take your Certificate to the bank and open a business checking account. This is for a sole proprietor, and you will need a copy of your driver’s license and your social security card. Then you’re in business. If you immediately made your business an LLC you will need to obtain a Federal EIN number, which you get from the IRS. You will still need the other documents already mentioned, in addition to a copy of your EIN letter with your number.