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Discussion Starter #1
Hi,
I am FINALLY official! I just got my EIN as a sole proprietor, and now I just need to get my reseller's permit. Do I also need to get a state tax ID??
Thanks!
EV
 

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Your state tax ID is your reseller's permit. Should be all you need.
 

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NP and good luck in your business.
 

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check with your town/city. you may also need a local business license.

Also get a separate business checking account. You do not want to bounce a mortgage payment because some did a chargeback and your merchant account took all your rent money from your persona account.

Also check with your local bank for overdraft policies for individuals with multiple accounts. I have heard of folks getting their business account drained when they have an overdraft in a different account....especially when you also have your mortgage with the same bank.

Get friendly with the state sales tax people. You will need to file separate state sales tax returns at least monthly. We maintain a savings and checking account for the business. We transfer the tax amount from checking to savings daily so there is no suprise at the end of the month. You will have to be disciplined to not mix that money in with yours.
 

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Discussion Starter #7
thanks for all the info!! i am constantly so confused by this stuff! but I shall try to work it all out!!
 

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Also, you might try hashing through a business plan... Attached is a handy business plan template that gives instructions as for what to put in each field... It will at least make you think about your future and get some new ideas for success.
 

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