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Requirement

One of the copies of your Fictitious Business Name Filing is for you to give to your bank. You’ll want to open an account specifically for your business. Doing your taxes is much more logical when you keep your personal and business expenses separate. Choose a smaller local bank where you can develop a relationship with the business banking officer.

Business cards are a must, but the kind of business card will depend on the business that you have. If you are promoting quality, your cards should scream quality. If your business touts a cost-saving service or product, then your card should not be embossed and shine with foil stamping (about $1 per card).

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Requirement

If you plan to have employees, you’ll need to obtain Worker’s compensation insurance. This information can be obtained through the State Compensation office.

You will also need to file with the Employment Development Department in your state for withholding insurances and taxes. I outsource my payroll to a payroll service. That way they make sure that I’m covered for all regulations, filing dates, as well as state and federal requirements. There are too many regulations to keep up with and soon it becomes obvious that you’re spending more time keeping up with them and not enough time conducting your business.

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