An Employer Identification Number or EIN number is important for new businesses. It helps the Internal Revenue Service or IRS to monitor businesses. Through the nine-digit unique number assigned to different business entities, also known as Federal Tax ID Number, acts like a Social Security Number, it is only meant for a business or company.
If you are planning to start up a business or will restructure your current one, you need to obtain an EIN. The first thing to do to get an EIN number is to determine whether you are eligible for one.
Here are the different types of entities:
- Sole Proprietor – This refers to a lone ownership of an unincorporated company, which is not registered with the state as a limited liability company.
- Limited Liability Company – Also called an LLC, a limited liability company is formed by filing articles of organization with the secretary of state. The owners of an LLC are called members.
- Partnership – An unincorporated organization with at least two members.
- Corporation – A person or a group who establish an identity through filing an Article of Incorporation with the state secretary’s approval.
- S Corporation – A domestic corporation that elects its status through Form 2553 to avoid double taxation
If you are part of a farmer’s cooperative, a non-profit organization, or real estate mortgage conduits, then you are eligible to apply for an EIN. Sole proprietors who employ at least one individual must get an EIN too. An estate EIN is also needed if you have created a trust or represent an estate of a deceased business owner. Once you’ve identified your entity you can easily apply for an EIN online anytime for free at https://www.irs-ein-tax-id.com/. When you send your application online during business hours, you will receive your EIN via email on the same day.
If you’re interested in starting a small business in Florida, one of the first things you need to consider is the current climate in your chosen industry. You don’t want to launch into a field that’s oversaturated while also offering a minimal demand from the public. Differentiation is key, but you should also look for indicators that there’s a strong customer base for your goods and services in a particular area. A souvenir shop will do well in parts of Florida where tourism is high, while a business focused on home repair services is best situated among residential neighborhoods.
Florida is a welcoming state for small businesses. In fact, over 99 percent of businesses in the state are classified as small businesses. This means that you’ll be in good company here, but you’ll also have a lot of competition. At the end of 2016, 18,474 small businesses shut down. Make sure your company isn’t among those to close their doors by taking care of your due diligence before you make that first sale. Planning is critical for new business owners who want to achieve long-term financial success.
From labor costs to tax laws, there’s a lot that you need to know about the area that you choose for your new business venture. Florida offers a wealth of benefits for prospective entrepreneurs. Learn more about the small business climate in the Sunshine State with this infographic. You’ll get valuable details to help you pick the perfect spot for your next venture.
How to Create a Viable Business Plan from Scratch
An idea is a fragile thing. Millions of people think up brilliant business ideas all the time, yet, few see the light of day. In fact, many would argue that the most difficult aspect of starting a business is transitioning an initial idea into a tangible business model. Fortunately, we’ll help you do just that in this post. Here’s how to create a professional business plan from scratch:
Step #1 Write Everything Down
Even individuals with eidetic memories can forget crucial details after a few hours or days. Starting a business requires a high level of organization, and would-be entrepreneurs need to stay on top of their tasks and responsibilities. As such, make it a point to put your ideas and plans in writing. Doing so will give you a strong point of reference and prevent you from overlooking critical deadlines.
Step #2 Research the Competition
The odds of coming up with a completely unique business idea in a world of over 7 billion people is fairly low. Still, many professionals have crafted successful businesses that tackle old problems in new ways. Before you start drafting any paperwork, though, make it a point to perform market research. Determine who your potential competitors will be, and identify if a profitable opportunity exists within a specific niche. If it doesn’t, then your great idea may not prove all that lucrative in practice.
Step #3 Secure Funding
Whether your company will manufacture polypropylene tubes or develop hair-care products, every business needs funding to get off the ground. Retail space, domain names, employee salaries –– these expenses will add up if you don’t budget for them beforehand. Note that there are plenty of alternative lending options available to ambitious business owners.
Step #4 Set Goals
Business owners will have a difficult time setting up a startup for success if they can’t answer two basic questions: what do they want their business to achieve, and how do they plan on making that happen? This is the crux of any sound business model, and it can take weeks or months to address these two issues. Don’t rush the process; instead, take your time to develop reasonable goals and practical means to reach them.
Step #5 Sweat the “Small” Stuff
New business owners have to power through a ton of paperwork before they can open their doors for the first time. It’s easy to dismiss these requirements to focus on “more pressing” concerns, but filing the correct documents can help you avoid massive legal trouble down the line. Get your ducks in a row now or pay for your negligence later –– the choice is yours.
The Who, What And Why Of Meeting Madness (And How To Avoid It)
The office meeting can be the newest place to hang out, or alternatively, it can be the place where much work is accomplished. Australia’s cities definitely have enough hangout spots, so your office meeting should be the one place to take care of business. The problem relates to retaining the attention of meeting members without skimping on valuable information they might need to take care of business. Most of the problems that cause a meeting to fail relate to setting the stage so that when attendees do arrive they are primed to listen to presenters.
Common problems associated with making a meeting dreary include meetings that last too long or meetings that are very tangential. Other issues that can make a meeting an unpleasant experience relate to the meeting unravelling and facilitators having little control over the room and command over the discussion. Regardless of the size of the room, by following a few simple rules your business can avoid the common woes of the modern business meeting.
Continue reading to find out how you can make your meetings go off without a hitch and avoid major meeting mishaps.
Meeting room space is prime real estate in some office buildings, and to make sure you have an appropriate place that comfortably seats attendees is another way to guarantee a successful meeting. State-of-the-art meeting rooms similar to Servcorp meeting rooms have the latest technologies that can make the meeting experience great for both presenter and attendees. Alternatively, meeting rooms that are cramped and do not have the requisite equipment can have the opposite effect.
When organising a meeting, one of the best ways to guarantee the meeting goes on without any major snags is to announce the meeting well in advance to attendees. Send reminders the week before the meeting, which clearly state the location, time, presenters, and purpose. A million things happen in the course of the business day, and for those with a packed schedule, one reminder can mean the difference between someone who makes the meeting and someone who does not.
Many meetings that are routinely held have a number of topics to be covered with little focus. As the speaker moves through the topics, attendees might or might not listen to the topics. The worst thing that can happen is that staff members begin to feel like the meetings are a waste a time, and while attending meetings is a part of the job, the goal is to create an atmosphere where attendees pay attention to the message being conveyed.
Clearly understanding the goal of the meeting can be one way to effectively guarantee that meeting attendees not only are active listeners but participate in the discussion. This is primarily because your goal, or the task you want to accomplish, will help you build the agenda. While it might seem obvious, clearly understanding what the goal is in the meeting can prevent going into a meeting with a number of topics to cover but no focus.
The purpose of the meeting, which, if well-organised, will be addressed on the agenda. Your agenda should list all of the topics covered in the discussion, and if done well, they will be centred on one theme. Leave a few minutes at the beginning so that late arrivals won’t interrupt valuable information and at the end to address questions tabled during the meeting.
Avoiding Meeting Madness
Well-coordinated meetings always have the most positive effect on attendees, and simply because they clearly address the goal and purpose of the meeting. Furthermore, this clarity reduces that amount of time simply because conversations are structured. Finally, clear directives given in a short amount of time create opportunities for active engagement.