Question by Rowena S: What are all the steps involved in starting your own online business?
I currently have my own website and I have a bunch of stuff I want to include in the store. I am also aware of the tools I need to actually get the business on the internet, however, I am unsure if I need to make the business “official” since it will be online only. Like do I need to get a federal identification number? Do I have to become a type of company ie., corporation, LLC etc. Do I need to get some kind of special license? Do I need to write a business plan? Can I still go to a bank for a business loan? If so, what type of information should I bring or have in place before I go?
Answer by emmettgolf
You need to get an FIN and collect sales taxes fot sales in the state you reside in. You can choose to incorporate or not. If not, you have to get a business license and regeister as a DBA (doing business as) company.
You can go to a bank for a loan. You should have a pretty good plan put together first.
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