When starting a new home-based business, one of the first things you need to do is decide on a business name, and then register that name. Don’t skip this step: registering a business name in your province or county at initial start-up can prove to be invaluable down the road for several reasons.
For example, registering a business name allows you to open a business account at the bank. A business bank account not only lends credibility to your venture, but also allows you to keep track of your small business transactions in a more professional manner.
Also, when you register a business name you find out if any other business is using that name. You don’t want to start doing business under a name that someone else has registered, because they can force you to discontinue using that name. This can be a stressful and expensive experience, especially if you have built up a client base or reputation under that business name.
The procedure for registering your business name needs to be done in accordance with the particular business structure you choose.
For example, if you are going to run your business as a sole proprietor (the simplest form of business structure), your Social Security number will serve as your tax number and any profits or losses from your business will be included as part of your personal income tax. But if you are going to have an LLC or incorporated business, the business name registration will be done in accordance with the LLC/incorporation requirements.
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Questions.
As I am new to this paypal useage and still reading and looking to make sure the business name I am thinking of using isn’t used elsewhere I have work to be paid for meanwhile. I am told that its easier for my client to pay me through paypal but I am unsure which service to sign up for, personal, premeir or business.
What way can I set up with paypal to get paid for a job I have done? Also does paypal get profit from my income?
Thanks.
Hi Kim, I wrote a blog post answering your question about what it costs for a business to accept payments through Paypal. You can read it here: http://www.homebusinesswiz.com/2011/08/what-does-it-cost-for-a-business-to-use-paypal.html
If you are going to use Paypal for business, you probably want to have a Business Paypal account. You will find it the most efficient and flexible for your business needs. Learn how to set up a business Paypal account here: http://www.homebusinesswiz.com/2006/12/how-to-set-up-a-business-paypal-account-step-by-step-instructions.html