Entrepreneurship & Venture Capital Club

Online Resources

Steps to Setup Your Business Right Now

  • Get an EIN from the US IRS (click here)
    • This is free, fast, and done online so you get your EIN right when you submit your info
    • An EIN is like a SSN for a business
    • You need an EIN to open an account that is owned by your business (it is critical to separate business from personal finances)
    • You will be asked for the type of entity (Sole Proprietor, LLC, LLP, S-Corp, etc)
      • This site helps with this determination based on answers you give
      • Note: There are levels of LLC's
        • Disregarded (I recommend this to start with)
        • S-Corp
        • C-Corp
        • Important!  You can easily switch from Disregarded to S-Corp to C-Corp, but it is very difficult to go backwards (e.g. going from C-Corp to S-Corp is nearly impossible); so, starting with disregarded is safe until you find legal or tax reasons to become another type of entity
      • Speak with a knowledge accountant and or lawyer for the best advice (I recommend networking to get some free advice on this)
  • File your Certificate, or Articles, of Registration (depends on your entity type: LLC, LLP, S-Corp, etc)
    • This is managed at the state level (click here for Virginia's entity forms and fees)
    • Decide on the state in which you want to incorporate
      • I recommend the state in which you live - you can change later
    • Cost ranges from $75 to $150 depending on the state
    • Just Google for your state and key words like "business entity", "forms", and "registration"
  • Depending on where you do business you may need to file for a business license
    • You are usually exempt if you have no sales
    • For a license to do business in Albemarle County click here
  • Open a bank account with your EIN and Certificate of Organization
  • Get your partnership agreements in order, signed and filed
  • Register your trademark(s) or patent(s) (click here to get this done now)
    • You can do this yourself with some reading
    • Just go to the US Patent and Trademark Office (USPTO.gov) or follow the link above
    • According to USPTO you are not required to register a trademark because "you can establish rights in a mark based on legitimate use of the mark."  However, a trademark does have benefits.
  • Use the resources below for more info specific to your new venture

Good luck!

 Entrepreneurial Resources

 Entrepreneurial and Venture Capital Resources

 Venture Capital Resources 

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