Starting Your Own Land Surveying Business: Chapter 2

Posted on by KUMBIRAI MATINGO

This is a continuation of the Starting your Own Land Surveying Business series from the previous chapter 1.

STEP 2: Form a legal entity

Establishing a legal business entity such Cheap Rcj Jordan Outlet - jordan why not zer0 2 gs jordan perf bball - Jordan 1 Mid Turf Orange GS as an LLC prevents you from being personally liable if your land surveying business is sued. There are many air jordan 1 high skyline business structures to choose from including: Corporations, LLC’s, and DBA’s.

You should also consider using a registered agent service to help protect your privacy and stay compliant.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It’s really easy and free!

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.

Additionally, learning how to build business credit can help you get credit cards and other financing in your business’s name (instead of yours), better interest rates, higher lines of credit, and more.

Open a business bank account

  • This separates your personal assets from your company’s assets, which is necessary for personal asset protection.
  • It also makes accounting and tax filing easier.

Get a business credit card

  • This helps you separate personal and business expenses by putting your business’ expenses all in one place.
  • It also builds your company’s credit history, which can be useful to raise money and investment later on.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.