Back in May I had shared with you all about building my dream and while researching business ideas. Well today I officially filled the legal documents needed through LegalZoom and registered my business. It has been a long time coming but it has been worth it. A lot of people will say that you should first try things out first and then make it legal to save on money if it doesn’t work out.
I did not want to put myself in that position. What I wanted to do was make a commitment that I was going to do whatever it takes to make this business successful. I wanted to “burn my boats” as you would put it (see video below). Now is the waiting game until everything gets filled with the state to become official which should be around the end of of July.
The total cost for me setting up my business was $804 with a bulk of it being the state filing fee of $500. I had research many different options on setting up as an LLC, S corp, C corp and had decided that an LLC was the best option for now. The best part about all of this is the costs for setting up the business is tax deductible.
I chose to do the economy package because it was almost $300 cheaper to do so. It says that it can take up to a month doing it the way I had done it compared to an express option which takes just a few days. I decided I’ve waited this long what is another few weeks to save quite a bit of money which I can use towards my business.
So what are my next steps once everything is finalized with the state?
- Register a trademark for the business
- Open a business checking account
- Open a business credit card
I can’t wait to share with you all my journey on getting this started as I will try to go in detail every step of the way throughout my process.