That means that this type of business has very little impact on your taxes when compared to starting a business using your own social security number. Since the business income is reported on a personal form 1040, it’s taxed at your personal rate rather than a corporate rate. The net income (revenue minus expenses) of the business “flows through” to be reported on the personal taxes of the owner(s). LLCĪ Limited Liability Corporation (LLC) is a simple type of business entity that can be composed of one or more people. which means you lose control over who has access to your SSN. You will be asked to share W-9s with other businesses, so they can properly report funds paid to you, and that form requires a tax ID number…. However, there are identity theft concerns with using your SSN and liability considerations, especially when you’re working with other people’s money. You could absolutely use your own Social Security Number and proceed as a sole proprietor, where you do not create a business entity. Even if a few characters or words are different, you’ll want to avoid confusing future customers.ĭecide on a business type: LLC or corporationĬreate a business entity that separates your business from your personal finances and liability. You can’t register a new business using the same name as an existing business. This will help avoid confusion with any other existing businesses and may help avoid embarrassing or confusing coincidences.Īlso, search your state government’s business register. Make sure to Google the names you are considering. com format, start there and register it right away! If you want to start your virtual bookkeeping business under the same name as your business, you’ll need a URL (a website). Your Name, CPA (if you’re actually a Certified Public Accountant).Your business name will be the first thing people see when they start their search for accountants, so it’s important to pick something that shows what you do. Are you okay with saying the name aloud when promoting your business?.Is it specific enough to describe what you do?.Is this name available as a domain? If not, will you be able to buy it or create a variation of it? Use to see if the domain name you’re interested in is available.Then start eliminating the names based on these criteria:

Brainstorm business names & write them all down on a piece of paper.

Starting a bookkeeping business