How to Set Up a Company: Starting a Boiler Maintenance Business
A boiler maintenance business can drive profits and help you become successful. But where do you start? Here’s how to set up a company.
Are you thinking about starting your own boiler maintenance business? Then you’ll need to know how to set up a company.
Starting a business isn’t something you have to do from scratch. Lots of other people have successfully set up a company before. Why not learn from them and follow in their footsteps when it comes to starting one of your own?
In this guide, we’ll give you all the steps you need to start your own boiler maintenance company. If you’re ready to take control and become your own boss, keep reading to learn more.
How to Set Up a Company the Easy Way
Many people spend years thinking about setting up a company and never actually achieve their dreams. That’s often because they get stuck somewhere in the process.
We’re here to make things easier for you and clear up the confusion. Here are the steps to follow to get a business started without getting bogged down by the details.
1. Don’t Sweat the Name
When starting a boiler maintenance business, it’s easy to get caught up in stressing over what to call it. You want a name that will grab the attention of customers and stand out from the competition. How can you come up with the perfect name?
Instead of wasting time trying to come up with the perfect name, though, you’ll do better if you just pick a name to work with. The longer you stress about finding the right name, the less time you’ll have to make profits.
Don’t worry about your branding, uniqueness, or catchiness at this point in the game. Don’t stress about trying to find the perfect web domain or logo, either. Instead, pick a name that will work so you can get started with the administrative needs of your business.
Remember that you can use a different name for business operations than the actual company name that you publicize. It just takes a few minutes to finish a “doing business as” form.
If you want to work with a more catchy company name later, such as Oil4Wales, that form is all you need.
2. Get an Employer Identification Number (EIN)
Your EIN is the number you’ll use to do your federal taxes. It allows the government to properly identify your business.
However, you don’t need an EIN for all businesses. They’re only necessary if you’re going to hire employees, or if you’ll form a corporation, partnership, or LLC. Many people use their Social Security number as their tax numbers for business purposes.
That said, it’s better to get an EIN, even if you don’t really need one. It only takes a few minutes, is completely free, and ensures that your SSN will be private, reducing the chances of identity theft.
Make sure to use the IRS website to apply for your EIN online.
3. Register a Trade Name
If you don’t plan to do business under your own name, you might be required to register a trade name, depending on where you live. It’s a good idea to get familiar with the local rules and regulations for a business.
Registering for a trade name is typically a fast process, and you should get approved right away, most of the time.
4. Get a Business License
Your city or county will also require you to have a business license. This is also a fast process – it only takes a few minutes to fill out the form. Again, don’t use your SSN, for privacy purposes – get your license using the EIN that you signed up for.
During this process, you might need to give an estimate of your annual gross receipts. Don’t stress about getting an exact number here. Just try to give an accurate estimate as best as you can.
5. Fill Out a Business Personal-Property Form
A business gets taxed on the “personal” property it owns, just as an individual does. However, when you need to fill out this form depends on where you live. Some places don’t require this form for the first year a business opens.
If you do need to fill out this form where you live, make sure to list the items you plan to use for work, such as tools and vehicles. However, you may not need to list things that you already own.
If you buy personal property for the business during your first year, you’ll then list those items in your tax returns the next year.
6. Ask About Local Permits
The permits required for business differ in every location. To make sure you do everything by the book, you should ask an official about what permits you’ll need. They’ll be glad to tell you so you can do things right.
7. Get a Seller’s Permit
A seller’s permit or certificate of resale may be necessary for your business. This way, you can collect sales tax on the things you sell.
For a boiler maintenance company, this type of permit often won’t be needed. But if you plan to sell things to your customers, you’ll need a seller’s permit. Visit the department of taxation website for your state for details. You can generally either apply online or in the administrative office.
8. Set up a Bank Account
Personal and business finances should never mix. Keep things organized by setting up a business bank account right away.
Use your business account for any and all business transactions, and “pay” yourself by transferring money to your personal account as needed.
Ready to Get Started?
Now you know how to set up a company – and it might be even easier than you thought. These steps are fast and simple, but they’ll get you ready to start your very own boiler maintenance company. Now, all you need is the customers.
Wondering how to get those customers? We can help – check out this post for more.