A Minisode: How to Register a LLC
Do you run a small business, or have dreams to start one? Each week on The Tidbit, brought to you by Cureate, we discuss tidbits of knowledge around starting and running a small business with a food and beverage lens. Show host Kim Bryden sits down with guest experts and shares trending new topics on food, business and culture to help best prepare you for your business journey.
On this Minisode: what are parts of the process to consider when registering a LLC (Limited Liability Company) in Washington DC.
EPISODE 15: HOW TO REGISTER A LLC
“Help Starting a Small Business in DC” - Prince of Petworth
"Is an LLC the Best Fit For Your Small Business?" - Charles Myrick CPA
Employer Identification Number (EIN) from the IRS (Internal Revenue Service)
Protip #1: do thorough research on your business name. Is there potential that you are infringing on someone else’s trademark? Does someone already own the URL that you want? Have the social media handles you need? Do your research.
corponline.dcra.dc.gov — Register, and scroll down to Domestic, Limited Liability Corporation. Fill out the necessary information.
Go back to OTR and register on DC’s Tax Portal: MyTax.DC.gov
Protip #2: get an accountant that not only can help you during tax season, but also will create a financial forecast with you to make estimated quarterly payments. No one is paying into the system on your behalf anymore. You will make quarterly payments to both Federal (the IRS) and DC.
In the District, you also need a Basic Business License. A Basic Business License is a document issued from the DCRA's Business Licensing Division and is required for such business activities as the operation of restaurants, convenience/retail stores, consulting firms, home improvement businesses, and many more.
You’ll need to fill out the Basic Business License forms found at business.dc.gov, and have your business and tax registration handy. Additionally, you’ll need to have the certificate of occupancy for your location OR if you work from home, you need to apply for a Home Occupancy Permit.
Protip #3: These licenses will run ~$500 so be prepared for that upfront expense!
There are other aspects to this process to consider based on the type of business you are opening, but these are high-level steps you will need to work through.
The Department of Small and Local Business Development (DSLBD) has enlisted our team at Cureate to create an online portal with features to help address your business’ needs.
DSLBD is committed to helping local businesses operate and grow in the District of Columbia — whether it’s through marketing your business, creating connections with your peers, or obtaining financing to grow.
We would love your feedback to help us find ways to demystify regulatory processes and minimize challenges for DC businesses and entrepreneurs. If you have a moment, please take a brief survey we’ve put together to let us know what you need as a business and how DC Government can better serve you — http://bit.ly/ToolkitBiz
STAY IN THE KNOW
- Subscribe to The Tidbit newsletter: http://cureateconnect.com (link in footer)
- Follow our show notes here at http://cureate.co/blog