3 articles Articles posted in Business

What is a Limited Liability Company Tax ID

Limited liability companies are a great way to start your business, especially when you are starting off small as it is the least complex in comparison of the other business structures. However, even as a small company or a company of one, yourself, you still need to get a limited liability company tax ID.

Difference Maker

There is a big difference between limited liability companies and all of the other business structures when it comes to taxes, but the primary difference being that LLC is a business structure created at the state level which means the federal government does not recognize a limited liability company in its own tax classification. Although your LLC tax ID number will come from the IRS, in their eyes you will always be classified as either a corporation or a partnership depending on the specifics and membership of your LLC.

Advantages 

There are many advantages to creating a limited liability company. Some of those are:

  • As owner, you can report profits and losses on your personal tax returns eliminating double taxation.
  • Legal protection from business debts acquired during the life of the company.
  • Having an LLC enhances credibility with suppliers, partners, possible lenders.

The Process

After you have done your research on the steps you need to take for creating your LLC, you will be ready to get your federal tax ID number. When you utilize the services of a specialist like IRS-EIN-TAX-ID.com, they will help you to get your tax ID number, possibly, with the same day. Once you submit online, simply wait and within a few hours you will have your newly assigned tax ID confirmation from the federal government.

Getting your tax id number is important even if you have a limited liability company. It will help to establish you as the professional organization that you are.

 

How to Make a Success of Your Online Business

Having an online business, be it for selling something or some other service, can give you the flexibility of working from home, dictating your own hours, reducing the need for childcare and saving you money on commuting or additional premises. However, while is may sound like jacking your job in and going it alone is the solution to a perfect life, there are a LOT of things which can go wrong with a new business, not least of all being the lack of security.

We’ve got five tips for you which anyone thinking of starting a new business should think about before taking a leap of faith.

Know Your Niche

Knowing your niche is hugely important, especially if it’s a market which is already flooded. If you plan to start a business which is just like another, already established one, what is going to make people shop with you rather than going to the on they already know? It’s a fact that most new businesses fail within the first year, so planning ahead and making sure you really know your market is hugely important.

Build Your Audience

Online shops are NOTHING without customers. You can have the best products advertised on the sleekest website but if no-one is buying your stuff, it’s all pointless. Social media is one of the best allies that a new business can have because it allows you to build your audience and give your business a personal touch. Remain professional but personable and engaging when you speak to people and your shop will be memorable to them.

Proper marketing

As with the point about social media above, people will only shop with you if they know about your shop! Using some of your start-up budget on proper marketing from a service like Innovation Company will ensure that you spread your message as optimally as possible for your budget, with professionals who really know marketing on your side.

Good Customer Service

Anyone who does a customer facing job knows that “the customer is always right”, and although we all know that sometimes the customer is ACTUALLY a frustrating ass, dealing with people in the right way will really win you support from people. Obviously we aren’t suggesting that you allow yourself to be fleeced by chancers who are trying to get something for free, but being accomodating with your customers will go a LONG way towards making them loyal to you.

Cheapest Isn’t Always Best

When you first start a business, there’s a massive instinct that you need to undercut the competition in order to win customers, which isn’t always the case. Many people are still suspicious of the cheapest shops because they feel that they must be ‘too good to be true’ and will opt for something slightly more expensive for a sense of reassurance. Also, pricing yourself so low that your business cannot afford to continue won’t help anyone!

Do you have any tips of how to make the bets of a new business? Do leave me a comment below, I’d love to hear from you.

Best Payment Gateway for International E-Commerce

e-commerceLaunching and maintaining your own business can be a confusing and somewhat overwhelming prospect. This is perhaps especially true in today’s world, where you could be selling to someone across the world just as easily as you could someone next door. In order to take advantage of the larger market and help use it to our advantage, it is important to have the right tools at your disposal. The best payment gateway for international e-commerce, for example, is important to help all of your transactions, no matter where they originate, run smoothly. To do this, you should look into a great merchant processor that can offer you other benefits, like a free credit card machine.

Merchant Account Processor

One of the main tools at your disposal when it comes to running your international business is your merchant account processor. You need a service that can help provide your customers with a seamless purchasing experience whether they are local, or located across the globe. To do this, take your time and look for a well-established merchant account processor that understands how to provide you the services you need. They might also offer extras, like a free credit card machine, to further help make your experience a good one.

Beware the Fees

Something else to keep in mind is that you will end up paying a processing fee on every credit card payment you receive. That means that you naturally want to find the merchant account processor with the lowest credit card processing fees you can find. This will help ensure that you retain as much of your money as possible rather than losing it to simple transaction fees.

Merchant Account Solutions offers experienced and comprehensive service to all of their customers. Take a look at how they can help you!