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Business

How to Start a Business: LLC, EIN and a Business Bank Account

A real business is what lenders, payment processors and partners take seriously. The setup takes days, not months, if you go in this order.

1. Form the business with your state

An LLC is the most common choice for a small business. You file with your state's Secretary of State. State fees vary, and you usually file an annual report to stay active.

2. Get your EIN from the IRS, free

An EIN is your business's tax ID. You apply on IRS.gov and it is free. Never pay a website to get one for you.

3. Open a business bank account

Keep business money separate from personal money from day one. It protects the LLC and makes funding and taxes much easier later.

4. Pick one play and start

The Stack lays out 7 business plays, from websites to clipping to an AI agency, with what you do and which tools do the work.

Questions

Do I need an LLC to start?+

Not always, but it separates your personal assets from the business and looks more credible to lenders and clients. Ask a tax professional about your situation.

Is an EIN free?+

Yes, directly from the IRS.

What about annual reports?+

Most states require one every year. If you miss it, the state can dissolve your LLC.

Terms, refunds and disclosures