Online Resources

Steps to Setup Your Business Right Now

  1. Get an EIN from the US IRS (click here)
    1. This is free, fast, and done online so you get your EIN right when you submit your info
    2. An EIN is like a SSN for a business
    3. You need an EIN to open an account that is owned by your business (it is critical to separate business from personal finances)
    4. You will be asked for the type of entity (Sole Proprietor, LLC, LLP, S-Corp, etc)
      1. This site helps with this determination based on answers you give
      2. Note: There are levels of LLC's
        • Disregarded (I recommend this to start with)
        • S-Corp
        • C-Corp
        • Important!  You can easily switch from Disregarded to S-Corp to C-Corp, but it is very difficult to go backwards (e.g. going from C-Corp to S-Corp is nearly impossible); so, starting with disregarded is safe until you find legal or tax reasons to become another type of entity
      3. Speak with a knowledge accountant and or lawyer for the best advice (I recommend networking to get some free advice on this)
  2. File your Certificate, or Articles, of Registration (depends on your entity type: LLC, LLP, S-Corp, etc)
    1. This is managed at the state level (click here for Virginia's entity forms and fees)
    2. Decide on the state in which you want to incorporate
      • I recommend the state in which you live - you can change later
    3. Cost ranges from $75 to $150 depending on the state
    4. Just Google for your state and key words like "business entity", "forms", and "registration"
  3. Depending on where you do business you may need to file for a business license
    1. You are usually exempt if you have no sales
    2. For a license to do business in Albemarle County click here
  4. Open a bank account with your EIN and Certificate of Organization
  5. Get your partnership agreements in order, signed and filed
  6. Register your trademark(s) or patent(s) (click here to get this done now)
    1. You can do this yourself with some reading
    2. Just go to the US Patent and Trademark Office (USPTO.gov) or follow the link above
    3. According to USPTO you are not required to register a trademark because "you can establish rights in a mark based on legitimate use of the mark."  However, a trademark does have benefits.
  7. Use the resources below for more info specific to your new venture
  8. Good luck!

Entrepreneurial Resources

Entrepreneurial and Venture Capital Resources

Venture Capital Resources
    

EVC Sponsors

Batten Institute at Darden

Charlottesville Venture Group

 Become an EVC Sponsor

Upcoming Events

Event StartTitle 
(UTC -05:00) Eastern Time (US & Canada)