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Secrets to starting a

Home-Based

Business.

Learn the beginner steps on how you can successfully start-up

an online business with these step by step guide in the next 21

days.

Elite Xpertz

Gerryann Derby

INTRODUCTION

BUSINESS NAME

BUSINESS ADDRESS

FEIN / EIN

TAXES

TABLE OF

CONTENT

This table of content will help

you find the pages of the content

and the pages where each

chapter begins.

Each chapter will have a page

and a chapter number.

INTRODUCTION

Who is this course for? 3 sets of

people: Those who are looking to

start a home-based call center with

Arise, those who are looking to start

an online business other than Arise,

and those who are looking to be

their own boss.

There are a lot of tools out there.

However, it doesn’t give you the

right information on where to start,

where to get the information, or

what’s next. I have created an easy,

simple, step by step eBook to help

beginners.

ON TO CHAPTER ONE!

Finding a business name can be

one of the most difficult task when it

comes to starting a business.

FIRST:

• Get a .com domain name-

Customers tend to associate .com

with well establish businesses.

• Avoid Names that are too long

• Avoid Names that are hard to spell

• Make sure the name is catchy and

sounds good.

• Don't limit yourself- Choose a

name that does not identify the

business as it is, this will only limit

the growth of your business- For

example: If you would like to expand

your business in the future. You can

use the same business name. Try

using a general name.

• Get feedback from others about the

name you decide to use.

A Few Inspiring Ideas

Activity

• Get 5 people

• Get as much feedback

from your audience.

• Have at least 5-6

business names.

• Take Notes (Negative &

Positive)

Samples of Questions

• What do you think of this

business name? Does it sound

professional?

• Do you think this name would

be a good fit for a call center

or consultant etc?

• Why did you say that about

the name? Remember to write

both good and bad comments.

TIPS:

1. Do not ask the questions when everyone is

together.

2. Ask each people on different occasion or in

different rooms.

3. Eliminate 3 of the business names that receive the

most negative comments. If all of them received

good deal back. Check to see which ones are

available on godaddy.com.

4. Remember to use the tools I have provided on the

next page to help you. If you are having difficulties.

I hope you didn’t think this was just going to be an e-book where

you just read a few pages. Put the book down and forget you

ever brought it. I have provided activities, quizzes, helpful

resources and a checklist to help you understand and get you

through the beginner stages of starting your own business.

• How do you know you have the perfec

t name? You will automatically feel excite

d and you can envision it next to one of th

ose main stream businesses.

• How to know if a business name is ava

ilable? Go to godaddy.com and enter yo

ur domain name. It will let you know if the

name is taken or not.

• What if I find a domain name that I like

but it is not available? If you find a nam

e that is not available. It is best to try spel

ling it a different way. For example: Flier/f

lyer or Donut/doughnut.

• Use tools- Rhyme

zone, Dotomator and Thesaurus for (Syn

onyms)

• Make a list- Think about the pros and co

ns of each business name you have and

mark off the name that does not fit your c

riteria.

• Before you register your business, you mus

t have a business address. I know, a million qu

estions are probably running through your hea

d. You have two options as far as address. A P

O box is not accepted.

1. Physical address- You may use your home

address for your business. However, it can co

me off as unprofessional. Plus, you don’t want

anyone showing up at your door.

2. Virtual address- A virtual address is a phys

ical address attached with a mailbox that you c

an use on your business registration, business

card, website, etc. All letters are faxed to your

account. Virtual offices are inexpensive and s

ave business owners a lot of money.

You can also rent out office space and confere

nce room.

BUSINESS ADDRESS

Facts about Virtual address:

1. You may be charge a monthly

fee of $5.00- 12.99

2. You can use the address for

anything pertaining to your

business.

3. Its professional and easy for

anyone who has a home-based

business.

4. All mails are faxed to your

account you create with the

company. A fee may apply.

5. Virtual address is like physical

address, the only downsize is it

do not come with an office.

6. Some of them do have office

space you can pay for up to

certain number of hours or

days.

7. If you are looking for

something with an office

space.

8. You may want to consider

Virtual offices. These are a bit

more expensive. $60-200 per

month depending on where

you live.

9. Virtual Business address also

comes with a fax number.

10. Most virtual address

companies are shipping places.

You can also utilize that feature

if you decided to sell products.

Davincivirtual.com

Business addresses are expensive

at davinci. However, if you are

considering a virtual office. This is

the only website where I saw

reasonable prices. Every state may

be varying.

Physicaladdress.com

Ipostal.com

Business Address Websites

VIRTUAL OFFICE

Independent legal and tax

structures are separate from their

owners.

C Corp separate your personal

assets from your business debts.

There is no limit of how much

shareholders you should have.

You are taxed on corporate

profits and shareholder

dividends.

C Corps must hold annual

meetings and record meeting

minutes.

Advantages of C Corp

Limited liability to directors,

officers, shareholders, and

employees even if the owner

leaves the company.

C Corp has enhanced credibility

among suppliers and lenders.

There is unlimited growth

potential.

If the company has $10

million in assets and 500

shareholders, it is required to

the Securities Exchange Act

of 1934.

Certain tax advantages. Enjoy

tax-deductible business

expenses.

Disadvantages of C Corp

C Corp are double taxed at

the company level and as

shareholder dividends.

C Corporation is expensive to

start, there are a lot of fees

that comes with filing the

Article of incorporation.

It is also more likely to be

overseen by the government

due to complex tax rules due

to complex tax rules and the

protection provided to

owners from being

responsible for debts,

lawsuits, and other financial

obligations.

There is no deduction for

corporation losses.

C Corporation

•

1. Are c corp tax on corporate profits or personal?

_________________

2.Are there a limited number of shareholders?

_________________

3.Are c corp double taxed?

_________________

4.Are c corp expensive to start?

_________________

5. Are there any deduction on taxes for a c corps?

_________________

6. True or False: There are deductibles on corporate losses

_______________

Lesson 1

Independent legal and tax

structures are separated from

their owners.

Your personal assets are separate

from your business debts.

All profits and losses from the

company are reported on the

owner’s personal tax returns.

The shareholders are limited on

the number of share and they

must be a U.S Citizen or

residents.

S Corp must hold annual

meetings and record meeting

minutes.

Advantages of S Corp

There are Limited liability

among the directors, officers,

shareholders, and employees

S corp are not double tax which

means income is not taxed twice

Investment opportunities. The

company can attract investors

through the sale of shares of

stock.

The business continues to exist

even if the owner leaves or dies.

Taxes are only required once a

year.

Disadvantages of S Corp

Must be U.S. citizens and

permanent residents only.

S Corp cannot have no more than

100 shareholders

You must first incorporate the

business by filing Articles of

Incorporation with your desired

state.

Many states also impose ongoing

fees, such as annual report and/or

franchise tax fees.

Tax qualification obligations.

Mistakes regarding the various

filing requirements can

accidentally result in the

termination of s corp status.

Both employees and

shareholder’s payments can be

distributed as salaries or

dividends which can also be

taxed differently, which is what

leads the IRS to scrutinize that

distribution more closely.

S CORPORATION

1. Are s corp double tax?

____________________

2. True or False: S corp can have more than

100 shareholders?

_____________________

3. True or False: S Corp must first

incorporate the business by filing Articles of

Incorporation with your desired

state________________

4. Are s corp taxes documented on personal

tax? ____________

5. True or False: Most states uphold annual

fees for s corp? ___________

Lesson 2

Independent legal structures

are separated from their

owners.

LLC personal assets are

separated from business

debts.

You are taxed similarly to a

sole proprietorship (if one

owner) or a partnership (if

multiple owners).

There is no limit to the

number of owners.

You are not required to hold

annual meetings or record

minutes.

It is governed by operating

agreements.

Partners, suppliers, and

lenders may look more

favorably on your business

when you've formed an LLC.

Advantages of LLC

There is no need to file a

corporate tax return. All

profits and losses are filed on

the owner’s individual tax

returns meaning you avoid

double taxation.

Residency is not required for

LLC. Owners do not need to

be a U.S. citizens or

permanent residents.

The owners have limited

liability for business debts

and obligations.

Partners, suppliers, and

lenders may look more

favorably on your business

when you've formed an LLC.

Disadvantages of LLC

You cannot issue shares of

stock to attract investors.

LLCs can be treated

differently in different states.

Self-employment tax.

Earnings can be subject to

this kind of taxation.

Tax recognition on

appreciated assets. This could

happen if you convert an

existing business to an LLC.

One more way that extra

taxation can occur.

Limited Liability Corporation

1.True or False: LLC

are filed as a

corporation________

2.True or False: LLC

profits and losses are

filed on the owner’s

individual tax returns

meaning you avoid

double taxation.

_________

3. True or False: LLC

has no limit to the

number of owners

______________

4. True or False: LLC

must file a corporate

tax return when it

comes to _______

5. True or False: You

can issue shares of

stock on a LLC.

________________

6. True or False:

Residency does not

matter when it comes

to an

LLC_____________

Lesson 3

You have finally registered your business and you are wondering

what’s next?

What is an ein?

A EIN is known as Employer Identification Number. This

number is assigned by IRS to every business in the United States.

How can you get an ein?

You can get an EIN by going to the IRS website. All links are

provided to you below under resources.

Are FEIN/EIN the same?

EIN and FEIN are the same number. They are both worded

differently as on is call Employer Identification Number and the

other is call Federal Employer Identification Number.

How much taxes will I need to pay?

You can download the form 1040 ES from irs.gov. it usually has

a percentage of how much you think you will make and what

percentage you should make.

All IBO will need to contact their accountant to find out how muc

h taxes need to be deducted.

FEIN/ EIN

Checklist

BUSINESS NAME

MY BUSINESS NAME IS: __________________________

BUSINESS ADDRESS:

MY BUSINESS ADDRESS IS: ____________________________

____________________________

BUSINESS REGISTRATION:

MY BUSINESS IS REGISTERED AS A ____________________________ WITH

MY STATE.

FEIN:

MY IRS FEIN/ EIN IS _____________________

Answers

Lesson 1 Lesson 2 Lesson 3

No No False

Yes False True

Yes True True

No Yes False

False True False

True

BUSINESS REGISTRATION- find your state to register your biz

https://www.sba.gov/starting-business/choose-register-your-

business/register-state-

agencies?leavingSBA=http://sunbiz.org/startbus.htm

TAXES- You will receive a code in the mail 6 weeks after filing your

ein… eftps is used to pay taxes

https:// eftps.gov

EIN- use to identify your business and for filing taxes

https://www.irs.gov/businesses/small-businesses-self-

employed/apply-for-an-employer-identification-number-ein-

online

BUSINESS NAME GENERATOR

https://getsocio.com/tools/business-name-generator

VIRTUAL ADDRESS

Ipostal.com

Physicaladdress.com

VIRTUAL OFFICE

davincivirtual.com