Wanting to start new business, need advice.

[TheArtist]

   Its been about 20 years since I started my first business and I have forgotten what the steps were to starting another one lol.

   I remember going to an attourney and choosing the type of corporation I wanted, creating and buying stock for the company, etc.  Also vaguely remember going somewhere and registering with the state and paying for an "official seal". 

So need advice on...

   An attourney?
   Where to go to register with the state?
   How do I get a tax ID number?
   Which step do I do first?
   Do I open a checking account before or after these things?

The business will be selling artwork/decor online, and at art and craft shows etc, and hopefully, eventually a brick and mortar shop.

   Thanks for any assistance! 

[OpenYourEyesTulsa]

I have done this before and did it on my own but if you feel more comfortable and can afford it, you can use an attourney. 

Here is the form:  https://www.sos.ok.gov/forms/FM0001.PDF

You can fill it out yourself and mail it in for only $50.  I had some attorneys try to get me to pay them $500 to fill this out and turn it in.  The only difference was that they said it would get done a little faster.

You also need to get a sales tax permit.  You must show them some kind on inventory you have to sell.  Here is where you go for that: http://www.tax.ok.gov/busregonline.html

I didn't open a checking account until the steps above were completed.

[Conan71]

It's been about 10 years for me, but I also filed a certificate of fictitious name at the Tulsa County Courthouse.

i.e.: "William Franklin dba 'William The Artist'"

I don't remember the reasoning behind doing that, I do know I did not open a business checking account until after that step was complete.  I was organized as an LLC.

[custosnox]

It's been about 10 years for me, but I also filed a certificate of fictitious name at the Tulsa County Courthouse.

i.e.: "William Franklin dba 'William The Artist'"

I don't remember the reasoning behind doing that, I do know I did not open a business checking account until after that step was complete.  I was organized as an LLC.

I had looked into opening a business account at one point, and they wanted me to file for a fictitous name first.  I think this is if you don't incorperate or file set up an LLC first, but not completely sure there.

[Breadburner]

You need to Incorporate......

[TheArtist]

I have done this before and did it on my own but if you feel more comfortable and can afford it, you can use an attourney. 

Here is the form:  https://www.sos.ok.gov/forms/FM0001.PDF

You can fill it out yourself and mail it in for only $50.  I had some attorneys try to get me to pay them $500 to fill this out and turn it in.  The only difference was that they said it would get done a little faster.

You also need to get a sales tax permit.  You must show them some kind on inventory you have to sell.  Here is where you go for that: http://www.tax.ok.gov/busregonline.html

I didn't open a checking account until the steps above were completed.

Thank you very much.

  One question... what does question #4 on the pdf form mean?   ( The purpose or purposes for which the corporation is formed are:   )   Cause the gov. told me too?  To keep my arse from being sued?  So's I can sell stuff?

[TheArtist]

  Never mind, found it in the notes above.

[OpenYourEyesTulsa]

I was not required to file the dba but I thought about changing the company name once and found that it was much easier to add a dba with the new name than to change the corporation name.

[guido911]

  Never mind, found it in the notes above.

While incorporating one's self is easy, you really need to think about what you are trying to do and what corporation form is best to achieve your goal. Also, in order to open a business account, some (if not most) require a copy of your certificate of incorporation/articles of organization, operating agreement, and tax id number. I set up both my and my wife's llcs, and the corresponding bank accounts, in the past several years and there is more than just filling out a form and sending it and a check to the Secretary of State.

[Conan71]

How hard was it to set up those accounts in the Caymans, Greedo?

[guido911]

How hard was it to set up those accounts in the Caymans, Greedo?

That was a gutbuster. lol.

[stageidea]

You might consider an S Corp status before the laws change later this year..  Could save you some money on taxes.  I would suggest finding a great CPA. 

[guido911]

If you want some thoughts, PM me.

[Hawkins]

From my experience a good accountant is worth way more than an attorney for your small business.

Once you have your tax ID number and have incorporated, you'll be getting some mail from the Oklahoma Tax Commission soon.

[TheArtist]

     Basically I want to create a business selling prints of my deco artwork, other local artists art deco artwork, mixed in with contemporary decor, home and kitchern goods (Frankoma Pottery for instance has a lot of deco influence, was started in that era) and furnishings.  Kind of like a Z Gallery but with a local and art deco slant.

    Will start small selling things online, at craft shows, the flea market, DECOPOLIS events etc.  Once I have a decent amount of "product" built up will then hopefully be able to have a brick and mortar shop.  The aim is for it to be one of the "for profit" businesses that will be part of the DECOPOLIS and raise money for the Tulsa Art Deco Museum.  A percentage of all the sales will go to the museum and its creation.

   Based on that,,, what type of Corporation should I start with? lol