Set Up A Business for a FinishFirst License
1 - Choose a structure for your business
The business structure you choose influences everything from day-to-day operations, to taxes and how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. Your business structure affects how much you pay in taxes, the paperwork you need to file, and your personal liability. You'll need to choose a business structure before you register your business with your state.
For More Information Visit: SBA Guide to Choosing Business Structure
2 - Choose a structure for your business
You can find the right business name with creativity and a little research. You’ll want to choose a business name that reflects your brand identity and doesn’t clash with the types of goods and services you offer. Once you’ve picked your name, you should protect it by registering it with the right agencies.
3 - Register your business
Register your business to make it a distinct legal entity. How and where you need to register depends on your business structure and business location. Your location and business structure determine how you’ll need to register your business. Determine those factors first, and registration becomes very straightforward.
For More Information Visit: SBA Guide to Choosing Business Structure
NOTE: FinishFirst requires a business license before approving all Licenses.
4 - Get your business federal and state tax ID numbers
Your state tax ID and federal tax ID numbers — also known as an Employer Identification Number (EIN) — works like a personal social security number, but for your business. They let your small business pay state and federal taxes.
Federal visit Apply for an EIN with the IRS assistance tool which will guide you through the questions. Your nine-digit federal tax ID becomes available immediately upon verification.
State Visit your state's website to identify whether you need to get a state tax ID number(s) for state taxes.
Appendix A provides links to all 50 state Secretary of State websites, a good place to start investigating your states requirements.
NOTE: FinishFirst requires a U.S. Federal Tax ID Number before approving all Licenses.
5 - Open a bank account for your business
Before you can start accepting (or spending) money as your business, you should open a business bank account. A business bank account helps you stay legally compliant and protected. You will need your business license before you set up your bank account.
NOTE: FinishFirst requires a business checking account before approving all Technicians.
6 - Get the proper insurance for your business
As an Independent Business, Licensees must carry the appropriate insurance(s.) Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance. Business insurance can fill in the gaps to make sure both your personal assets and your business assets are fully protected from unexpected catastrophes.
NOTE: FinishFirst requires business liability insurance before approving all Licenses.
7 - Submit your documents to FinishFirst
As Independent Businesses, Licensees must maintain current copies of all business documents including registrations, business licenses, insurance(s), etc. and supply them to dealerships and national accounts in order to work on the lots. FinishFirst Licensees are required to submit copies of these documents to FinishFirst Customer Services who will maintain these documents in electronic format for submission to customers upon request. These services help keep licensees up to date without needing to submit copies to each customer every time they need it and every time something is updated, FinishFirst sends them for you!