Starting a business is exciting, but be sure you do your homework so you are set up for success. First, investigate local rules for starting up a business. Every area has different requirements. Then:
• Register with the IRS for an employee identification number.
• Open a business bank account. Don’t ever co-mingle business and personal funds.
• Draft a buy-sell agreement to sort out future ownership.
• Write everything down. Handshakes are nice, but written agreements are the only real guarantee for contracts and business deals.
• Consider working with an attorney to make sure you are doing everything required by law.