I field questions all day on a number topics. I have compiled a list of resources to help my clients find things that normally elude them.
Many businesses are simple sole-proprietorships, and all you have to do is get a business license and an EIN. However, if you plan to form a seperate entity (partnership, corp, or LLC) it is important to do it right the first time. Bowen Accounting offers a reasonbly priced service to setup a business entity on your behalf and act as your agent of service. We will help you put together your 'articles of incorporation', and/or 'operating agreement', and file all of the required documents with the Secretary of State, and maintain your corporate records for you.
Operating as a sole-proprietor or as a seperate entity both have important tax implications. Even if you decide to create the entity on your own, you should still speak with a financial and tax advisor about the tax implications of your new business.
If you want to learn more about how to create a business entity please take a look at the Secretary of State's Business Entity page. You can check to see if names are available, download forms, and see the process involved in starting a business entity.
File online to get an employer identification number (EIN) with the IRS This service is only available from 6:30am to midnight on most days. Note: When filling out the application, even if you are using a fictitious name you are still considered a 'Sole Proprietor' unless you have formed a corp or an LLC. Fill out the application using your personal information. You should be given an option later in the process to put in your fictitious name.
File to get a fictitious business name (FBN) in Bakersfield, CA at the County of Kern, County Clerk's Office. Here is the link to the County Clerk's FBN page with information on fees, forms, and links to search the database for which names are currently in use. Note: There are additional requirements to do get a FBN, namely publishing the name in a paper. There will be information at the clerks office as to how and where to do this. Also, you want to get your FBN before you get your business license if you want it to be under the fictitious name.
Click here to see the City of Bakersfield PDF for filing for a Business Tax Certificate, also known as a business license. If you plan to operate as a sole proprietor with no fictitious name then this is very easy to get.
Getting a separate bank account for your business is very helpful for tax purposes. If you intend to accept checks written in the name of your business then you must a get a business account. Most banks will require this to be a separate account. You will need to present all of the documents above to the bank to open the account. The bank may also require additional documentation. The best way to setup an account is to simply walk in and speak with a new account representative. They will guide you through the process.
Owning real estate is an very important part of any long-term investment strategy. Whether it is buying a personal home, which you intend to sell or rent later, to purchasing an apartment complex to generate cash flow, real estate investments are more complicated than many would have you believe.
I have done an analysis of real estate investments using cash vs. financing to help relatively new investors understand the advantages and drawbacks of both. If you are interested in long-term real estate investing please take the time to read the analysis and view the attached spreadsheets.
Long-Term Real Estate Investment Analysis
I have always thought that it is important in life to continue to learn even when you are done with school. All of the following are books that have had a major impact on my life and financial viewpoints.
There are of course many more books that I would like to recommend to anyone that cares, but these are specifically personal finance and viewpoint related.
There is much more to come on this page shortly. If there is a specific topic you would like me to address here please email me Richard Bowen, CPA