What you need to know to make your flower business official (SFFF19)
(The Six Figure Flower Farming Podcast, Episode #19)
Episode Summary:
In this episode, Jenny discusses the steps to make a flower farm business official in the eyes of the government and regulatory agencies. She emphasizes that every state has different requirements and encourages listeners to do their own research. Jenny covers topics such as choosing a business name, deciding on a business structure, registering for an EIN number, opening a business bank account, and registering for sales tax. She also mentions the importance of insurance, hiring a CPA or lawyer, and keeping track of finances.
Key Takeaways:
Every state has different requirements for making a flower farm business official, so it's important to do your own research.
Consider choosing a unique business name and checking its availability in your state.
Decide on a business structure that suits your needs and consult with a lawyer or accountant for advice.
Register for an EIN number with the IRS to identify your business entity.
Open a separate business bank account to keep personal and business finances separate.
Check if you need to register for sales tax and comply with local government regulations.
Consider getting insurance, hiring a CPA or lawyer, and keeping track of your finances.
Jenny offers a free Business Foundations course for more detailed information on starting a flower farm business.
Chapters of Interest:
00:00 Introduction: Making Your Flower Farm Business Official
02:31 Choosing a Business Name and Checking Availability
04:22 Deciding on a Business Structure
06:54 Registering for an EIN Number with the IRS
08:38 Opening a Business Bank Account
11:05 Understanding Sales Tax and Compliance
13:28 Insurance, CPA, and Lawyer: Important Considerations
15:49 Keeping Track of Finances and Hiring Professionals
18:52 Free Business Foundations Course: In-Depth Information
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