Ep. #12 – Starting A Virtual Business

In this episode Marcus Mire, CPA discusses the steps to take in starting a completely virtual business and the benefits of doing so!

Setting Up an LLC and Tax ID

Here in Louisiana you can setup your articles at the GeauxBiz Secretary of State website. 

You can go to the IRS website to apply for your Tax ID number here.

Setting Up an Online Bank

With articles of incoporation and a Tax ID number you can start a bank account.

Check out an online bank like Relay Bank. You can setup your account completely online.

In minutes you can be setup with:

• A business checking account
• Bill Pay for vendors
• Virtual or physical debit cards

Getting Paid

With a bank account setup you can start accepting credit cards with Stripe.

Setup Accounting

Connect Stripe and your bank account to Xero to centralize your invoices and expenses.

Xero is a complete cloud accounting software solution with a mobile app.

Payroll

Gusto connects directly with Xero and allows you to put payroll management and tax compliance on total autopilot.

It’s affordable and scalable.

Office Tools

Both Google and Microsoft offer easy to setup office suites.

Other tools to consider would be screencapture software like Loom and password managers like Lastpass.