Believe it not, but registering Wallet Squirrel as an LLC was pretty freaking easy.
Personal Goal – I’ve always wanted to be a business owner and now is the moment. Wallet Squirrel is legit!
My fear – I was always terrified that registering a company would put a spot light on me by the IRS to rummage through everything I’ve ever done and hunt me down like a hawk. Perhaps that’s a little extreme, but it’s something that kept me up at night. I’ve finally got over that fear because of two reasons. First, I just have to register it if I expect to earn any income from Wallet Squirrel I need to have it separate from my personal assets. Second, I’ve finally become comfortable knowing that Wallet Squirrel doesn’t make a lot of money, it’s not going to be a ridiculous tax bill.
Why now? – Mainly because Wallet Squirrel continues to see more and more growth. So if Wallet Squirrel plans on making money, I should really file that separately from my own tax documents. PLUS as Wallet Squirrel continues to make a name for itself, I need to have that name protected. Look forward to my trademark post coming up.
How to Set up an LLC in Colorado?
I will breeze through this part because it’s pretty simple.
- Check to see if your company name (name + LLC) is available in the naming database. Check here.
- If your name is available. Start here to enter the name you want to use.
- Fill out your address like 4 times and the rest of the form.
- Pay $50 and you’re done.
That’s basically it. I received an email notifying me that Wallet Squirrel is registered as an LLC in Colorado.
I’m super excited to be a legit business owner now, but still have some details to finalize like obtaining a EIN (Employer Identification Number) so I can set up a business bank account for Wallet Squirrel. That’s about it though, I just wanted to share with everyone how EASY it is to set up an LLC and say that Wallet Squirrel is officially legit!