FAQs

Do I need to trademark my business name?

Registering your business name is not the same as securing a trademark for your business name. A trademark is a form of intellectual property that provides you with rights about how your business name may be used. Trademarks may also be obtained for specific words, phrases, logos, symbols, designs, images or a combination of these elements.

Similar to registering your business name, you may conduct a trademark search to learn if your business name has been trademarked by someone else.

The United States Patent and Trademark Office, also referred to as USPTO, offers a free screening tool within a Trademark Electronic Business Center to assist with determining if your business name has already been trademarked.

A trademark is denoted by the trademark symbol, which is TM, or alternatively by the federal registration symbol, which is , if an actual registration filing has been approved by the United States Patent and Trademark Office.

What is a Tax I.D. Number? Do I need one?

A Business tax I.D., also referred to as a Federal Employer Identification Number (EIN), is issued by the Internal Revenue Service for the purpose of identifying employers. If you have employees, you will need an EIN. EIN's are not issued by the State. Many small businesses obtain a tax I.D. for use in purchasing merchandise and supplies at wholesale prices.

Here is more information about obtaining an EIN, or you can refer to IRS publication: Starting a Business & Keeping Records, (page 3).

There are several methods to easily obtain an EIN, you may either apply by mail or phone using Form SS-4, or you may be eligible to apply online.

The IRS provides online access to most IRS forms, including forms and publications for small business. You may also call your local IRS office (refer to your phone book) or contact your CPA or tax preparer's office.

How do I finance my business?

There are many ways to finance both the start-up and growth of your business. For Start-ups, the most common finding sources include personal credit, family and friends. While this type of funding is often provided through a desire to help, more than as a business investment, documenting such transactions is important for all involved. Visit Peer-to-Peer Lending for Small Business to learn more.

Using a 401-K retirement fund can represent another source of financing, but it is important to make sure that the 401-K is properly organized to permit such use or you may be charged with interest and penalties for up to 30% or more of the total. Visit Retirement Planning & Small Business Funding to learn more.

The US Small Business Administration (SBA) also offers various loan products whereby a lender provides the actual loan to the borrower and the SBA guarantees a portion of the loan (between 50%-85% depending on the program) acting much like a co-signer. This helps lenders be more comfortable with a loan that they might otherwise not approve, such as a loan for a start-up or a borrower that has less collateral that a bank normally requires.

If you have been in business two or more years and have a history of accepting credit cards as a form of customer payment, you may be eligible for raising capital against the value of those credit card revenues. This cash advance is satisfied by making payments as a percentage of future credit card sales. Visit Merchant Services Cash Advance as Small Business Loan to learn more.

A further innovative approach suited to financing growth without giving up equity is to utilize a process called factoring. Factoring refers to the process of selling your accounts receivable invoices to a third party who then performs the function of collecting the invoice. Called factors, these agents can move quickly to get funds to a business for a fee as a means of providing financing for growth. Visit Small Business Financing Using Accounts Receivables to learn more.