This can be good for flexibility in management, pass-through taxation, and limited personal liability. However, in some states, there is lack of LLC availability and self-employment taxes.
4. Secure startup funding (if required)
You may have to determine whether you need to raise money to launch your mortgage company. Main sources of funding you may consider include personal savings, family and friends, bank loans, crowdfunding, angel investors, and credit card financing.
5. Secure a location
To secure a location, you will have to decide the type of location you want, such as a storefront, office building, or home-based business.
To help you decide, you can research the areas that are affordable and suit your needs. The next step is to reach out to real estate agents, find a desirable property, and consider any necessary renovations. The last step is to finalize the lease or purchase agreement.
6. Register your company with the IRS
Once you register your company with the Internal Revenue Service (IRS), you will get an Employer Identification Number (EIN). To open an account, most banks will require you to have an EIN. Additionally, you will need an EIN to hire employees, since that is how the IRS will track your payroll tax payments.
Source: mpamag.com