Good afternoon readers. Wow, it's been a busy week! Let me tell you about everything I've been working on for the business recently.
On Monday, I received the full SBA loan application packet: 25 pages long plus supporting documentation and several pages of questions to answer about the business. At first, I thought it was going to take FOREVER, but I soon realized that a lot of those pages required a signature only. I completed the majority of the paperwork on Monday evening, and emailed my loan officer Jessica and the broker Gary with a few questions. I heard back from both of them on Tuesday, completed the application that evening, and turned in the hard copies to the bank today.
On Monday, I received the full SBA loan application packet: 25 pages long plus supporting documentation and several pages of questions to answer about the business. At first, I thought it was going to take FOREVER, but I soon realized that a lot of those pages required a signature only. I completed the majority of the paperwork on Monday evening, and emailed my loan officer Jessica and the broker Gary with a few questions. I heard back from both of them on Tuesday, completed the application that evening, and turned in the hard copies to the bank today.
Last Thursday, I met with my leasing agent and received a copy of the landlord's generic Lease Agreement. My attorneys are now reviewing that, and I'll hopefully be finalizing the lease negotiations in the next week. The lease looks to be relatively affordable and the landlord appears very responsive.
One of the items required for the lease is proof of business liability insurance. My first thought was, "How do I get proof of insurance for a business I don't own quite yet?" As usual, Gary had the answer: I get a short-term policy called a "binder" from the current agent, which allows me to be insured while I shop around for a permanent policy.
Gary gave me the name of the current agent, but when I called the company, they had not heard of a "binder" and they were somewhat puzzled. Hmmmm...well, I certainly didn't know the answer! I asked them to call the leasing agent and Gary, in order to find out what type of policy or proof of insurance I would need. Turns out, they are going to assign the current policy over to me, with no lapse in coverage. Easy peasy, just took a bit of communication with the right people.
The last major item I've been working on is filing my LLC with the State of Oregon. This turns out to be a simple process which can be completed online. You login, answer about 20 screens of simple questions, pay $100, and you're in business (literally)! Also you can save at any point during the process and finish later. I have the filing completed up to the payment step. My attorneys are also working, together with my CPA, to draft an Operating Agreement for the LLC.
During the process of filing an LLC, one of the requirements is to get a Federal Employer Identification Number (FEIN) for the new business. This is easy to apply for online on the IRS website. It takes only a few minutes. I'll also need the FEIN when I open a bank account for the business sometime soon, and of course, for payroll and other taxes.
The final business-related task I completed this week is sending out handwritten thank-you notes to all the wonderful people who supported me with fundraising. You know who you all are, thank you all again!!!
Phew! Are you tired just reading this? I've been really lucky in how the timing of this transition has worked with my current job. It's been very slow there, so I've been working only from 9 to noon for the last two weeks, which has allowed me to finish up all the stuff for the store. I don't think I would have been able to do it if I'd been working full-time.
On tap for me this week: complete the LLC filing; finalize the Lease Agreement; get an OLCC liquor license for wine sales; and apply for new health insurance.
Love to you all. Amy
One of the items required for the lease is proof of business liability insurance. My first thought was, "How do I get proof of insurance for a business I don't own quite yet?" As usual, Gary had the answer: I get a short-term policy called a "binder" from the current agent, which allows me to be insured while I shop around for a permanent policy.
Gary gave me the name of the current agent, but when I called the company, they had not heard of a "binder" and they were somewhat puzzled. Hmmmm...well, I certainly didn't know the answer! I asked them to call the leasing agent and Gary, in order to find out what type of policy or proof of insurance I would need. Turns out, they are going to assign the current policy over to me, with no lapse in coverage. Easy peasy, just took a bit of communication with the right people.
The last major item I've been working on is filing my LLC with the State of Oregon. This turns out to be a simple process which can be completed online. You login, answer about 20 screens of simple questions, pay $100, and you're in business (literally)! Also you can save at any point during the process and finish later. I have the filing completed up to the payment step. My attorneys are also working, together with my CPA, to draft an Operating Agreement for the LLC.
During the process of filing an LLC, one of the requirements is to get a Federal Employer Identification Number (FEIN) for the new business. This is easy to apply for online on the IRS website. It takes only a few minutes. I'll also need the FEIN when I open a bank account for the business sometime soon, and of course, for payroll and other taxes.
The final business-related task I completed this week is sending out handwritten thank-you notes to all the wonderful people who supported me with fundraising. You know who you all are, thank you all again!!!
Phew! Are you tired just reading this? I've been really lucky in how the timing of this transition has worked with my current job. It's been very slow there, so I've been working only from 9 to noon for the last two weeks, which has allowed me to finish up all the stuff for the store. I don't think I would have been able to do it if I'd been working full-time.
On tap for me this week: complete the LLC filing; finalize the Lease Agreement; get an OLCC liquor license for wine sales; and apply for new health insurance.
Love to you all. Amy