Business data: What do US business owners search for the most?

What you should search for when setting up your business

According to the SBA (Small Business Administration) there are over 30 million small businesses of various legal structures in the US. The definition for a small business in the US is 'an organisation with fewer than 500 employees'. The majority of small businesses in the US employ fewer than 100 employees and are one or two person teams such as sole proprietorships, partnerships or single member LLCs.


Alongside these many small businesses are many small business owners that do extensive research regarding the necessary paperwork to set up a business, the possible tax benefits and what type of business structure might suit their specific needs. Taking into account that each business owner is different, the following are some of the most searched items by business owners that you will not want to skip when setting up your own business.

Business name search

When starting a business one of the most important things to consider is the name of your company. Your business name will help you brand and market your company and it’s the first thing a customer associates with your business. Finding a catchy and memorable name is desirable and high on the list of what business owners search for most often.

Apart from finding a catchy name that really expresses the essence of your business that you might need hours of brainstorming to do, you also need to make sure that the name is available.

A useful and free tool that will facilitate your business name search is to go online and access your Secretary of State online database so you can search if your business name is available. Making sure that your business’s name is not the same as any other business entity in your state or even similar to any other business is important in order to have a unique name that can’t confuse or mislead your clients.

EIN lookup

An EIN, which is also called a tax ID number, is basically a social security number for your business. It is imperative to have one if you want to open a bank account and take out a loan, as well as for filing taxes. Also if your company intends on hiring employees now or in the future it will need to have an EIN number; an EIN is also needed to get your business license or permit.

Now that we’ve established what an EIN is useful for you can understand why it’s one of the most searched terms by US business owners. As we live in the digital age almost everything can be looked up online and searching for an EIN is no exception.

If the company you are looking for is a publicly listed business then you can search for their EIN on the EDGAR database of the United States Securities and Exchange Commission. Also if you’ve misplaced your EIN number you can check the initial confirmation email that was sent to you by the IRS when your EIN was first assigned to your business. If you need some more help and are still desperately exclaiming “please help me find my ein number”, then you can search the TRUiC website as they have various tips and guides for small business owners you might find useful.

Business structure

Finding the right type of legal business entity for your business is of paramount importance as you will be building your business around this specific structure. The business structure you choose will be determined by the type of business you intend on running as well as the cost.

If you are the only business owner then you can set up a single member LLC or sole proprietorship that will subsequently have lower costs and the paperwork is comparatively minimal to a more complex business structure. If you have a partner or other partners then you can file for a partnership or an LLC that will have a slightly more complex structure but still keeping costs and formation complexity low. For larger businesses that intend on raising funds and attracting venture capital then a C Corp structure is more in line with their needs as it is a complex and costly business structure.

You can find a host of reliable sources on the subject of business formation online that can help you choose the right type of business fit for your specific needs. You can also always seek legal advice on the subject and even hire an online business formation service when you find the business structure you need.

LLC operating agreement

Considering that LLCs are one of the most popular business structures in the US due to how easy and inexpensive it is to file for one, then it doesn’t come as a surprise that an LLC Operating Agreement template is one of the most searched items online.

An operating agreement is an internal document that does not need to be filed with the Secretary of State and is only created to help define how an LLC will be managed and operated by its members or members. Furthermore, it is also useful as it prevents the corporate veil from being pierced by clearly defining how members vote and which members have what percentage of power in the LLC.

Monetary Library
If you are looking for business or financial advice you are at the right place! Monetary Library's team is following up the everyday trends and we hope you find the information here useful for your needs. If you have any further ideas and advice feel free to share with us!
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