Business License/Toll Free Number

Is a business license needed to become an REI? What if you’re doing this from more than one state?

Also, how can I obtain a toll free number for my clients to contact me.

My local telephone and wireless company informed me that I had to be a corporation with an assigned federal tax I.D. number.

God Bless.

I think some people form a simple sole proprietorship, but I don’t think you absolutely have to have a business to do investing. When companies required EINs, they often will accept a social if that’s how you’re doing business. You can check with those entities.

Most investors use some form of LLC, corporation, or other entity rather than a sole proprietorship or their individual name just for asset protection. There are a lot of articles on this website for asset protection, how to hold properties, etc.

Maybe your phone company said you’d need a federal ID to be in their business phone plan. You can have a phone in your name, but just use it for business purposes. When I started, I used a personal credit card for business purposes until I was able to get a business card. As long as you properly track business versus personal expenses, you can write them off correctly.

You had a few questions, so I hope I answered them.