Have you ever found yourself wondering where ATMs come from? Who puts them there? You may have assumed that these cash machines came from banks. In reality, you, yourself, could be the person who owns the ATM, raking in potentially impressive amounts of passive income. But to do that, you’ll need an LLC.
Here, a step-by-step guide as to how to set up an ATM LLC will be explored.
What is LLC?
The letters LLC stand for Limited Liability Company (or corporation). It’s easy to form one and you will need to do so to become an ATM entrepreneur.
The Best Way to Set up Your LLC/EIN
Rather than going through the process of filling out paperwork and filing for an LLC, you may decide to have someone do it for you. It will be money well spent. This way you know it’s done right, and it can expedite the entire process. You may want to go through incfile.com for this step.
What’s more, you will need an EIN (employer identification number). Don’t pay for this. You can get it done for free. You can have it done at an IRS website free of charge. (irs.gov).
Why Do I Need an LLC?
For one thing, because you are in business for yourself, an LLC is the best way to go. However, if you’re going to open a business checking account with the bank – and you will need to do that so you can be an ATM entrepreneur – they are going to insist that you have the paperwork to prove you have an LLC, EIN, they’ll want to see identification, and they’ll need proof you have a processing company.
It can be hard to get a business checking account with a bank when your business is that of ATMs. Don’t make it harder by not having the right paperwork with you when you visit the bank to open the account.
As hard as it can be, however, don’t try to get away with something by tricking the bank. Don’t lie to them and don’t try to use your personal account for your ATM business. Be transparent. If one bank won’t help you set up a business account for your ATM venture, perhaps another bank will. Don’t get discouraged.
Along the way, you will need to have something called an NAICS code. It defines the type of business you have. It helps the federal government classify your business. State and federal governments will ask for this.
For the record, the code is as follows:
Pursue Entrepreneurship – Set Up Your ATM LLC
Are you ready to become an ATM entrepreneur? Partner with the ATM Together team to receive all the motivation, information, guidance, inspiration, and advice you need. We want you to succeed, so we’re going to answer all your questions and cover all the bases when it comes to owning and operating ATMs, purchasing them, locating them, and much more.
A lot of information was discussed above, and you probably still have questions. No problem. Please contact us today so you can explore all your options and figure out how to start your new ATM business.