Learn how to Start, Operate and Grow your business

Welcome to Accion East, your learning center for everything about starting and running your business.


Business Startup Checklist

Learn the basic steps when first starting a new business with our business startup checklist and guide.

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Business Structure Comparison

Learn the options you have when starting your business by learning about pros and cons of different business structures.

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Growing your Business

Just started or have an existing business but are struggling? Check out our small business growth tips for success.

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Latest Articles

Does a Trust Need a Tax ID Number?

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11 EAST FAQ ENTITY TRUST What is an Irrevocable-Trust IRS Definition of a Trust

Whether a trust needs a tax ID number depends on the type of trust. A trust account that is “revocable” is still an account that can be controlled by the original grantor of the trust. Consequently, it’s going to be filed under the grantor’s own social security number or individual taxpayer identification number. If the trust is irrevocable, on the other hand, it’s a...

What is an Irrevocable Trust? | IRS Definition of a Trust

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10 EAST FAQ ENTITY TR What is an Irrevocable Trust IRS Definition of a Trust

An irrevocable trust is a special type of account that holds assets that are given by a grantor. The trust account will hold these assets either indefinitely or under specific terms set out in the trust, generally to the benefit of a specific beneficiary such as a relative or a charity. The trust account is an entirely separate entity to the grantor and the beneficiary, and consequently requires...

What is a Revocable Trust? | IRS Definition of a Trust

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TRUST What is a Revocable Trust IRS Definition of a Trust

A revocable trust is a trust that is created under an agreement that can be changed. When opening the trust, a grantor (or grantors) will place assets in the trust for the benefits of a beneficiary. The trust will pay out under terms that the grantor has stated and the beneficiary only has the amount of control over the trust that the grantor grants. At any time, the trust can be dissolved by the...

Does a Trust Need a Tax ID (EIN)?

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Trust accounts are designed to transfer wealth from a grantor to a beneficiary. There are many types of trust. Whether a trust needs a tax ID depends on the type of trust it is. A revocable, living trust remains under control of the grantor of the trust, and because of this it doesn’t need a tax ID. Instead, the trust will use the same tax ID as the grantor. On the other hand, if the trust...

Single-Member LLC vs Multi-Member LLC | What is the Difference?

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Single-Member-LLC-vs-Multi-Member-LLC-What-is-the-DIfference

Short for limited liability company, an LLC is a legal business structure, established by state laws. If you’re on your own, you can start a single-member LLC, but if you have partners, you need a multi-member LLC. These two options offer a range of different pros and cons. Keep in mind that not all types of LLCs need to obtain a Tax ID Number. To help you decide between a single and multi...

Obtain a Tax ID (EIN) Number for a Restaurant | Apply Online

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RESTAURANT-Obtain-a-Tax-ID-EIN-Number-for-a-Restaurant-Apply-Online

When you run a restaurant, you’re busy writing menus, perfecting dishes, supervising staff, keeping customers happy, and juggling countless other tasks. On top of that long to-do list, you also have to manage your restaurant’s tax and banking needs, and generally, you need a tax ID called an Employer Identification Number (EIN) to handle everything. Wondering what is a tax ID (EIN)...

Louisiana Tax ID Online Application | How to Apply for a Tax ID (EIN) Online

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Is your business in need of a tax ID number? If you’ve recently started a business in Louisiana, you’ll probably end up needing one. Fortunately, the process for obtaining a tax ID number is simple and quick (if you’re doing it online). Most business entities, like LLCs and corporations, will need a tax ID, also known as an EIN, to operate legally. In this guide, you’ll learn what conditions...

Indiana Tax ID Online Application | How to Apply for a Tax ID (EIN) Online

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Looking to apply for a tax ID (EIN) for your Indiana business? Like most business owners, you probably need a tax ID for your business. There are many types of business entities you could create, including corporations, nonprofits, limited liability companies (LLCs), and more, and most of these will require a tax ID by default. Knowing the best way to apply for a tax ID can save you time, reduce...

Business Loan Requirements

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GENERAL LOAN REQUIREMENTS Your loan consultant will work with you one-on-one to walk you through our loan requirements when you apply. But before you get started, learn about our basic loan requirements below. In general, to qualify for a loan you must: Have a credit score of 525 or higher or no credit score Find out if you are likely to meet this requirement: use  MyFico’s Credit Score...

Loan Amounts, Interest Rates, and Fees

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AFFORDABLE LOANS FOR GROWING BUSINESSES Accion helps qualified small businesses grow with affordable small business & startup loans. We help you take a step towards building your credit, too, because we report to all three credit bureaus. SMALL BUSINESS LOAN PRODUCTS Business Loans up to $50,000: for established, profitable businesses Review requirements Start-up Business Loan up to...