3 Steps to Opening a Gasoline Station

A gasoline station, if managed right, is a very profitable business.

You can commence your entrepreneurial journey with a detailed business plan. This is a must because starting a fuel station requires a phenomenal amount of investment. You need to persuade lenders such as banks and other financial institutions to lend you initial funding and operational capital.

Consider exploring the three following recommendations once you finalize your acquisition plans:

Register your gasoline station

You can definitely register your business as a sole proprietorship which we do not recommend. That is the easiest process to complete. However, that may work against you when it comes to a gasoline station. The business is prone to the dangers like theft and fraud. We recommend that you register your fuel station either as a corporation or a limited liability partnership in order to protect your personal assets in the event of any litigation. Doing so secures your personal assets.

Apply for an employer identification number

Use the services of a qualified and experienced CPA to find out about the various types of local, state and federal taxes you need to pay and apply for registration numbers. The process is usually fast and simple. The CPA will also help you maintain your books.

Open a bank account for your company

A commercial checking account protects your personal assets and generates credibility with your vendors. Time spent in comparison shopping will definitely help you save bank charges in the long run.

As one of the leading wholesale petroleum distributors in Georgia and other parts of the southeast, one thing we have come to realize is that the acquisition of an existing fuel station or launching one from inception can be a daunting task to say the least. We are, standing by to assist you.