I recently started a small home-based business as a sole proprietorship - an Art and Design business. I just received my Fed tax ID # and believe I need to file for a trade name (since the business name is not my name). On the Trade Name application, it references needing a personal property account #. I do not have one currently - is this something I need? I live in Maryland and realize that not all states will have the same regulations - however - is anyone familiar with the personal property account and under what circumstances you need to have one?
Thanks for your help,