Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Vermont Secretary of State (SOS). You can check for available names by doing a business name search on the SOS website. You can reserve an available name for 120 days by using the SOS online filing system. You can renew the reservation up to two times. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Vermont and How to Form a Corporation for more information.
For Vermont sole proprietorships, you must register your business name with the SOS even if you are using your own legal name. For Vermont partnerships, you must register with the SOS if you use a business name that is different from the surnames of the partners. For either kind of register, use the Assumed Name Registration.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Vermont, you must register with the Department of Taxes (DOT) to collect sales tax. If your businesses will have employees, you must register with the DOT for employer withholding taxes. You can register for both types of tax, as well as other business taxes, either online through the Secretary of State website or on paper using Form BR-400, Application for Business Tax Account.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Check the Licenses and Permits section of the state website for more details. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. A good first place to check for information is the Professional Regulation section of the SOS website. The section is maintained by the Office of Professional Regulation (OPR). Some professions, such as optometry, are regulated through a separate board. Others are regulated directly by the OPR.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Vermont taxes every kind of business. See Vermont State Business Income Tax for more information on state business taxes in Vermont.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form IN-111).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Vermont partnerships also must file Form BI-471, Business Income Tax Return. As part of their state tax obligations, Vermont partnerships are required to pay the state’s Business Entity Income Tax.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes (as a partnership or a corporation). A Vermont LLC classified as a partnership is also required to pay the state’s Business Entity Income Tax. Furthermore, Vermont LLCs also are required to file an annual report. See Vermont LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Vermont corporation taxes. And, finally, corporations must file an annual report with the Vermont SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Vermont taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Here are the key steps to starting your own business in Michigan.
Before filing any paperwork or even naming your business, you should start with an idea. Think about your own skills and resources. Consider the resources available to you and the time you can commit.
You should also look outward. If your business depends on in-person sales or a physical presence, evaluate the landscape. Think about the companies already doing business in your community. Which ones are successful? Is there stiff competition in your industry? Can your business meet an unmet need? If your business will be mostly online and service and isn't restrained to a geographic area, your analysis and strategy will be different. For more tips, read our article on how to evaluate business ideas.
After you've taken the time to select an idea, it's a good idea to come up with a business plan. Your business plan should set out your initial and ongoing business expenses. It should ideally provide a profit forecast and give you a good idea of your chances of making a profit. Apart from the financial information, your plan should also list out your staffing needs, explore different marketing strategies, and examine your competition.
When drafting your business plan, you should also think about how you'll pay for the initial costs of starting a business and survive your business's early months. Will you need to apply for a business loan or raise capital? Check out our section on business financing, loans, and capital for ideas and guidance on financing your small business.
Once you have your business idea and have a written business plan, you should pick a business structure. The entity structure you choose will determine how your business is managed and taxed. It'll also, in general, determine the owners' liabilities for the business's debts and obligations. Some business structures have more upfront filing requirements and costs. So you should weigh the pros and cons of each business type before registering your business.
The most common legal structures for a small business are:
You can also form a limited partnership or a limited liability partnership (LLP), which are types of partnerships where some partners have limited liability. Michigan also gives licensed professionals the option to form a professional corporation (also called a "professional service corporation") or professional LLC (also called a "professional service LLC").
You might have the option of forming an S corporation, a tax entity. Different types of businesses, such as LLCs and corporations, can elect to be taxed as S corporations but legally remain corporations or LLCs. You should talk to a tax attorney or other tax professional about your tax options.
Choosing a business name is an exciting step to starting your business. Your business name should be unique. Michigan law requires that your company's name be distinguishable from the names of other business entities already on file with the Michigan Department of Licensing and Regulatory Affairs (LARA). You can check for available names by using the LARA name availability search webpage.
Entity name designators: Michigan's laws around business names require that your business include an entity designator. Your business name must include certain words or abbreviations that identify your business structure (like “L.C.” for LLCs or “incorporated” for corporations). See our article on how to start a Michigan LLC for more information.
Reserving your business name: In Michigan, you can reserve an available business name for six months by filing an Application for Reservation of Name with LARA. You can also reserve your name online using LARA's Corporations Online Filing System (COFS).
Filing an assumed name certificate: If your Michigan business plans to do business using a name that's different from your legal name, then you must register that name—called an "assumed name," "trade name," or "DBA" (short for "doing business as"). For sole proprietors and general partnerships, your legal name is the business owners' real names. The legal name of corporations, LLCs, and other registered entities is the name that appears on the business's formation paperwork. Sole proprietors and general partnerships must register their assumed names with their county clerk. A corporation, LLC, or other incorporated entity must file a certificate of assumed name with LARA.
If you do business online, you should consider registering your business name as a domain name. In addition, to avoid trademark infringement issues, you should do a federal and state trademark search to make sure the name you want to use isn't the same as or too similar to a name already in use.
Now that you know your business's name and entity structure, it's time to register your business. How you register your business in Michigan depends on your chosen business structure.
You can elect to be taxed as an S corporation after you've registered your business with LARA. File IRS Form 2553, Election by a Small Business Corporation, with the IRS to elect S corporation tax status.
You'll probably need to apply for at least one license, permit, or registration for your business. For more details, read our article on Michigan business licenses.
Tax registration. If you're going to be selling taxable goods or services in Michigan, you must register for a sales tax license with the Michigan Department of Treasury (DOT). If you'll have employees in Michigan, you must register with the DOT for employer withholding tax. You can register your business with the DOT using Michigan Treasury Online.
Employer identification number (EIN). If your business has employees or is taxed separately from you, you must obtain an EIN from the IRS. Even if you're not required to get an EIN, there are often business reasons for doing so. For instance, banks often require an EIN to open an account in the business’s name and other companies you do business with could require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There's no filing fee.
Regulatory licenses and permits. You might need to obtain permits or licenses related to health and safety, the environment, building and construction, and specific industries or services. These types of regulatory licenses are typically issued by state agencies. The State of Michigan’s website has a state license search available on its website. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. The Bureau of Professional Licensing (BPL), a division of LARA, regulates and licenses many, but not all, professions and occupations in the state. You can find extensive information related to your license on the BPL website.
Before opening your business, you need a place to put it. You should choose a location that fits your business's needs and budget. You can choose to have a dedicated spot for your business or run your company out of your home. Your decision will likely depend on your local zoning laws and whether you can run your business out of your desired location. You can usually find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department.
You should also consider the amount of space you need and the community you'll serve. If you need a place for a fleet of commercial vehicles, then you should probably choose a commercial space with a designated parking area. If you rely heavily on in-person sales, consider a central, downtown location.
You should pick a place you can afford, especially during your company's early months. If you lease a commercial space, make sure you negotiate terms that'll work for your business in the short and long terms.
Michigan taxes every kind of business. Most new businesses must register with the DOT to file and pay business taxes.
Sole proprietorships: Sole proprietors pay state taxes on business income as part of their personal state income tax returns (Form MI-1040).
Partnerships: Partners pay state taxes on their share of the partnership income on personal tax returns.
LLCs: Members pay state taxes on their share of LLC income on personal tax returns. In addition, the LLC itself must file an annual statement. See our article about Michigan LLC annual report and tax filing requirements for more details.
Corporations: Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on their personal state tax return. Moreover, the corporation itself must pay Michigan's Corporate Income Tax. And, finally, corporations must file an annual report with LARA to renew the corporation's status.
Check out the business taxes section of the DOT website for more information related to your business's tax obligations.
And, apart from Michigan taxes, there are always federal income taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
While not usually recommend, it's a good idea to invest in some type of insurance for your small business. Business insurance can protect your business and your personal assets from unexpected events, such as personal injury lawsuits and natural catastrophes. Some common types of business insurance are general liability insurance, property insurance, and cyber liability insurance.
For more, see our article on what types of insurance your small business needs.
No matter the type of business you form, you should think about opening a bank account for your business. A dedicated business account can make it easier to track your company's income and expenses. For some business types, including LLCs and corporations, a separate bank account is necessary to maintain your liability protection.
LARA's Corporations Division website is a great resource for small business owners. The website is easy to navigate and you can find links and information related to:
LARA also offers an Entrepreneur's Guide, a rich resource for anyone looking to start a business in Michigan. The guide has in-depth instruction and information for forming each type of business structure. The guide also has contact information for various state government authorities and links to the state's business laws.
]]>Below are the steps you need to take to start your Illinois business.
Your first step in starting any business is to choose a business idea. Think about your own interests, skills, and your area of expertise. It's a good idea to have a background in the industry where you plan to build your business. For example, someone who's worked in a restaurant would typically have an easier time opening a restaurant than someone who's never worked at one.
Besides choosing an idea that fits your experience, you should evaluate the likelihood of success based on the interests of your community, and whether your business idea will meet an unmet need. For more tips, check out our article on how to evaluate business ideas.
Once you've got your idea, you should create a business plan. A business plan can help you evaluate your costs and potential for profit. When mapping out your startup costs, consider your financing options. Think about whether your business can raise some capital or whether a business loan is a better option. In general, investors and lenders want to see a business plan before providing financial assistance.
Your second step is picking a legal structure for your business. The most common types of legal structures for a small business are:
In Illinois, you can also choose to form a limited partnership or a limited liability partnership (LLP). Unlike a general partnership, limited partnerships and LLPs offer limited liability protections to some partners. You can also elect to become an S corporation, a tax entity, if you register with the state as a qualified business, such as an LLC or corporation.
If you provide professional services, you can form a professional corporation (also called a "professional service corporation") or a professional LLC in Illinois.
Each business structure has its advantages and disadvantages. Your legal structure will determine how your business is managed and taxed as well as the owners' liability for business debts. Some business structures require registration and have ongoing filing and fee requirements. You should consider what your business needs and can afford to choose the best ownership structure for your business.
Before you register your business under your chosen legal structure, you need to pick a business name. Make sure you pick a name that's unique and marketable.
Under Illinois law, you must pick a name that's distinguishable from any business name already on file with the Illinois Secretary of State (SOS). You can search for business names using the SOS's business entity search.
Entity name designators: Illinois law requires that you include words or abbreviations that identify your business's structure (for example, including a word such as “LLC” for LLCs or “incorporated” for corporations). See our article on how to form an Illinois LLC for more information.
Reserving your business name: You can reserve your business name for 90 by filing a name reservation application with the SOS. There's a separate application form for corporations and LLCs.
Filing an assumed name certificate: If you plan to do business under a name that's different from your legal name, then you must register that name—called an "assumed name," "trade name," or "DBA" (short for "doing business as"). For unincorporated entities (like sole proprietorships and general partnerships), the business's legal name is the owner's personal name. For incorporated entities (like LLCs and corporations), the company's legal name is the name that appears on the company's formation documents. Sole proprietors and general partnerships must register their assumed name with their county clerk and publish notice of their assumed name in a local newspaper. A corporation, LLC, or other incorporated entity must register their assumed name with the SOS.
If you'll do business online, you might want to register your business name as a domain name. In addition, to avoid trademark infringement issues, you should do a federal and state trademark search to make sure the name you want to use isn't the same as or too similar to a name already in use.
To register your business in Illinois, you can complete and mail the appropriate organizational form to the SOS. These forms can be found on the business services publications/forms section of the SOS website. You have the option of registering your corporation or LLC online using the SOS's Online Services.
Here's how to form each type of business:
To form an S corporation, you must first form a qualified entity eligible to elect S corporate tax status. For example, you must first form a corporation or an LLC that's taxed as a corporation. After you form your corporation or other applicable business with the SOS, you can file IRS Form 2553, Election by a Small Business Corporation, with the IRS to elect S corporation tax status. Tax laws can be complicated and differ among business entities. You might want to talk to an Illinois tax attorney before you officially register your business.
Your business will probably need to apply for one or more licenses, permits, or registrations. You can find more detailed information in our article on Illinois business licenses.
Tax registration. If your business will sell goods or provide taxable services in Illinois, you must register with the Department of Revenue (DOR) to collect sales tax. If your business will have employees, you must register with the DOR for employer withholding taxes. You can register for both types of tax, as well as other business taxes, either online via the MyTax Illinois website or on paper using Form REG-1, Illinois Business Registration Application.
Employer identification number (EIN). If your business has employees or is taxed separately from you, you must obtain an EIN from the IRS. Even if you're not required to get an EIN, there are often business reasons for doing so. For instance, banks often require an EIN to open an account in the business’s name and other companies you do business with could require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There's no filing fee.
Regulatory licenses and permits. You might be required to obtain a license or permit related to health and safety, the environment, building and construction, and specific industries or services. Different regulatory licenses are issued by different state agencies. Check the registrations, licenses, and permits section of the Illinois state government website for more information. For information about local licenses and permits, check the websites for any cities or counties where you'll do business.
Professional and occupational licenses. The IDFPR regulates many professions and occupations in Illinois. The IDFPR website has a section covering the professions and industries regulated by IDFPR. Each profession and occupation also is more directly regulated by its related state regulatory board.
You’ll need to decide on a location for your business. When looking at potential spots, check local zoning regulations. Verify that the desired location is zoned for your type of business. You can usually find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department.
In addition to complying with zoning laws, you need to take time to calculate the costs of running your business in the proposed location, including rent and utilities. Refer to your business plan to evaluate whether you can afford your proposed spot during your company's early months. If you lease a commercial space, make sure to negotiate terms that'll work for your business in the long term.
You might not need a designated spot to run your business. You could have the option of running your business out of your home. If you decide to run a home-based business, again check your local zoning laws. You should also review your lease (if you rent your home) and homeowners association rules (if applicable)—either of which might ban some or all home businesses.
Illinois taxes every kind of business. More specifically, Illinois has a corporate income tax, a corporation franchise tax, and a personal property replacement tax. Most businesses (except sole proprietorships) will be subject to at least one of these three taxes. See our article on Illinois state business income tax for more information on state business taxes in Illinois.
Sole proprietorships: Sole proprietors pay state taxes on business income as part of their personal state income tax returns (Form IL-1040).
Partnerships: Partners pay state taxes on their share of the partnership income on personal tax returns. In addition, Illinois partnerships also must file Form IL-1065, Partnership Replacement Tax Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form—either a partnership return or a corporation return—depending on how the LLC is taxed. Illinois LLCs must also file an annual report with the Illinois SOS. Read our article on Illinois LLC annual report and tax filing requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on their personal state tax return. The corporation itself is subject to various Illinois corporation taxes and must file an annual report with the Illinois SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Illinois taxes, you're responsible for federal income and employer taxes. Review IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business for more information.
You should consider investing in business insurance. A business insurance policy can protect both your company and your personal assets from unexpected events, such as personal injury lawsuits and natural catastrophes. Talk to an insurance agent about the different coverage options for your business.
You should consider getting general liability insurance to protect your business against claims relating to bodily injury or property damage. Your business might also benefit from cyber liability insurance to cover litigation and settlement fees following a data security breach.
For more, read our article on what types of insurance your small business needs.
Regardless of your business structure, you should open a business account. Having a separate account will make it easier to track your business's income and expenses. For some business types, including LLCs and corporations, a separate bank account is necessary to maintain your liability protection.
Visit the Illinois Department of Commerce and Economic Opportunity (DCEO) First Stop business resource on the DCEO website. The First Stop website has helpful information and resources for small businesses, including:
In addition, the U.S. Small Business Administration has offices in Springfield and Chicago. These regional offices host seminars, workshops, and other events to help Illinois entrepreneurs.
]]>Here are the key steps to starting your own business in Tennessee.
Before you start your business, you'll, of course, need an idea. Maybe you already have one or have the start of a great idea. You should research your idea now before you invest serious time and money into it. Think about your own interests and skills, how much time you have to put into the business, and what resources are available to you. Consider also the needs of your community and what kinds of businesses do well in your area. (Read our article for more tips on how to evaluate business ideas.)
When you have your business idea, draft a business plan around it. Your business plan should map out your strategy to make a profit. Taking time to create a business plan can help you plan for your costs at the start and as your business grows. You should also list out what employment positions you should fill, the financing options available to your business, and marketing strategies.
The next step in starting your business is deciding on a legal entity structure. There are four common types of entity structures that you might already be familiar with:
Besides these four business structures, you can also form a limited partnership or a limited liability partnership (LLP). These partnership types provide limited liability for limited partners. In Tennessee, you can also form a professional LLC if you provide professional services under a license.
Some businesses choose to be recognized as S corporations for tax purposes. Corporations, LLCs, and other qualified entities can become S corporations by electing S corporation tax status with the IRS. An S corporation is a tax entity, not a legal entity. So your legal entity might, for example, be an LLC, but its tax entity could be an S corporation.
Business structures vary in their management, taxation, and liability. For example, if you're a sole proprietor, you and your business would be one and the same. You'd be individually taxed on your business's income and you'd be personally responsible for all of your business's debts and obligations. But if your business is a corporation, then it'd be a separate entity from its owners. You'd be taxed separately from your business and wouldn't be responsible for your company's debts. Make sure you weigh the pros and cons of each business structure.
The name you choose for your business is critical. The name will appear on your listings, advertisements, merchandise, signs, and letterhead. You should choose a name that's unique, marketable, and appropriate for the products or services you provide.
In Tennessee, like in many other states, your business's name must be distinguishable from any other names that are already on record with the Tennessee Secretary of State (SOS). The SOS has a business name availability search for you to use on its website.
Entity name designators: For most business entities, Tennessee law requires you to include certain words that identify your business's structure (like including a word such as “LLC” for LLCs or “incorporated” for corporations). See our articles on how to form a Tennessee LLC for more information.
Reserving your business name: You can reserve a business name for 120 days by filing an Application for Name Reservation (Form SS-9425) with the SOS. As of 2023, the filing fee is $20. You can either mail or hand deliver your application.
Filing an assumed name certificate: Sometimes a company will do business under a name that's different from its legal name—that is, the name that's included in its formation paperwork. The alias that the company uses is often called an "assumed name," "trade name," or "DBA" (short for "doing business as"). Sole proprietors and general partnerships use an assumed name when their business name doesn't include the owners' personal names. A corporation, LLC, or other incorporated entity using an assumed name must file an Application for Registration of an Assumed Name (Form SS-4402) with the SOS.
If you plan to do business online, you might want to register your business name as a domain name. Moreover, to avoid trademark infringement issues, you should do a federal and state trademark search to make sure the name you want to use isn't the same as or too similar to a name already in use.
You can register your business online on the SOS website. You can also fill out a paper copy and mail or hand deliver it to the SOS. You can find the forms you need in the business forms and fees section of the SOS website.
Here's how to form each type of business in Tennessee:
To form some of these businesses, you need to appoint a registered agent in Tennessee for service of process. A registered agent agrees to accept legal papers on the company's behalf.
After you form your corporation or other applicable business with the SOS, you can file IRS Form 2553, Election by a Small Business Corporation, with the IRS to elect S corporation tax status.
Your business will probably need to apply for at least one license, permit, or registration. For more details on these requirements, check out our article on Tennessee business licenses.
Tax registration. If you'll be selling goods in Tennessee, you must register with the Tennessee Department of Revenue (DOR) to collect sales tax. You might also need to register for other business taxes.
Employer identification number (EIN). If your business has employees or is taxed separately from you, you must obtain an EIN from the IRS. Even if you're not required to get an EIN, there are often business reasons for doing so. For instance, banks often require an EIN to open an account in the business’s name and other companies you do business with could require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There's no filing fee.
Regulatory licenses and permits. These licenses cover areas such as health and safety, the environment, building and construction, and specific industries or services. Different licenses and permits are issued by different agencies. Some of the most important issuing agencies are:
For information about local licenses and permits, check the websites for any cities or counties where you'll do business.
Professional and occupational licenses. The Department of Commerce & Insurance (TDCI) oversees many (but not all) of the regulatory boards and commissions for licensed professions and occupations.
Before you put up your "open" sign, you need somewhere to hang it. You should select a location that's zoned for your business activities. You can usually find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department.
Apart from being properly zoned, your location needs to be suited to your business needs. If you'll be storing a lot of inventory, make sure you have the space to house it. If your business depends on foot traffic, choose a spot that's central and walkable. Calculate the costs of running your business out of your desired location, including rent or mortgage and utilities. You can consult your business plan to see how much your company can afford now and in the future. If you lease a commercial space, make sure you negotiate terms that'll work for your business in the long term.
You might not need a separate location for your business. Instead, it could make sense to run your business out of your home. Zoning laws might be stricter in residential areas. You should also review your lease (if you rent your home) and homeowners association rules (if applicable)—either of which might ban some or all home businesses.
Because Tennessee doesn't have a personal income tax, owners of some forms of business will not owe state tax on their business income. See our article on Tennessee state business income tax for more details.
Sole proprietorships. Sole proprietors pay federal taxes on business income as part of their personal federal income tax returns.
Partnerships. Partners in general partnerships pay federal taxes on their share of the partnership income. Limited partnerships and LLPs must pay franchise and excise taxes. LLPs also must file an annual report.
LLCs. Members pay federal taxes on their share of LLC income on federal tax returns. The LLC itself must pay excise and franchise taxes and file an annual report with the SOS. See our article on Tennessee LLC annual report and tax requirements for more.
Corporations. A shareholder-employee with a salary must pay federal income tax on their personal federal tax return. The corporation itself is subject to Tennessee franchise and excise taxes. Corporations also must file an annual report with the SOS. Shareholders must also pay federal taxes on the dividends they receive from the corporation.
You should review the DOR's Franchise and Excise Tax Manual when evaluating how to file and pay your business taxes. You can also read IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business for further guidance.
Regardless of your industry or type of business, you should look into getting insurance coverage for your business. Business insurance can protect your business and your personal assets from unexpected events, such as personal injury lawsuits and natural catastrophes. An insurance agent can help you explore the different coverage options for your business.
For more, see our article on what types of insurance your small business needs.
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, including LLCs and corporations, a separate bank account is necessary to maintain your liability protection.
The DOR has a six-step guide for new businesses. The guide includes:
The DOR also provides a checklist for new businesses.
The Tennessee state website has an assortment of resources for small business owners on its new businesses webpage. You can find information and links for online business registration, interactive guides and checklists, and registration and tax requirements, among other resources.
]]>Here are the key steps to starting your own business in Louisiana.
Every great business starts with a great idea. Take time to find your great idea. At this stage, take into consideration your own interests, skills, resources, and availability. You should also think about the needs and demands of your community when determining whether your business will be profitable. (For more in-depth guidance, read our article on how to evaluate business ideas.)
When you have your idea, create a business plan. Use your business plan to get a better idea of:
Investors and lenders will want to review your business plan before providing financial assistance. A business plan will also provide a great roadmap to look back on as your business grows and changes.
Once you have a business idea, you need to choose a structure for your business. The business structure you choose will determine how your business is managed and your taxes are filed. Your structure will also decide your personal liability for business debts.
The most common legal structures for a small business are:
Apart from these common types of businesses, you can also form a limited partnership (called a "partnership in commendam" in Louisiana) or a limited liability partnership (LLP). If you provide special types of professional services, then you can also form specific professional corporations and professional LLCs such as a professional medical corporation or professional dental LLC.
Some businesses decide to form S corporations, which are tax entities. S corporations are only created when you form a corporation, LLC, or other qualified business entity and you elect to be taxed as an S corporation with the IRS.
Read our article on how to choose the best ownership structure for your business for more.
You must pick a name for your business. You'll want to pick a name that fits your business and is unique and registrable. Louisiana requires you to select a name that's distinguishable—that is, different enough—from any business name that's already on file with the Louisiana Secretary of State (SOS). You can search by business name on the SOS website.
Entity name designators: In your business name, you'll need to include words that indicate what entity type you have—for example, you can include "inc." for corporations and "LLC" for LLCs. You can find out more about these naming requirements in our Louisiana LLC article.
Reserving your business name: You can reserve a name for 120 days by filing an application for reservation by mail or online with the SOS. As of 2023, the filing fee is $25.
Filing an assumed name certificate: If you plan to do business using a name that's different from your legal name, then you must register that name—called an "assumed name," "trade name," or "DBA" (short for "doing business as"). Sole proprietors and general partnerships that use business names that don't include the owners' full personal names must register their trade name with their parish. A corporation, LLC, or other incorporated entity should register their DBA by filing an Application to Register Trade Name, Trademark, or Service Mark with the SOS. Louisiana trade name laws are extensive so you should consult a Louisiana lawyer if you have questions. (La. Rev. Stat. § 51:281 (2023).)
If you do business online, you might want to register your business name as a domain name. In addition, to avoid trademark infringement issues, you should do a federal and state trademark search to make sure the name you want to use isn't the same as or too similar to a name already in use.
Your business registration filing requirements depend on your type of business. You can register your business online through Louisiana geauxBIZ. You can also register by mail or in person. You can find the required documents on the forms and fee section of the SOS website.
If you want to elect S corporation tax status, then you must file IRS Form 2553, Election by a Small Business Corporation with the IRS after you register your chosen business entity with the state.
Your businesses will likely need to apply for at least one license, permit, or registration. You can find more detailed information in our article on Louisiana business licenses.
Tax registration. If you'll be selling goods in Louisiana, you must register with the Louisiana Department of Revenue (LDR) to collect sales tax. If your business will have employees, you need to register for withholding tax. You can register with the LDR and receive your revenue account number by completing the registration application online via the Louisiana Taxpayer Access Point (LaTAP).
Employer identification number (EIN). If your business has employees or is taxed separately from you, you must obtain an EIN from the IRS. Even if you're not required to get an EIN, there are often business reasons for doing so. For instance, banks often require an EIN to open an account in the business’s name and other companies you do business with could require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There's no filing fee.
Regulatory licenses and permits. You might need licenses and permits related to specific industries, building and construction, the environment, and health and safety, among other areas. Through the geauxBIZ portal, you can create a business license checklist. For information about local licenses and permits, check the websites for any cities, parishes, or counties where you'll do business.
Professional and occupational licenses. The licenses section of the state government’s website lists these various professions and occupations that require licenses. The list includes links to the regulatory authority's website where you can learn more.
One key task in opening a business is picking a location and checking local zoning regulations. Before you commit to a location, verify that the spot is zoned for your type of business. You can find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department.
You should also take time to calculate the costs of running your business in the desired spot. Weigh the benefits of the location against the operating costs. Refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. If you lease a commercial space, make sure you negotiate terms that'll work for your business in the long term.
An alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again, make sure you check your local zoning laws. You should also review your lease (if you rent your home) and homeowners association rules (if applicable)—either of which could ban some or all home businesses.
Louisiana taxes every kind of business. Your tax obligations will depend on your legal and tax structure. You can file and pay your taxes online with the LDR.
Sole proprietorships: Sole proprietors pay state taxes on business income as part of their personal state income tax returns (Form IT-540).
Partnerships: Partners pay state taxes on their share of the partnership income on their personal tax returns. In addition, some Louisiana partnerships also must file Form IT-565, Partnership Return of Income.
LLCs: Members pay state taxes on their share of LLC income on personal tax returns. In addition, the LLC itself might have to file an additional state tax form. Depending on how your LLC is taxed, your business could need to file a partnership return or a corporation return. Louisiana LLCs are also required to file an annual report with the Louisiana SOS. You can find out more in our article on LLC annual filing requirements.
Corporations: Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, Louisiana corporations must file and pay corporation income and franchise taxes. And, finally, corporations must file an annual report with the Louisiana SOS.
If you have employees, you must also deal with state employer taxes. Refer to the LDR website and the Louisiana Workforce Commission website for more information on your employer tax obligations.
You should also review IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business for more on business taxes.
Business insurance can protect your business and your personal assets from unexpected events, such as personal injury lawsuits and natural catastrophes. You should consider getting general liability insurance to protect your business against claims relating to bodily injury or property damage. Your business might also have a need for cyber liability insurance, which typically covers litigation and settlement fees following a data security breach.
You can talk to a business lawyer or an insurance agent about the different coverage options for your business.
For more, see our article on what types of insurance your small business needs.
No matter the type of business you form, you should think about opening a separate business account to make it easier to track your income and expenses. For some business types, including LLCs and corporations, a separate bank account is necessary to maintain your liability protection.
The SOS has a lot of information and resources to help small businesses find the answers they need. Take a look at the frequently asked questions page under the file business documents section of the SOS website. You can find answers on topics covering name reservations, DBAs, state sales tax identification numbers, annual reports, and more.
The Louisiana Economic Development (LED) website offers information and programs to entrepreneurs on how to start and grow a business in Louisiana. The LED website includes a link to the Louisiana Business Hub where you can find resources specific to your industry, location, and business stage.
]]>Here’s an overview of the basic steps to open a business in Indiana.
The first step to starting a business is coming up with the idea behind the business. Think about the reasons why you want to form a business. You might even have an idea of what you want to do already.
Before you settle on an idea, you need to evaluate your business idea. Consider the competition, the startup costs, and the demand for the product or service you plan to provide. You should also take into account your own:
After you have your business idea, draft a business plan. Your business plan should map out how you plan to execute your idea. For example, you want to cover the basics of where your business will be located, your customer base, your marketing strategy, and employment positions.
Your business plan should also give you an idea of the financial side of the equation. Your plan should cover the costs of forming and maintaining your business, your potential sales numbers, pricing plan, and growth projections. While working on the numbers, think about how you want to finance your business. Will your business need investors, loans, gifts, or other financial assistance?
You need to decide how you're going to structure your business. The most common legal structures for a small business are a:
You can also form a limited partnership or a limited liability partnership (LLP), partnerships where some partners have limited liability. In Indiana, some licensed professionals can form a professional corporation.
Your business structure will determine how your business will be managed and taxed. It'll also determine the business owner's liability for business debts and the upfront and ongoing legal requirements. For example, sole proprietorships and general partnerships have few legal requirements but owners are personally liable for the business's debts. Alternatively, LLCs and corporations have more legal requirements and costs, but owners are mostly protected from the business's creditors.
To help you decide which type of business is the best fit, read our article on how to choose the best ownership structure for your business.
The name you choose for your business should be unique and marketable. Under Indiana law, your business name must be distinguishable from any business name that's already on file with the Indiana Secretary of State (SOS). You can check for available names by doing a business name search on the SOS website.
Entity name designators: Your business's name must include an entity designator that identifies your business structure. For example, your LLC name must include "LLC" or "limited liability company" and your corporation name must include "corporation," "incorporated," "limited," or "company" or an abbreviation of those terms. (Ind. Code § 23-0.5-3-2 (2023).)
Reserving your business name: You can reserve an available name for 120 days by filing a name reservation application with the SOS.
Filing an assumed name certificate: Corporations, LLCs, and other registered business entities that plan to use a name that's different from the name listed on their formation paperwork, must register that name—often called an "assumed name," "trade name," or "DBA" (short for "doing business as")—with the SOS. Sole proprietors and general partnerships that use a name other than the real name of the owners must register their assumed name with the county where their business is located.
If you plan to do business online, you might want to register your business name as a domain name. In addition, to avoid trademark infringement issues, you should do a federal and state trademark search to make sure the name you want to use isn't the same as or too similar to a name already in use.
You can register your business in Indiana through INBiz. You can view the forms and filing options on the business forms section of the SOS website. You won't need to file any organizational documents with the SOS to create some entities.
You can't form an S corporation with the state. Instead, some business entities can elect S corporation tax status. After you form your corporation or other applicable business with the SOS, you can file IRS Form 2553, Election by a Small Business Corporation, with the IRS to elect S corporation tax status.
You'll likely need to apply for at least one license, permit, or registration. Check out our article on Indiana business licenses for more detailed information.
Tax registration. If your business will provide taxable goods or services in Indiana, you must register with the Department of Revenue (DOR) to collect sales tax. If your business will have employees, you must register with the DOR for employer withholding taxes. You can register for both types of tax, as well as other business taxes, by submitting Form BT-1, Business Tax Application, or by registering online through INBiz.
Employer identification number (EIN). If your business has employees or is taxed separately from you, you must obtain an EIN from the IRS. Even if you're not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with could require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There's no filing fee.
Regulatory licenses and permits. Some of the main categories covered by these licenses and permits are:
The state publishes a comprehensive Business Owner’s Guide that includes a section for licensing and permitting issues. For information about local licenses and permits, check the websites for any cities or counties where you'll do business.
Professional and occupational licenses. These cover people who work in various fields. The PLA oversees many—though not all—of the state’s regulatory boards and commissions. Those boards and commissions are in turn responsible for regulating the various licensed professions and occupations. The professions section of the PLA website lists the many professions and occupations that the PLA oversees.
You’ll need to select a location for your business and check the local zoning regulations for that location.
Before you sign a commercial lease or buy land, take time to calculate the costs of running your business in the desired spot, including rent, mortgage, and utilities. Refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. If you lease a commercial space, make sure you negotiate terms that'll work for your business in the long term.
It's important to verify that the spot is zoned for your type of business. You can find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. You should also review your lease (if you rent your home) and homeowners association rules (if applicable)—either of which might ban some or all home businesses.
Business owners and some business entities will need to pay taxes on the income earned from the business. You can report and pay business taxes to the DOR using INBiz. Many of the forms you must file are listed in the corporate tax forms section of the DOR website.
Sole proprietorships: Pay state taxes on business income as part of their personal state income tax returns (Form IT-40).
Partnerships: Partners pay state taxes on their share of the partnership income on their personal tax returns. In addition, Indiana partnerships also must file Form IT-65, Indiana Partnership Return.
LLCs: Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form—either a partnership return or a corporation return depending on how the LLC is classified for federal tax purposes. Indiana LLCs are required to file a biennial report with the Indiana SOS. See our article on LLC annual report and tax filing requirements for more on Indiana LLC filing responsibilities.
Corporations: Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on their personal state tax return. Moreover, the corporation itself is subject to the state corporate income tax. And, finally, corporations must also file a biennial report with the SOS.
And, apart from Indiana taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your business and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits and natural catastrophes. An insurance agent can help you explore the different coverage options for your business. General liability insurance can protect you against claims relating to bodily injury or property damage. Cyber liability insurance can cover litigation and settlement fees following a data security breach.
For more information, read our article on what types of insurance your small business needs.
When you start any kind of business, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, including LLCs and corporations, a separate bank account is necessary to maintain your liability protection.
Anyone starting a new business in Indiana should refer to INBIZ, a one-stop resource for small business owners. INBiz is a partnership between the SOS, DOR, and Department of Workforce Development. The INBiz website has information and resources for starting and managing a business. Through the portal, you can:
Small business owners also have access to Indiana Small Business Centers (ISBDC), which are located around the state. The ISBDC website has information on business registration, planning, financing, and training.
]]>Here are the key steps to starting your own business in Georgia.
Whether you have a business idea in mind or not, you'll need to do your research. Think about whether your business idea will be profitable in your area. Consider your competition, the demand for your goods and services, and your market reach. For more guidance, read our article on how to evaluate business ideas.
After you land on an idea, you should write up a business plan. A business plan can help you sort out:
Your business plan can also help you attract and persuade investors and lenders to provide financial assistance to your business.
The most common legal structures for a small business are:
Each business structure has its advantages and disadvantages. The one you choose will depend on your business's needs and priorities. For example, if you want to make sure you're personally protected from your business's debts, forming an LLC or corporation—two limited liability business structures—might make the most sense. If you want to cut down on costs and formalities, then unincorporated entities like a sole proprietorship or general partnership might be the best fit.
You have other options beyond the most common four entity types. You can form an S corporation, a special corporate tax entity. If you want limited liability in a partnership, then you can form a limited partnership. If you provide a professional service, then you have the option of forming a professional corporation in Georgia.
Check out our article for information on how to choose the best ownership structure for your business.
When deciding on a business name, you should choose one that's unique, marketable, and registrable. Georgia law requires LLC and corporation names to be distinguishable from other business names already on file with the Georgia Secretary of State (SOS). You can look for available names on the SOS's Corporations Division business database.
Reserving your business name: Sometimes, you have a business name but you're not ready to file your business formation paperwork. You can reserve an available name for 30 days by filing a name reservation request with the SOS either online through the eCorp website or on paper with a Name Reservation Request form. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “company” for corporations). See our articles on how to form an LLC in Georgia for more information.
Filing a DBA with the county clerk: If you're doing business under a name that's different from your legal name, then you must register that name—called a "DBA"—with your county's Clerk of the Superior Court. For sole proprietors and partnerships, your legal name is the name of the owner(s). For corporations, LLCs, and other incorporated businesses, your legal name is the name you filed with the SOS when you formed your business. Georgia also requires you to publish notice of your DBA in a local newspaper. (Ga. Code § 10-1-490 (2023).) Check your local superior court website for more information.
If you plan on doing business online, you might want to register your business name as a domain name. In addition, to avoid trademark infringement issues, you should do a federal and state trademark search to make sure the name you want to use isn't the same as or too similar to a name already in use.
Check out our section on business names for tips on how to pick the right name for your business.
The form you file to register your business with the SOS depends on your business structure. Some business structures like sole proprietorships and general partnerships are unincorporated entities and don't require formation paperwork.
You can find some filing templates and transmittal forms on the Georgia business forms section of the SOS website. You can also find filing procedures for corporations, LLCs, and limited partnerships. These procedures guide you through the filing process for each business entity.
You can register your business online through the eCorp website or by delivering the appropriate paperwork by mail or in person.
Almost all businesses will need to apply for at least one license, permit, or registration. You can find more detailed information in our article on Georgia business licenses.
Tax registration. If you'll be selling goods in Georgia, you must register with the Department of Revenue (DOR) to collect sales tax. If your businesses will have employees, you must register with the DOR for employer withholding taxes. You can register online for both types of tax, as well as other business taxes, by going to the Georgia Tax Center (GTC).
Employer identification number (EIN). If your business has employees or is taxed separately from you, you must obtain an EIN from the IRS. Even if you're not required to get an EIN, there are often business reasons for doing so. For instance, banks often require an EIN to open an account in the business’s name and other companies you do business with could require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There's no filing fee.
Regulatory licenses and permits. You might need to apply for a special license or permit that covers areas such as:
Check the SOS’s First Stop Business Guide for information and instruction on professional licensing, industry-specific licensing, tax registration, employer requirements, and other topics. For information about local licenses and permits, such as business tax certificates, check the websites for any cities or counties where you'll do business
Professional and occupational licenses. These cover people who work in various fields. The Professional Licensing Boards Division of the SOS has links to information about most state-licensed occupations and professions, including an online licensing application system.
You’ll need to pick a location for your business and check local zoning regulations. Consider the needs of your customers, and whether you have the kind of business that could benefit from foot or highway traffic.
Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. Refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. If you lease a commercial space, make sure you negotiate terms that'll work for your business in the long term.
It's important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. You should also review your lease (if you rent your home) and homeowners association rules (if applicable)—either of which might ban some or all home businesses.
You must file and pay taxes with the DOR according to your business and tax structure. You can register your business and file taxes online through the GTC.
See our article on Georgia business income tax for more information on state business taxes in Georgia.
Sole proprietorships: Pay state taxes on business income as part of their personal state income tax returns (Form 500).
Partnerships: Partners pay state taxes on partnership income on personal tax returns. In addition, Georgia partnerships also must file Form 700, Partnership Tax Return.
LLCs: Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form—either a partnership return or a corporation return. The specific form used will depend on how the LLC is classified for federal tax purposes. Georgia LLCs also are required to file an annual registration and fee with the Georgia SOS. See our article on Georgia LLC annual report and tax filing requirements for more information.
Corporations: Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on their personal state tax return. Moreover, the corporation itself is subject to Georgia corporation taxes. And, finally, corporations must file an annual registration and fee with the Georgia SOS.
If you have employees, you must also deal with state employer taxes. The DOR has an employer's tax guide you can review to learn more.
And, apart from Georgia taxes, there are always federal income taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your business and your personal assets from unexpected events, such as personal injury lawsuits and natural catastrophes. An insurance agent can help you explore the different coverage options for your business. You should consider getting general liability insurance to protect your business against claims relating to bodily injury or property damage. Your business might also benefit from cyber liability insurance to cover litigation and settlement fees following a data security breach.
For more, see our article on what types of insurance your small business needs.
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, including LLCs and corporations, a separate bank account is necessary to maintain your liability protection.
The Georgia state website provides a starting a business guide for entrepreneurs. This guide expands on the basic steps to forming your Georgia business, including registering with the SOS and DOR, applying for licenses and permits, and getting funding.
The DOR has a step-by-step guide for small business owners looking to register a business in Georgia. You can find guidance on what information you need to gather during the startup process and the departments and agencies you need to register with. The guide also has links to important resources. In addition, the Georgia Department of Economic Development has a small business startup information webpage with links to in-depth guidance on getting your business off the ground.
If you need additional help or you have legal questions, consider speaking with a Georgia business attorney. They can help you decide on the best business structure and walk you through the setup process.
]]>Here are the key steps to starting your own business in Texas.
Start by researching your business idea. Ask yourself questions such as:
Write a business plan to help you map out your vision and answer some of these questions. You should be planning for the short and long terms. You'll need to be able to start your business and keep it running.
As you evaluate your business idea, consider your funding options. Be prepared to apply for a business loan, pitch to investors, or reach out to family members. Check out our section on business financing, loans, and capital for ideas and guidance on financing your small business.
Once you've settled on an idea, you'll need to start building your business. You'll need to decide how you want to structure your business. You can form one of the following business entities:
You can also form a limited partnership, a partnership where some partners have limited liability. Texas recognizes both professional corporations and professional LLCs, business structures reserved for licensed professionals.
Each business entity has its advantages and disadvantages. You should choose one that fits your business goals. For example, if you want personal protection from your business debts, consider forming an LLC or corporation. If you want a business that doesn't require you to file paperwork or pay ongoing maintenance fees, think about starting a sole proprietorship or general partnership.
Some businesses are organized as S corporations. An S corporation is a tax entity, not a legal entity. Different types of businesses, such as LLCs and corporations, can elect to be taxed as S corporations but they legally remain corporations or LLCs.
The business name you choose will be the name that appears on your signs, advertisements, merchandise, and in countless other places. From a business perspective, this step can be just as important as filing legal paperwork for your business.
You should pick a name that uniquely identifies your business. Texas law requires that your name be distinguishable—that is, different enough—from any business name that's already on file with the Texas Secretary of State (SOS). You can see which business names are already taken by searching for businesses on Texas's SOSDirect website.
Entity name designators: Laws around Texas business names require you to include certain words that identify your business's structure (like including a word such as “LLC” for LLCs or “incorporated” for corporations). See our articles on how to form a corporation and LLC in Texas for more information.
Reserving your business name: You can reserve an available name for 120 days by filing an Application for Reservation or Renewal of Reservation of an Entity Name form by mail or online with the Texas SOS.
Filing an assumed name certificate: If you plan to do business using a name that's different from your legal name, then you must register that name—called an "assumed name," "trade name," or "DBA" (short for "doing business as"). Sole proprietors and general partnerships that use business names that don't include their personal names must file an assumed name certificate with their county clerk. A corporation, LLC, or other incorporated entity using a name that's different from what's filed in its formation documents must file an assumed name certificate (Form 503) with the SOS.
If you plan to do business online, you might want to register your business name as a domain name. In addition, to avoid trademark infringement issues, you should do a federal and state trademark search to make sure the name you want to use isn't the same as or too similar to a name already in use.
See the Texas name filing FAQ webpage for answers to frequently asked questions about Texas business names and for links to the forms your business might need.
You can register your business online using SOSDirect or by mailing the appropriate formation document to the SOS. You can find the organizational documents under the business and nonprofit forms section of the SOS website. Some business types don't require you to file any paperwork.
Here's how to form each type of business:
You can't form an S corporation with the state. Instead, some business entities can elect S corporation tax status. After you form your corporation or other applicable business with the SOS, you can file IRS Form 2553, Election by a Small Business Corporation, with the IRS to elect S corporation tax status.
Almost all businesses will need to apply for at least one license, permit, or registration. You can find more detailed information in our article on Texas business licenses.
Tax registration. If you'll be selling goods in Texas, you must apply for a sales tax permit with the Comptroller of Public Accounts (CPA). More generally, most businesses should register with the CPA to pay the state franchise tax and other business taxes.
Employer identification number (EIN). If your business has employees or is taxed separately from you, you must obtain an EIN from the IRS. Even if you're not required to get an EIN, there are often business reasons for doing so. For instance, banks often require an EIN to open an account in the business’s name and other companies you do business with could require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There's no filing fee.
Regulatory licenses and permits. These licenses cover areas such as health and safety, the environment, building and construction, and specific industries or services. Regulatory licenses and permits frequently are issued by state agencies. You can find guidance on state licenses and permits from the SOS Guides and Resources webpage. Many business licenses and permits in Texas are issued at the city or county level. For information about these local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. The Texas Department of Licensing and Regulation handles licensing for certain specialized professions and industries. You can also visit the occupational and professional licenses section of the Texas state website to apply for or renew your license.
You’ll need to pick a location for your business and check local zoning regulations. Consider the needs of your customers, and whether you have the kind of business that could benefit from foot or highway traffic.
Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. Refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. If you lease a commercial space, make sure you negotiate terms that'll work for your business in the long term.
It's important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. You should also review your lease (if you rent your home) and homeowners association rules (if applicable)—either of which might ban some or all home businesses.
Because Texas doesn't have a personal or corporate income tax, owners of some forms of business will not owe state tax on their business income. However, Texas does impose a franchise tax on most business types, including corporations, LLCs, S corporations, and partnerships. To learn more, see our article on Texas business income tax.
Sole proprietorships. Sole proprietors pay federal taxes on business income as part of their personal federal income tax returns.
Partnerships. Partners pay federal taxes on partnership income. In addition, most Texas partnerships are subject to the state’s franchise tax, but only owe the tax if total revenue exceeds a certain amount. LLPs and certain limited partnerships must file an annual report with the SOS.
LLCs. Members pay federal taxes on their share of LLC income on federal tax returns. LLCs themselves are subject to the state’s franchise tax, but only owe the tax if total revenue exceeds a certain amount. Unlike other states, Texas doesn't require LLCs to file an annual report. See our article on Texas LLC annual report and tax requirements for more information.
Corporations. A shareholder-employee with a salary must pay federal income tax on their personal federal tax return. The corporation itself is subject to the state’s franchise tax.
Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your business and your personal assets from unexpected events, such as personal injury lawsuits and natural catastrophes. An insurance agent can help you explore the different coverage options for your business. You should consider getting general liability insurance to protect your business against claims relating to bodily injury or property damage. Your business might also benefit from cyber liability insurance to cover litigation and settlement fees following a data security breach.
For more, see our article on what types of insurance your small business needs.
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, including LLCs and corporations, a separate bank account is necessary to maintain your liability protection.
The Governor's Office has a start a business in Texas webpage. The webpage outlines startup steps for small business owners. These steps provide links to helpful resources like the Small Business Administration website, the Small Business Development Centers, and various government offices.
The Texas government website's starting a business in Texas webpage is a great resource for small businesses. You can find information and links for business forms and fees, professional and occupational licenses and permits, and financing.
]]>Here’s an overview of the key steps you’ll need to take to start your own business in California.
Take time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, and availability. Think about the reasons why you want to form a business. You might even have an idea of what you want to do already.
You should evaluate the likelihood of success for your business based on the interests of your community, and whether your business idea will meet an unmet need. You can read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to determine your chances of making a profit. When you create a plan, you'll have a better idea of:
Investors and lenders will want to review your business plan before providing financial assistance, and you can be prepared by drafting a plan before you start soliciting funding.
Choosing a business structure is one of the most important steps. Your business structure will determine how you manage your business and file your taxes and your personal liability for your business's debts. Oftentimes, you can start with one business structure now and convert to another one later on as your business needs change. But it's best to pick an entity structure at the start that can adapt as your business grows.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You might also be limited to a certain business structure based on your industry. For example, California requires—with some exceptions—anyone who provides a service that requires a license, certification, or registration (for example, lawyers, accountants, and engineers) to form a professional corporation. (Cal. Corp. Code §§ 13400 and following (2023).)
You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. For instance, sole proprietorships and general partnerships have few startup and ongoing requirements but owners are personally liable for the business's debts. Alternatively, LLCs and corporations have more legal requirements and costs, but owners are mostly protected from the business's creditors.
Read our article for information on how to choose the best ownership structure for your business to help you make your choice.
Your business name should be unique and registrable. For LLCs and corporations, California requires you to have a business name that's distinguishable from other business names on record with the California Secretary of State (SOS). You'll need to check to see if your name is available by doing a business entity name search on the SOS website.
Reserving your business name: You can reserve an available name for 60 days by filing a Name Reservation Request. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Corporation” for closely-held corporations). See our articles on how to form an LLC and corporation in California for more information. The SOS has a section on name reservations with information on naming requirements for businesses.
Filing a fictitious business name statement: Is your business a sole proprietorship or partnership that uses a business name that's different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you have a fictitious business name (also called a "trade name" or "DBA"). You must register your name by filing a fictitious business name statement in the county clerk’s office for the county where your business is located. California also requires you to publish notice of your statement in a local newspaper. (Cal. Bus. & Prof. Code §§ 17900 and following (2023).) Check county websites for more information. The California Franchise Tax Board (FTB) also has a guide to DBAs.
If you plan on doing business online, you might want to register your business name as a domain name. In addition, to avoid trademark infringement issues, you should do a federal and state trademark search to make sure the name you want to use isn't the same as or too similar to a name already in use.
Check out our section on business names for tips on how to pick the right name for your business.
How you register your business in California depends on your chosen business structure.
You can find all these business formation forms on the SOS website. You can register your business online using bizfile California. You can also register by mail or in person by completing a paper form.
Almost all businesses will need to apply for at least one license, permit, or registration. You can find more detailed information in our article on California business licenses.
Tax Registration. If you'll be selling goods in California, you must register with the California Department of Tax and Fee Administration (CDTFA) to obtain a seller’s permit. You can register online at the CDTFA website. If your business will have employees, you must register with the California Employment Development Department (EDD) for employer withholding taxes. You can register online using the EDD’s Employer Services Online.
Employer identification number (EIN). If your business has employees or is taxed separately from you, you must obtain an EIN from the IRS. Even if you're not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with could require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There's no filing fee.
General Business License. Typically, you'll need to apply for a business license from the city where the business is located. In the case of unincorporated sections of the state, the license is issued by the county where the business is located. Your city might require every business to get a license or only some businesses to get a license.
Regulatory licenses and permits. These licenses cover areas such as health and safety, the environment, building and construction; and specific industries or services. Regulatory licenses and permits frequently are issued by state agencies. For step-by-step guidance about state licenses or permits you might need, check the state’s CalGold website. For information about local regulatory licenses and permits, check the websites for any cities or counties where you'll do business.
Professional and occupational licenses. These licenses and certifications cover people who work in various fields. The state’s Department of Consumer Affairs and the Department of Industrial Relations provide information on professional and occupational licensing.
You’ll need to pick a location for your business and check local zoning regulations. Consider the needs of your customers, and whether you have the kind of business that could benefit from foot or highway traffic.
Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. Refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. If you lease a commercial space, make sure you negotiate terms that'll work for your business in the long term.
It's important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. You should also review your lease (if you rent your home) and homeowners association rules (if applicable)—either of which might ban some or all home businesses.
California taxes every kind of business. For instance, California has a corporate income tax that applies to corporations and other entities that are taxed as corporations, and a franchise tax that applies to corporations, LLCs, and many partnerships. Businesses and owners will report and pay taxes to the FTB on designated income tax forms.
See our article on California business income tax for more information on state business taxes in California.
Sole proprietorships. Sole proprietors pay state taxes with the FTB on business income as part of their personal state income tax returns (Form 540).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, California partnerships also must file Form 565, Partnership Return of Income.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. California LLCs also are required to file a biennial statement of information. You can read about California LLC biennial filing requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to California corporation taxes. And, finally, corporations must file a statement of information with the SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from California taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your business and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits and natural catastrophes. An insurance agent can help you explore the different coverage options for your business, which might include general liability insurance to protect you against claims relating to bodily injury or property damage, or cyber liability insurance to cover litigation and settlement fees following a data security breach.
To learn more, see our article on what types of insurance your small business needs.
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, including LLCs and corporations, a separate bank account is necessary to maintain your liability protection.
The SOS has a section on starting a business. The section has information and links to resources to help small business owners. You can also find sections on frequently asked questions, filing tips, and other business resources. The SOS also provides a starting a new business in California publication and business checklist.
The California Office of the Small Business Advocate (CalOSBA) also offers information and support to small businesses. The CalOSBA has sections on starting, managing, and growing your business. You can also visit a California Small Business Development Center and explore its business services.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Wyoming Secretary of State (SOS). You can check for available names by doing a business entity search on the SOS website. You can reserve an available name for 120 days by filing an application for reservation of name with the Wyoming SOS. (There are different forms for LLCs and corporations.) There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Wyoming and How to Form a Corporation for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you have the option to file an Application for Registration of Trade Name with the SOS.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Wyoming, you must register with the Department of Revenue (DOR) to collect sales tax. You can download a Sales/Use Tax License Application from the DOR website.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
The Wyoming Business Council (WBC) publishes an excellent guide, Wyoming Business Permitting and Licensing, that provides an easy-to-read overview of the state’s various regulatory permits and licenses, including the agencies that issue them. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The Wyoming Department of Administration and Information (DAI) has an online list of regulatory boards for some (but not all) licensed professions and occupations. In addition, the Governor’s Boards and Commissions website has a section where you can search for a regulatory board if you know its name. And, finally, the WBC publication Wyoming Business Permitting and Licensing lists the many state agencies that administer professional licenses.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Wyoming is one of just four states that have no corporate tax and no personal income tax. See Wyoming State Business Income Tax for more information on state business taxes in Wyoming.
Wyoming LLCs and corporations must file annual reports with the Wyoming SOS. Also, apart from Wyoming taxes, there are federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the New York Department of State (DOS). You can check for available names by searching the Corporation & Business Entity Database on the DOS website. You can reserve an available name for 60 days by filing an Application for Reservation of Name with the New York DOS (there are separate forms for LLCs and corporations). There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in New York and How to Form a Corporation in New York for more information.
Does your New York sole proprietorship or general partnership use a business name that is different from the name of the business owner (sole proprietorship) or the names of the partners (general partnership)? If so, you must file a fictitious name certificate with the county clerk in the county where you will do business.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in New York, you must register with the New York Department of Taxation and Finance (DTF) as a sales tax vendor. If you will have employees in New York, you must register with the New York Department of Labor (DOL) for employer withholding tax and unemployment insurance. You can register online at the DOL’s Employer Registration webpage.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
The New York State Business Express lists the various licenses issued by the state, including many related to businesses. The site also links to the state’s online Business Wizard, where you can enter details about your specific business and automatically generate a list of the licenses and permits you’ll need. You may also need to get business licenses at the local level.
Professional and occupational licenses. These cover people who work in various fields. The state makes a limited distinction between professions and occupations. You can get information on licensing for most professions from the Office of the Professions (OP), which is a division within the New York State Education Department (NYSED). The New York DOS has a section of its website listing dozens of state-licensed occupations as well as professions.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
New York taxes every kind of business. See New York State Business Income Tax for more information on state business taxes in New York.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns.
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, many partnerships also must file Form IT-204, Partnership Return. Furthermore, some partnerships also must pay an annual state filing fee.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, most LLCs also must pay an annual filing fee and file Form IT-204-LL, Partnership, Limited Liability Company, and Limited Liability Partnership Filing Fee Payment Form. Furthermore, most LLCs also must file biennial statements. See New York LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to New York corporation taxes and a franchise tax. Note: New York’s taxation of corporations is particularly complicated. Finally, most corporations must file a biennial statement with the New York DOS.
If you have employees, you must also deal with state employer taxes.
And, apart from New York taxes, there are always federal income and employer taxes.
Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, consider your own interests, skills, resources, availability, and the reasons you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Washington Secretary of State (SOS). You can check for available names by doing a corporation search on the SOS website (the search site covers LLCs, corporations, and other registered entities). You can reserve an available name for 180 days by filing a Name Reservation form. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Washington and How to Form a Corporation in Washington for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you must register a trade name with the Washington State Business Licensing Service (BLS). You can register online.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Washington, you must register with the Department of Revenue (DOR) to collect sales tax. You can register by filing a Business License Application with the BLS online, by mail, or in person.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Check the List of Licenses section of the BLS’s Business & Professional Licenses webpage for additional guidance on state licenses. You can obtain some state-issued business-related licenses by completing the BLS’s Business License Application.
Many other licenses are issued at the city or county level. Check the BLS webpage that lists Washington cities that work with the BLS to issue local licenses. Also, check the website for any Washington city or county where you will do business.
Professional and occupational licenses. These cover people who work in various fields. Many of these licenses are handled through the BLS. For more information, check both the Professions section and the List of Licenses section of the BLS’s Business & Professional Licenses webpage.
You'll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Washington is one of just four states that have no corporate tax and no personal income tax. However, Washington does have a Business and Occupation Tax (B&O Tax). See Washington State Business Income Tax for more information on state business taxes in Washington.
Washington LLCs and corporations must file annual reports (also known as annual renewals) with the BLS. The reports must be filed online.
And, apart from Vermont taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, consider your own interests, skills, resources, availability, and the reasons you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
You will need to check that your business name is distinguishable from the names of other business entities already on file with the North Dakota Secretary of State (SOS). You can check for available names by doing a business records search on the SOS website. You can reserve an available name for twelve months by filing a Reserve Name Application with the North Dakota SOS. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in North Dakota and How to Form a Corporation in North Dakota for more information.
Sole proprietorships and partnerships in North Dakota must file a Trade Name Registration with the North Dakota SOS if they use a business name that is different from the name of the business owner (for a sole proprietorship) or names of the individual partners (for a partnership).
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in North Dakota, you must register for a sales and use tax permit with the North Dakota Office of the State Tax Commissioner (STC). If you will have employees in North Dakota, you must register with the STC for employer withholding tax. For both types of tax, you can register through the North Dakota Taxpayer Access Point.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the Licensing Information section of the state website. You’ll find that some of the agencies that issue business-related licenses and permits are:
You'll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
North Dakota taxes every type of business. See North Dakota State Income Tax for more information on state business taxes in North Dakota.
Sole proprietorships. Sole proprietors pay state taxes on business income as part of their personal state income tax returns.
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, many partnerships must file an annual North Dakota Partnership Return, Form 58.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, North Dakota LLCs must file annual reports with the SOS. These reports must be filed online. If the LLC is taxed like a partnership for federal income tax purposes, it must also file an annual North Dakota Partnership Return, Form 58. For more information, see North Dakota LLC Annual Filing Requirements.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. Moreover, the corporation itself is subject to North Dakota corporate taxes and must file a corporation income tax return. Finally, North Dakota LLCs must file annual reports with the SOS. These reports must be filed online.
If you have employees, you must also deal with state employer taxes.
Apart from New Hampshire taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take time to explore and research ideas for your business. At this stage, consider your own interests, skills, resources, availability, and the reasons you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the North Carolina Secretary of State (SOS). You can check for available names by doing a corporate name search on the SOS website. You can reserve an available name for 120 days by filing an Application to Reserve a Business Entity Name with the North Carolina SOS. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations).
Sole proprietorships and partnerships in North Carolina must file a Certificate of Assumed Name if they use a business name that is different from the name of the business owner (for a sole proprietorship) or names of the individual partners (for a partnership). The certificate is filed with the County Register of Deeds.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in North Carolina, you must register to collect sales tax with the North Carolina Department of Revenue (DOR). If you will have employees in North Carolina, you must register with the DOR for employer withholding tax. For both types of tax, you can register using Form NC-BR either online or using a web fillable PDF form.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check with the North Carolina Department of Commerce and Business Link North Carolina (BLNC). For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. You can get information about the state agencies that license and regulate many professions and occupations from the North Carolina Department of Commerce.
You'll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
North Carolina taxes every kind of business. See North Carolina State Business Income Tax for more information on state business taxes in North Carolina.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form D-400).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, every partnership doing business in North Carolina also must file Form D-403, Partnership Income Tax Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, depending on how the LLC is classified for federal tax purposes, the LLC itself may have to file an additional state tax form. The LLC also must file an annual report with the North Carolina SOS. See North Carolina LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to North Carolina corporation taxes and a corporate franchise tax. Finally, corporations must file an annual report with the North Carolina SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from North Carolina taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take time to explore and research ideas for your business. At this stage, consider your own interests, skills, resources, availability, and the reasons you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the New Mexico Secretary of State (SOS). You can check for available names by doing a business search on the SOS website. You can reserve an available name for 120 days by filing an Application for Reservation of Name with the New Mexico SOS (there are separate forms for LLCs and corporations). There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations).
Unlike most other states, New Mexico does not have a method for registering the business name of a sole proprietorship or general partnerships when that business name is different from the name of the owner or owners. Nevertheless, you should do a business name search to make sure the name is distinguishable from the names of other businesses on record with the Secretary of State. In addition, if the business name is associated with a service or product, you may want to look into state trademark registration.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in New Mexico, you must register with the New Mexico Taxation and Revenue Department (TRD) to collect the state gross receipts tax (also known as sales tax). If you will have employees in New Mexico, you must register with the TRD for employer withholding tax. For both types of tax (and others) you can register online using the TRD’s Taxpayer Access Point (TAP) or on paper using Form ACD-31015, Application for Business Tax Identification Number.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Virtually every New Mexico business must register with the New Mexico TRD. You can find more information about the business registration requirement in the Register Your Business section of the TRD website. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The state’s Regulation & Licensing Department (RLD) oversees many (but not all) of the regulatory boards and commissions for licensed professions and occupations. The Boards and Commissions section of the RLD website lists the professions and occupations the RLD handles.
You'll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
New Mexico taxes every kind of business. See New Mexico State Business Income Tax for more information on state business taxes in New Mexico.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form PIT-1).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, most partnerships also must file Form PTE, New Mexico Information Return for Pass-Through Entities.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, most LLCs also must file Form PTE, New Mexico Information Return for Pass-Through Entities. Unlike most other states, New Mexico does not require LLCs to file annual reports. See New Mexico LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to New Mexico corporation taxes and a franchise tax. Finally, corporations must file an annual/biennial report with the New Mexico SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from New Mexico taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, consider your own interests, skills, resources, availability, and the reasons you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Alaska Division of Corporations, Business and Professional Licensing (CBPL). You can check for available names doing a business entity search on the CBPL website. You can reserve an available name for up to 120 days by filing a Business Name Reservation with the CBPL. There are also certain name requirements for LLCs and corporations (like including a word such as “L.L.C.” for LLCs or “Company” for corporations). See How to Form an LLC in Alaska and How to Form a Corporation for more information.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. Alaska does not have a state sales tax or a personal income tax on wages so there is no issue of registering for those types of taxes. Be aware, however, that individual Alaska municipalities may charge sales tax.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Most Alaska businesses are required to have a state business license. The license is issued by the CBPL. You have the option to pay for either a one-year or two-year business license. For more information, check the New BL Online section of the CBPL website. Other state agencies issue permits for matters relating to, for example, the environment or health and safety. If you think one of these kinds of permits might apply to your business, check the websites of the Division of Environmental Health, Department of Environmental Conservation, and other state agencies. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The Professional Licensing section of the CBPL website lists most of the professions requiring state licensing.
You'll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Alaska is like most states in that it has a corporate income tax, but unlike many states, it does not have any franchise or privilege tax generally applicable to businesses. Moreover, Alaska does not have a personal income tax. See Alaska State Business Income Tax for more information on state business taxes in Alaska.
Sole proprietorships. Sole proprietorships only pay federal taxes on business income.
Partnerships. Typical partnerships only pay federal taxes on business income.
LLCs. For typical LLCs, LLC members only pay federal taxes on business income. In addition, the LLC itself must file a biennial report with the CBPL. See Alaska LLC Annual Report and Tax Requirements for more information.
Corporations. Alaska corporations must pay the state’s corporation income tax. Individual shareholders must pay federal taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay federal income tax on his or her individual federal tax return. In addition, corporations must file a biennial report with the CBPL.
Apart from Alaska taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, consider your own interests, skills, resources, availability, and the reasons you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the New Jersey Department of Revenue and Enterprise Services (DORE). You can check for available names by doing a business entity name search on the DORE website. You can reserve an available name for 120 days by filing an Application for Reservation of Name with the New Jersey DORE. There are certain name requirements for LLCs and corporations (like including a word such as “L.L.C.” for LLCs or “Company” for corporations). See How to Form an LLC in New Jersey and How to Form a Corporation in New Jersey for more information.
A New Jersey sole proprietorship or general partnership should file a registration for a trade name (also known as an assumed name) at the county level if it uses a business name that is different from the name of the business owner (sole proprietorship) or partners (general partnership).
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in New Jersey, you must register to collect sales tax with the New Jersey DORE. If you will have employees in New Jersey, you must register with the DORE for employer withholding tax. You can register online using the DORE’s NJ Business Gateway Services or on paper using Form NJ-REG for both types of tax.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the License & Certification Guide on the New Jersey Business Portal, which has links to information about all the latter kinds of licenses and permits, and many others besides. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. You can get information about the state agencies that license and regulate many professions and occupations, as well as at least the basic licensing requirements, from either of the following sources:
In addition, the Division of Consumer Affairs website has a Licensing Boards and Committees section that provides similar information.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
New Jersey taxes every kind of business. See New Jersey State Business Income Tax for more information on state business taxes in New Jersey.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form NJ-1040).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, most partnerships also must file Form NJ-1065, Partnership Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, most LLCs also must file Form NJ-1065, Partnership Return. Furthermore, the LLC must file an annual report with the New Jersey DORE. See New Jersey LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to New Jersey corporation taxes. Finally, corporations must file an annual report with the New Jersey DORE.
If you have employees, you must also deal with state employer taxes.
And, apart from New Jersey taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, consider your own interests, skills, resources, availability, and the reasons you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Montana Secretary of State (SOS). You can check for available names by doing a business entity search on the SOS website. You can reserve an available name for up to 120 days by filing a Reservation of Name Application with the Montana SOS. Name reservations cannot be renewed to extend the reservation.
There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Montana and How to Form a Corporation in Montana for more information.
Sole proprietorships and partnerships in Montana should file a Registration of Assumed Business Name with the Montana SOS if they use a business name that is different from the names of the business owner (for a sole proprietorship) or individual partners (for a partnership).
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will have employees in Montana, you must register with the Montana Department of Revenue (DOR) for an employer withholding tax number. You can register online using the DOR’s Taxpayer Access Point (TAP) or on paper using Form GenReg, Registration/Application for Permit.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the Small Business Licensing Information of the state website. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The Occupational and Professional Licensing section of the state website has links to the licensing requirements for most professions.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Montana taxes every kind of business. See Montana State Business Income Tax for more information on state business taxes in Montana.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 2).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, most partnerships also must file Form PR-1, Montana Partnership Information and Composite Tax Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, the LLC itself must file an annual report with the Montana SOS. Montana LLCs taxed as corporations for federal tax purposes must also file a state corporation tax return. See Montana LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Montana’s corporation license tax. Finally, corporations must file an annual report with the Montana SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Montana taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, consider your own interests, skills, resources, availability, and the reasons you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Rhode Island Secretary of State (SOS). You can check for available names by doing an entity name search on the SOS website. You can reserve an available name for 120 days by filing an Application for Reservation of Entity Name form with the Rhode Island SOS. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Rhode Island and How to Form a Corporation for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the name of the business owner (for a sole proprietorship) or individual partners (for a partnership)? If so, you must file a certificate of assumed business name with the city or town clerk where your business is located.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Rhode Island, you must apply for a retail sales permit for sales tax. If you will have employees in Rhode Island, you must register for employer withholding tax. You can accomplish both types of registrations, and many others, by completing Form BAR, Business Application and Registration, which you can do either online or on paper.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
You can find information about commercial licenses from the Commercial Licensing & Racing & Athletics section of Rhode Island’s Department of Business Regulation (DBR) website. For certain sales-related licenses, check Form BAR, Business Application and Registration. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. A good first place to check for information is the Professional License Renewal section of the ri.gov website. The section provides licensing information for some professions and occupations. Another option is the Rhode Island Department of Business Regulation, which has links for licensing for a few professions, such as insurance professionals.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Rhode Island taxes every kind of business. See Rhode Island State Business Income Tax for more information on state business taxes in Rhode Island.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (RI-1040).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Rhode Island partnerships also must file Form RI-1065, Partnership Income Tax Return. Limited Liability Partnerships (LLPs) also must pay an annual fee equal to the minimum annual corporate tax.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. LLCs also must pay an annual fee equal to the minimum annual corporate tax. Furthermore, Rhode Island LLCs must file an annual report with the Rhode Island SOS. See Rhode Island LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Rhode Island corporation taxes. Finally, corporations must file an annual report with the Rhode Island SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Rhode Island taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, consider your own interests, skills, resources, availability, and the reasons you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Iowa Secretary of State (SOS). You can check for available names by doing a business entities search on the SOS website. You can reserve an available name for 120 days by filing an Application for Reservation of Name. You can also renew a name reservation before it expires. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Iowa and How to Form a Corporation in Iowa for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you must file a trade name form with the county recorder in the county where your business is located. Check the website for the relevant county for forms and additional information.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Iowa, you must register with the Department of Revenue (DOR) to collect sales tax. If your business will have employees, you must register with the DOR for employer withholding taxes. You can register for both types of tax and other business taxes, either online or on paper using Form 78-005, Iowa Business Tax Permit Registration.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Ultimately, however, there is a vast number of regulatory licenses and permits. For help figuring out which regulatory licenses and permits may apply to your particular business, check IASourceLink's Business License Information Center (IASourceLink is part of the Iowa Economic Development Authority). For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The Iowa Professional Licensing Bureau oversees the regulatory boards and licensing for about a half dozen professions. Other professional and occupational licenses are handled by other state agencies. For example, the Iowa Department of Public Health’s Bureau of Professional Licensure handles licensing for roughly 20 health-related professions, such as Chiropractic, Dietetics, Optometry, and Podiatry.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Iowa taxes every kind of business. See Iowa State Business Income Tax for more information on state business taxes in Iowa.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form IA 1040).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Iowa partnerships must file Form IA 1065, Partnership Return of Income.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form — either a partnership return or a corporation return. The specific form used will depend on how the LLC is classified for federal tax purposes. Iowa LLCs also are required to file a biennial report with the Iowa SOS. See Iowa LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Iowa corporation taxes. And, finally, corporations must file a biennial report with the Iowa SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Iowa taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, consider your own interests, skills, resources, availability, and the reasons you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Kentucky Secretary of State (SOS). You can check for available names by doing a name availability search on the SOS website. You can reserve an available name for 120 days by filing a Reservation or Renewal of Reserved Name. You can also renew a name reservation. There are certain name requirements for LLCs and corporations (like including a word such as “L.L.C.” for LLCs or “Company” for corporations). See How to Form an LLC in Kentucky and How to Form a Corporation in Kentucky for more information.
If your business is a partnership that uses a business name that’s different from the surnames of the individual partners, you must file a Certificate of Assumed Name with the SOS. If your business is a sole proprietorship that uses a business name that’s different from your legal name, you must file the Certificate of Assumed Name with the county clerk in the county where you are a resident.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Kentucky, you must register with the Department of Revenue (DOR) to collect sales tax. If your businesses will have employees, you must register with the DOR for employer withholding taxes. You can register for both types of tax, as well as other business taxes, online at Kentucky’s One Stop Business Portal.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. Kentucky does not have a general business license issued by the state. However, many types of businesses either can or must get one or more licenses or permits. Kentucky sometimes refers collectively to all of these licenses and permits as “occupational.” Regulatory licenses and permits may cover particular types of business services, the sale of particular products, health and safety, and the environment, among other things. For help figuring out which state regulatory licenses and permits may apply to your particular business, check the Occupational Licenses/Permits section of the Kentucky One Stop Business Portal. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The Occupational Licenses/Permits section of the Kentucky One Stop Business Portal lists many—though not all—of these professions and occupations.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Kentucky taxes every kind of business. This includes a relatively unusual Limited Liability Entity Tax (LLET). See Kentucky State Business Income Tax for more information on state business taxes in Kentucky.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 740).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Kentucky partnerships also must file some version of Form 765. Limited Partnerships and Limited Liability Partnerships are liable for the LLET.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. LLCs are liable for the LLET. Kentucky LLCs also are required to file an annual report with the Kentucky SOS. See Kentucky LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Kentucky corporation taxes and the LLET. And, finally, corporations must file an annual report with the Kentucky SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Kentucky taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Colorado Secretary of State (SOS). You can check for available names by doing a business entity search on the SOS website. You can reserve an available name for 120 days by filing a Statement of Reservation of Name. You can also renew a previously filed reservation by filing a Statement of Renewal of Reservation of Name. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Colorado and How to Form a Corporation in Colorado for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you must file a document with the SOS. For sole proprietorships, file a Statement of Trade Name of an Individual, and for partnerships file a Statement of Trade Name. Forms for both of the filings are available from the SOS.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Colorado, you must register with the Department of Revenue (DOR) to collect sales tax. If your business will have employees, you must register with the DOR for employer withholding taxes. You can register for both types of tax online via MyBizColorado or on paper using Form CR0100AP.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For many licenses, you can find information on the Colorado Department of Regulatory Agencies (DORA) website. In addition, check the Colorado Small Business Development Center (SBDC) Network for its Resource Book on starting a Colorado Business. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The DORA website includes information for these kinds of licenses.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Colorado taxes every kind of business. See Colorado State Business Income Tax for more information on state business taxes in Colorado.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 104).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Colorado partnerships also must file Form 106.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form — either a partnership return or a corporation return. The specific form used will depend on how the LLC is classified for federal tax purposes. Colorado LLCs also are required to file a periodic report (known in other states as an annual report) with the Colorado SOS. See Colorado LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Colorado corporation taxes. And, finally, corporations must file a periodic report (known in other states as an annual report) with the Colorado SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Colorado taxes, there are always federal income and employer taxes. For more information, check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Arizona Corporation Commission (AZCC). You can check for available names by doing a business entity search on the AZCC website. You can reserve an available name for 120 days by filing an application to reserve an entity name. You can file online at the AZCC website. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Arizona and How to Form a Corporation in Arizona for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you have the option to register a trade name for your business with the Arizona Secretary of State (SOS). To register, use the Trade Names Registration Application available on the SOS website.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Arizona, you must register with the Arizona Department of Revenue (DOR) to collect the transaction privilege tax (in most other states, this is known as sales tax). If your business will have employees, you must register with the DOR for employer withholding taxes. You can register for both types of tax, as well as other business taxes and licenses, online via the DOR’s AZTaxes website.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
The Licensing Guide section of the DOR website includes basic information about several important Arizona business licenses and a link to a guide to Arizona business taxes. Other important regulatory licenses and permits are issued by other state agencies, such as the Arizona Department of Environmental Quality and the Arizona Department of Health Services. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can foreseeably afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Arizona taxes every kind of business. See Arizona State Business Income Tax for more information on state business taxes in Arizona.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 140).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Arizona partnerships also must file Form 165, Arizona Partnership Income Tax Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. See Arizona LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Arizona corporation taxes. And, finally, corporations must file an annual report with the Arizona SCC.
If you have employees, you must also deal with state employer taxes.
And, apart from Arizona taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the West Virginia Secretary of State (SOS). You can check for available names by doing a business organization search on the SOS website. You can reserve an available name for 120 days by filing an Application for Name Reservation. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in West Virginia and How to Form a Corporation for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you must file an Application for Trade Name (DBA) with the SOS.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in West Virginia, you must register with the State Tax Department (STD) to collect sales tax. If your business will have employees, you must register with the STD for employer withholding taxes. You can register for both types of tax, as well as many other business taxes, using Form BUS-APP, which combines all the primary state business tax registration forms.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Different state licenses and permits are issued by different agencies. One place to go for more information is the Licenses and Permits section of the state business portal. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. You can get information about the state agencies that license and regulate many professions and occupations by going to the Licenses and Permits section of the state business portal for more details.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
West Virginia taxes every kind of business. See West Virginia State Business Income Tax for more information on state business taxes in West Virginia.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form IT-140).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, West Virginia partnerships also must file Form SPF-100, West Virginia Income Tax Return S Corporation & Partnership (Pass-Through Entity). West Virginia partnerships are subject to the state’s business franchise tax.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. West Virginia LLCs are subject to the state’s business franchise tax. West Virginia LLCs also are required to file an annual report. See West Virginia LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to West Virginia business franchise tax and state corporation taxes. And, finally, corporations must file an annual report with the West Virginia SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from West Virginia taxes, there are always federal income and employer taxes.
Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the South Dakota Secretary of State (SOS). You can check for available names by doing a business name search on the SOS website. You can reserve an available name for 120 days by filing an Application for Reservation of Name form with the South Dakota SOS. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in South Dakota and How to Form a Corporation in South Dakota for more information.
Is your business is a sole proprietorship or partnership that uses a business name that is different from the name of the business owner (for a sole proprietorship) or names of the individual partners (for a partnership)? If so, you must register a DBA (Doing Business As) with the South Dakota Secretary of State.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in South Dakota, you must register with the Department of Revenue (DOR) to collect sales tax. You can register online at the DOR’s South Dakota Tax Application website.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
The Governor’s Office of Economic Development (GOED) has a downloadable document that lists licenses issued by many state agencies, such as the Departments of Agriculture, Environment and Natural Resources, Health, and Labor & Regulation. You can apply for some important state business licenses relating to taxes by completing a South Dakota Tax Application. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The Occupational Licensing Agencies section of the South Dakota Department of Labor and Regulation website lists many state agencies and boards that regulate various professions and occupations. Similarly, the South Dakota Boards and Commissions Portal provides a searchable list of licensing agencies and boards.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
South Dakota is one of just four states that have no corporate tax and no personal income tax. See South Dakota State Business Income Tax for more information on state business taxes in South Dakota.
South Dakota LLCs and corporations must file annual reports with the South Dakota SOS. Also, apart from South Dakota taxes, there are federal income and employer taxes.
Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>First, explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Massachusetts Secretary of State (SOS). Names can be checked for availability by searching the Massachusetts SOS business entity database. You can reserve an available name for 60 days by filing an Application of Reservation of Name with the Massachusetts SOS. You can also renew the reservation for an additional 60 days. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Massachusetts and How to Form a Corporation in Massachusetts for more information.
Will your Massachusetts sole proprietorship or partnership use a business name that is different from the surname of the business owner (for a sole proprietorship) or individual partners (for a partnership)? If so, you must file a notarized assumed name certificate with the city or town where you will do business. The certificate must be renewed every four years.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Massachusetts, you must register for a sales and use tax registration certificate with the Massachusetts Department of Revenue (DOR). If you will have employees in Massachusetts, you must register with the DOR for employer withholding. For both kinds of registration, you can use the online MassTax Connect.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the Licensing and Permits of the state website. The section provides some information about local licenses and permits, but you should also check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. You can find a list of state-issued professional and occupational licenses on the Professional Licenses & Permits of the state website.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Massachusetts taxes every kind of business. See Massachusetts State Business Income Tax for more information on state business taxes in Massachusetts.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 1).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, if a partnership has a usual place of business in Massachusetts or federal gross income of more than $100 for its tax year, it must also file Massachusetts Form 3, Partnership Return of Income.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, the LLC itself must file an annual report with the SOS. See Massachusetts LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Massachusetts corporation taxes. And, finally, corporations must file an annual report with the SOS.
If you have employees, you must also deal with employer taxes.
And, apart from Idaho taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>First, explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Business Registration Division (BREG) of the Hawaii Department of Commerce and Consumer Affairs (DCCA). You can check for available names by doing a business entity search on the BREG website. You can reserve an available name for 120 days by filing an Application for Reservation of Name with BREG. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Corporation” for corporations). See How to Form an LLC in Hawaii and How to Form a Corporation in Hawaii for more information.
If you are forming a Hawaii general partnership you must file Form GP-1, Registration Statement of Partnership, with BREG. If your business is a sole proprietorship that uses a business name that is different from the legal name of the business owner, you have the option to register a trade name with BREG.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Hawaii, you must register with the Department of Taxation (DOT) to collect the general excise tax (GET; known elsewhere as sales tax). There is a one-time fee to register for the GET. If your business will have employees, you must register with the DOT for employer withholding taxes. You can register for both the GET and withholding taxes, as well as other business taxes, either online via Hawaii Business Express (HBE) or on paper using Form BB-1, Basic Business Application.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. Unlike some other states, Hawaii doesn’t have a required general business license for all businesses. However, some businesses may be required to obtain permits from state agencies. For example, a business may need a permit related to the environment or health and safety issued by the Department of Health. In addition, some required licenses are issued locally — for more information, check the websites for any cities or counties where you will have a business location.
Professional and occupational licenses. These cover people who work in various fields. The DCCA’s Professional and Vocational Licensing Division (PVL) is responsible for licensing for 49 different professions and vocations. The PVL website lists information for each of these professions and vocations.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Hawaii taxes every kind of business. See Hawaii State Business Income Tax for more information on state business taxes in Hawaii.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form N-11).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Hawaii partnerships also must file Form N-20, Partnership Return of Income.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form — either a partnership return or a corporation return. The specific form used will depend on how the LLC is classified for federal tax purposes. Hawaii LLCs also are required to file an annual report with BREG. See Hawaii LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Hawaii corporation taxes. And, finally, corporations must file an annual report with BREG.
If you have employees, you must also deal with state employer taxes.
And, apart from Hawaii taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the DC Department of Consumer and Regulatory Affairs (DCRA). You can check for available names by doing a Business License Verification on the DCRA website. You can reserve an available name for 120 days. File name reservations online at the DCRA website or on paper by filing Form NR-1, Application for Name Reservation. There are certain name requirements for LLCs and corporations (like including a word such as “L.L.C.” for LLCs or “Company” for corporations). See How to Form an LLC in the District of Columbia and How to Form a Corporation for more information.
Is your business is a sole proprietorship or partnership that uses a business name that is different from the name of the business owner (for a sole proprietorship) or names of the individual partners (for a partnership)? If so, you have the option to register a trade name with the DCRA.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Note: All business entities in the District of Columbia need some kind of business license (see next section).
Tax Registration. If you will be selling goods in Washington, DC, you must register with the Office of Tax and Revenue (OTR) to collect sales tax. If your business will have employees, you must register with the OTR for employer withholding taxes. You can register for both types of tax, among others, either online via the DC Taxpayer Service Center (TSC) or on paper using Form FR-500, Combined Registration Application for Business DC Taxes/Fees/Assessments.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Basic Business License (BBL). All businesses operating in the District of Columbia must be licensed in some way by the D.C. government. In many cases, this means getting a Basic Business License (BBL). However, some businesses where the principals are required to be licensed by a certification board or body—which often means licensed professionals (see below)—are not required to have a BBL. BBLs are issued by the Department of Consumer and Regulatory Affairs (DCRA).
Regulatory licenses and permits. These cover areas such as:
Your particular business may need a regulatory license or permit. For example, you may need an environmental permit issued by the Department of Energy & Environment.
Professional and occupational licenses. These cover people who work in various fields. The DCRA's Occupational & Professional Licensing Administration (OPLA) licenses, for example, certified public accountants, architects, real estate agents, master electricians, plumbers, and asbestos workers. However, other professions and occupations are licensed through agencies such as:
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
The District of Columbia taxes every kind of business. All forms of unincorporated business, such as sole proprietorships, general partnerships, and LLCs, that have at least a certain minimum amount of gross receipts and are not otherwise exempt, are subject to D.C.’s Unincorporated Business Franchise Tax (UBFT). To pay the Unincorporated Business Franchise Tax, use Form D-30.
Corporations are subject to D.C.’s Corporate Franchise Tax. To pay the Corporate Franchise tax, use Form D-20.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form D-40). They are also subject to the UBFT.
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, some District of Columbia partnerships also must file Form D-65, Partnership Return of Income. They are also subject to the UBFT.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves are subject to either the UBFT or the Corporate Franchise Tax. D.C. LLCs classified as corporations for federal tax purposes also have to file a D.C. corporate tax form. Furthermore, District of Columbia LLCs are required to file a biennial report with the DCRA. See District of Columbia LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay income tax on his or her personal state tax return. Moreover, the corporation itself is subject to the District of Columbia’s Corporate Franchise Tax. And, finally, corporations must file a biennial report with the DCRA.
If you have employees, you must also deal with state employer taxes.
And, apart from District of Columbia taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Pennsylvania Department of State (DOS). You can check for available names by doing a business entity search on the DOS website. You can reserve an available name for 120 days by filing a Name Reservation/Transfer of Reservation form with the Pennsylvania DOS. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Pennsylvania and How to Form a Corporation in Pennsylvania for more information.
Sole proprietorships and partnerships in Pennsylvania must file a fictitious name registration with the Pennsylvania DOS if they use a business name that is different from the name of the business owner (for a sole proprietorship) or names of the individual partners (for a partnership).
If you plan on doing business online, you may want to register your business name as a domain name. See Domain Names and Trademarks FAQ for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Pennsylvania, you must apply for a sales tax license. If you will have employees in Pennsylvania, you must register for employer withholding tax. You can accomplish both types of registrations, and many others, by completing Form PA-100, Pennsylvania Enterprise Registration.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
You can apply for some of the most important of these licenses and permits by filing Form PA-100, Pennsylvania Enterprise Registration. The form contains a section for business license applications. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The DOS website has a Professional Licensing section that contains webpages listing state regulatory board contact information and other general information about many of the state’s professional regulatory boards.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Pennsylvania taxes every kind of business. See Pennsylvania State Business Income Tax for more information on state business taxes in Pennsylvania.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (PA-40).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Pennsylvania partnerships also must file Form PA-20S/PA-65, PA S Corporation/Partnership Information Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. Pennsylvania LLCs providing certain professional services also must file a certificate of annual registration with the Pennsylvania DOS. See Pennsylvania LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Pennsylvania corporation taxes.
If you have employees, you must also deal with state employer taxes. And, apart from Pennsylvania taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Delaware Division of Corporations (DOC). You can check for available names by doing a business name search on the DOC website. You can reserve an available name for 120 days by filing a Name Reservation Application either online or on paper. You can also renew (re-reserve) a name reservation after first applying for one. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Delaware and How to Form a Corporation in Delaware for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you must file a trade name certificate with the county where your business is located. File with the Prothonotary’s office located in the county’s Superior Court.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Delaware, you must register with the Division of Revenue (DOR) and, if liable, pay the state’s gross receipts tax. If your businesses will have employees, you must register with the Division of Revenue (DOR) for employer withholding taxes. You can register for both kinds of taxes online using Delaware’s One Stop Business Registration and Licensing System. You can also register on paper using Form CRA, Combined Registration Application.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
State business license. Every Delaware business is required to get an annual state business license. The license is issued by the Division of Revenue. You can register for the license online at the One Stop Business Licensing and Registration Service. Depending on your specific type of business you may also need other licenses or permits issued by specific state agencies, such as the Division of Public Health within Delaware Health and Social Services. In addition, some required licenses are issued locally, so be sure to check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The Division of Professional Regulation (DPR) oversees the state’s many professional regulatory boards. The homepage of the DPR website lists virtually all of the regulated professions.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Delaware taxes every kind of business. This includes a special state tax that applies to LLCs and most partnerships. See Delaware State Business Income Tax for more information on state business taxes in Delaware.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 200-01).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Delaware partnerships also must file Form 300, Partnership Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form — either a partnership return or a corporation return. The specific form used will depend on how the LLC is classified for federal tax purposes. Unlike most states, Delaware does not require LLCs to file annual reports. However, the state does require LLCs to pay an annual tax. See Delaware LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Delaware corporation taxes. And, finally, corporations must file an annual report with the Delaware DOC (which is associated with the payment of the state’s franchise tax).
If you have employees, you must also deal with state employer taxes.
And, apart from Delaware taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Connecticut Secretary of State (SOS). You can check for available names by doing a business entity search on the SOS CONCORD system. You can reserve an available name for 120 days by filing an Application for Reservation of Name. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Connecticut and How to Form a Corporation in Connecticut for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you must register a trade name with the clerk of the city or town where you do business. For more information, check the website for the relevant city or town.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Connecticut, you must register with the Department of Revenue Services (DRS) to collect sales tax. If your business will have employees, you must register with the DRS for employer withholding taxes. You can register for both types of tax, as well as other business taxes, either online via the Connecticut Taxpayer Service Center (TSC) or on paper using Form REG-1, Business Taxes Registration Application.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Trade licenses and permits. These cover areas such as:
Check with the Department of Consumer Protection for more information. For information about local licenses and permits, check the websites for any cities or counties where you will do business
Professional and occupational licenses. These cover people who work in various fields. For more information, check with the Occupational & Professional Licensing Division of the Department of Consumer Protection.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Connecticut taxes every kind of business. See Connecticut State Business Income Tax for more information on state business taxes in Connecticut.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form CT-1040).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Connecticut partnerships also must file Form CT-1065/CT-1120SI, Connecticut Composite Income Tax Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form — either a partnership return or a corporation return. The specific form used will depend on how the LLC is classified for federal tax purposes. Connecticut LLCs classified as partnerships are also subject to the state’s biennial Business Entity Tax. In addition, Connecticut LLCs also are required to file an annual report with the Connecticut SOS. See Connecticut LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Connecticut corporation taxes. And, finally, corporations must file an annual report with the Connecticut SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Connecticut taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the South Carolina Secretary of State (SOS). You can check for available names by doing a business name search on the SOS website. You can reserve an available name for 120 days by filing an Application to Reserve Name form with the South Carolina SOS. There are different forms for LLCs and corporations. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in South Carolina and How to Form a Corporation in South Carolina for more information.
Sole proprietorships and partnerships in South Carolina have the option to register an assumed name with the South Carolina SOS if they use a business name that is different from the name of the business owner (for a sole proprietorship) or names of the individual partners (for a partnership).
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be engaged in retail sales in South Carolina, you must apply for a retail license. If you will have employees in South Carolina, you must register for employer withholding tax. Both registrations are handled by the South Carolina Department of Revenue (DOR). You can accomplish both types of registrations (among others) by using the state’s MyDORWAY website.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
You can find information about which licenses you may need and which agencies issue them by going to the Licenses, Permits, & Registration section of the state website. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. Professional licensing is handled through the South Carolina Department of Labor, Licensing and Regulation (LLR). More specifically, the licensing is handled by the LLR’s Division of Professional and Occupational Licensing (POL).
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
South Carolina taxes every kind of business. See South Carolina State Business Income Tax for more information on state business taxes in South Carolina.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (SC1040).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, South Carolina partnerships also must file Form SC1065, Partnership Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. Unlike most other states, South Carolina LLCs are not required to file an annual report. See South Carolina LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to South Carolina corporation taxes including a license fee. An annual report must be included as part of the corporation’s tax return.
If you have employees, you must also deal with state employer taxes.
And, apart from South Carolina taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Ohio Secretary of State (SOS). You can check for available names by doing a Business Search by Name on the SOS website. You can reserve an available name for 180 days by filing a Name Reservation with the Ohio SOS. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Ohio and How to Form a Corporation in Ohio for more information.
Sole proprietorships and partnerships in Ohio must file a Fictitious Name Registration with the Ohio SOS if they use a business name that is different from the name of the business owner (for a sole proprietorship) or names of the individual partners (for a partnership).
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Ohio, you must register for a vendor’s license with the Ohio Department of Taxation (DOT). The license is required in order to collect state sales tax. If you will have employees in Ohio, you must register with the DOT for employer withholding tax. You can register for both sales tax collection and withholding tax, as well as other business taxes, via the Ohio Business Gateway.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the Business section of the state's website.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Ohio has a Commercial Activity Tax (CAT) that applies to most Ohio businesses. See Ohio State Business Income Tax for more information on state business taxes in Ohio.
Sole proprietorships. Apart from CAT, sole proprietorships pay only federal taxes on business income.
Partnerships. Apart from CAT, partnerships pay only federal taxes on business income.
LLCs. Apart from the CAT, LLC members pay only federal taxes on business income. Unlike most states, Ohio does not require LLCs to file annual reports. See Ohio LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. In addition, the corporation itself is subject to CAT. Unlike most states, Ohio does not require corporations to file annual reports.
Apart from Ohio taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, which might include general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Minnesota Secretary of State (SOS). You can check for available names by doing a search on the SOS website. You can reserve an available name for 12 months by filing a Request for Reservation of Name with the Minnesota SOS. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Minnesota and How to Form a Corporation in Minnesota for more information.
Sole proprietorships and partnerships in Minnesota must file a Certificate of Assumed Name with the Minnesota SOS if they use a business name that is different from the names of the business owner (for a sole proprietorship) or individual partners (for a partnership). Assumed names expire at the end of each calendar year and must be renewed annually.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Sole proprietorship. To establish a sole proprietorship in Minnesota, you don’t need to file any organizational documents with the state. For more information, see How to Establish a Sole Proprietorship in Minnesota.
Partnership. To create a general partnership in Minnesota, you don’t need to file any organizational documents with the state. Although not legally required, all partnerships should have a written partnership agreement. The partnership agreement can be very helpful if there is ever a dispute among the partners. For more information, see How to Form a Partnership. To form a limited liability partnership (often used by professionals), you must file a Statement of Qualification with the Minnesota SOS. For more information, see Why Choose a Limited Liability Partnership.
LLCs. To create an LLC in Minnesota, you must file articles of organization with the Minnesota SOS. You will also need to appoint a registered agent in Minnesota for service of process. In addition, while not required by law, you also should prepare an operating agreement to establish the basic rules about how your LLC will operate. The operating agreement is not filed with the state. For more information, see How to Form an LLC in Minnesota and How to Form a Professional LLC in Minnesota (for professionals).
Corporations. To create a corporation in Minnesota, you must file articles of incorporation with the Minnesota SOS. You will also need to appoint a registered agent in Minnesota for service of process. Although not legally required, you also should prepare bylaws to establish your corporation’s internal operating rules. Bylaws are not filed with the state. S Corporations must also file IRS Form 2553, Election by a Small Business Corporation, with the IRS. For more information, see How to Form a Corporation in Minnesota.
Tax Registration. If you will be selling goods in Minnesota, you must register to collect sales tax with the Minnesota Department of Revenue (DOR). If you will have employees in Minnesota, you must register with the DOT for employer withholding tax. For both types of tax, you can register online.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, Minnesota’s Bureau of Business Licenses (BBL), also known as License Minnesota, has information about the state’s many business licenses. In addition, the BBL publishes a comprehensive State of Minnesota Directory of Licenses and Permits. You can also find more extensive information online by going to the BBL’s License Minnesota (elicense) website. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. You can get information about the state agencies that license and regulate many professions and occupations from the State Agencies section of the License Minnesota website.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Minnesota taxes every kind of business. See Minnesota State Business Income Tax for more information on state business taxes in Minnesota.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form M1).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, most partnerships also must file Form M3, Partnership Return, and also may be liable for a minimum fee.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, the LLC itself must file an annual report (also known in Minnesota as an annual renewal) with the Minnesota SOS. See Minnesota LLC Annual Report and Tax Requirements for more information. LLCs with property, payroll, sales, or receipts above a certain level also must pay a separate minimum fee.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Minnesota corporation taxes. And corporations with property, payroll, sales, or receipts above a certain level also must pay a so-called minimum fee. Finally, corporations must file an annual report (also known in Minnesota as an annual renewal) with the Minnesota SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Minnesota taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Here’s an overview of the key steps you’ll need to take to start your own business in Maine.
Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Maine Secretary of State (SOS). Names can be checked for availability by searching the Maine SOS corporate name search. You can reserve an available name for 120 days by filing an Application for Reservation of Name with the Maine SOS. There are also certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Maine and How to Form a Corporation in Maine for more information.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Maine, you must register your business with Maine Revenue Services (MRS). If you will have employees in Maine, you must register with MRS and the Maine Department of Labor (DOL). For both kinds of registration, you can use the MRS/DOL application for tax registration.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
General licenses needed to operate a business are handled at the town or city level. You should contact the town or city office where your business is located for more information. You can find contact information for a particular town office through the Maine Local Government Portal.
Professional and occupational licenses. These cover people who work in various fields. You can find a list of state-issued professional and occupational licenses at the Resources by Profession section of the state website.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Maine taxes every kind of business. See Maine State Business Income Tax for more information on state business taxes in Maine.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 1040ME).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. If your partnership has non-Maine partners, you must also file Form 941P-ME for the partnership.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, the LLC itself must file an annual report and pay an $85 filing fee. See Maine LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Maine corporation taxes. And, finally, corporations must file an annual report and pay an annual filing fee.
If you have employees, you must also deal with employer taxes.
And, apart from Maine taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Florida Department of State (DOS). You can check for available names by doing a business entity search on the DOS website. You cannot reserve a name before formally creating your business with the state. See How to Form an LLC in Florida and How to Form a Corporation in Florida for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you must register a fictitious name with the DOS. You can register online or on paper.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Florida, you must register with the Department of Revenue (DOR) to collect sales tax. You can register online on the DOR website or on paper using Form DR-1, Florida Business Tax Application.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
General business licenses. Most Florida businesses are required to obtain a general business license, otherwise known as a business tax receipt, which is associated with a local business tax. You apply for and renew a business tax receipt through the county or, in some cases, the city where your business is located. Check the website for your county and city for more details on how to file.
Professional and occupational licenses. These cover people who work in various fields as well as certain types of businesses. Check the Get a Business License section of the state's website for more detailed information.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Because Florida does not have a personal income tax, owners of some forms of business will not owe state tax on their business income. See Florida State Business Income Tax for more information on state business taxes in Florida.
Sole proprietorships. Pay federal taxes on business income as part of their personal federal income tax returns.
Partnerships. Partners pay federal taxes on partnership income.
LLCs. Members pay federal taxes on their share of LLC income. In addition, if an LLC is classified as a corporation for federal tax purposes, the LLC itself also must file a state corporation tax return. Florida LLCs also are required to file an annual report with the Florida DOS. See Florida LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay federal taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay federal income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Florida corporation taxes. And, finally, corporations must file an annual report with the Florida DOS.
Apart from Florida taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Nebraska Secretary of State (SOS). You can check for available names by doing a search on the SOS website. You can reserve an available name for twelve months by filing an Application for Reservation of Name with the Nebraska SOS (there are separate forms for LLCs and corporations). You can reserve a name for up to 120 days. There are also certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Nebraska and How to Form a Corporation in Nebraska for more information.
Sole proprietorships and partnerships in Nebraska have the option to file a Trade Name Application with the Nebraska SOS if they use a business name that is different from the name of the business owner (for a sole proprietorship) or individual partners (for a partnership). Trade names expire after ten years.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Nebraska, you must register with the Nebraska Department of Revenue (DOR) for a sales tax permit. If you will have employees in Nebraska, you must register with the DOR for employer withholding tax. For both types of registration, you can use Form 20, Nebraska Tax Application.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the state's Business Licensing Resources section. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. In many cases, you can get the basic licensing information by going to the Professions & Occupations section of the Nebraska Department of Health and Human Services (DHHS) website. For professions not listed on the DHHS website, such as doctors, lawyers, accountants, architects, and engineers, you’ll need to check the website for the state regulatory board for your profession (for example, the Nebraska Board of Engineers and Architects).
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Nebraska taxes every kind of business. See Nebraska State Business Income Tax for more information on state business taxes in Nebraska.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 1040N).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, some partnerships also must file Form 1065N, Nebraska Return of Partnership Income.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, the LLC must file a biennial report with the Nebraska SOS in odd-numbered years. Nebraska LLC’s taxed as corporations must also file a state corporation tax return. See Nebraska LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation is subject to Nebraska corporation taxes. Finally, corporations must file a biennial report with the Nebraska SOS in even-numbered years. The reporting requirement includes paying a corporate occupation tax.
If you have employees, you must also deal with state employer taxes.
And, apart from Nebraska taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Oregon Secretary of State (SOS). You can check for available names by doing a business name search on the SOS website. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations).
Sole proprietorships and partnerships in Oregon must file an assumed name with the Oregon SOS if they use a business name that is different from the name of the business owner (for a sole proprietorship) or individual partners (for a partnership). To file, you can use the SOS’s Oregon Business Registry.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will have employees in Oregon, you must register with the Department of Revenue (DOR) for a state payroll account in relation to paying employer withholding tax. You can register online through the Oregon Business Registry.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the SOS’s searchable online license directory which covers well over a thousand licenses. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. Apart from the sites mentioned just above for regulatory licenses, you can also check the licenses section of the state website for certain information regarding professional licensing.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Oregon taxes every kind of business. See Oregon State Business Income Tax for more information on state business taxes in Oregon.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 40).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Oregon partnerships also must file Form 65, Oregon Return of Income, and usually will owe a minimum $150 excise tax.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, most LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. The LLC also must file an annual report with the Oregon SOS. See Oregon LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Oregon corporation taxes. Finally, corporations must file an annual report with the Oregon SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Oregon taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also evaluate the likelihood of success based on the interests of your community, and whether your business idea will meet an unmet need. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to determine your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Investors and lenders will want to review your business plan before providing financial assistance, and you can be prepared by drafting a plan in advance of submitting funding requests.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Mississippi Secretary of State (SOS). You can check for available names by doing a business name search on the SOS website. You can reserve an available name for 180 days by filing an Application for Name Reservation with the Mississippi SOS. You will need to register with the Mississippi SOS’s online filing system to get the name reservation application form. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Mississippi and How to Form a Corporation in Mississippi for more information.
Sole proprietorships and partnerships in Mississippi have the option to file a Fictitious Business Name Registration with the Mississippi SOS if they use a business name that is different from the names of the business owner (for a sole proprietorship) or individual partners (for a partnership). Fictitious names expire after five years and may be renewed indefinitely.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Mississippi, you must register to collect sales tax with the Mississippi Department of Revenue (DOR). If you will have employees in Mississippi, you must register with the DOR for employer withholding tax. For both types of tax, you can register online using the Mississippi Taxpayer Access Point (TAP).
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the section covering “Do I need a business license?” on the Mississippi Small Business Development Center FAQ page. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. You can get information about the state agencies that license and regulate many professions and occupations from the Mississippi Department of Health.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Mississippi taxes every kind of business. See Mississippi State Business Income Tax for more information on state business taxes in Mississippi.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 80-105).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, most partnerships also must file Form 84-105, Pass-Through Entity Tax Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, the LLC itself must file Form 84-105, Pass-Through Entity Tax Return. Furthermore, the LLC also must file an annual report with the Mississippi SOS. See Mississippi LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Mississippi corporation taxes and a corporate franchise tax. Finally, corporations must file an annual report with the Mississippi SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Mississippi taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options for your business, which may include general liability insurance to protect you against claims relating to bodily injury or property damage, or malpractice insurance for professionals such as doctors and lawyers. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Kansas Secretary of State (SOS). You can check for available names by doing searches of existing business entities and available names on the SOS website. You can reserve an available name for 120 days by filing a Temporary Reservation of Business Entity Name. There are certain name requirements for LLCs and corporations (like including a word such as “L.L.C.” for LLCs or “Company” for corporations). See How to Form an LLC in Kansas and How to Form a Corporation in Kansas for more information.
If your business is a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership), there is no method to register an assumed name or trade name with the state. However, you should check for existing business entities and available names to make sure your business name doesn’t duplicate the name of another, preexisting Kansas business.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Kansas, you must register with the Department of Revenue (DOR) to collect sales tax. If your businesses will have employees, you must register with the DOR for employer withholding taxes. You can register for both types of tax, as well as other business taxes, either online via the DOR’s Customer Service Center or on paper using Form CR-16, Kansas Business Tax Application.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Ultimately, however, there are a vast number of regulatory licenses and permits. Moreover, different licenses and permits are issued by different state agencies. For help figuring out which regulatory licenses and permits may apply to your particular business, check the Common Business Licenses / Permits section of the Kansas.gov website. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. Some licensed professions and occupations are included on the list in the Common Business Licenses / Permits section of the Kansas.gov website.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Kansas taxes every kind of business. See Kansas State Business Income Tax for more information on state business taxes in Kansas.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form K-40).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Kansas partnerships also must file Form K-120S, Kansas Partnership of S Corporation Income.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form — either a partnership return or a corporation return. The specific form used will depend on how the LLC is classified for federal tax purposes. Kansas LLCs also are required to file an annual report with the Kansas SOS. See Kansas LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Kansas corporation taxes. And, finally, corporations must file an annual report with the Kansas SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Kansas taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore your options for coverage, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests of your community, and whether your business idea will meet an unmet need. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to determine your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Investors and lenders might ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans, and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Wisconsin Department of Financial Institutions (DFI). You can check for available names by doing a business entity search on the DFI website. You can reserve an available name for 120 days by filing a Name Reservation Application (Form 1) with the DFI. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Wisconsin and How to Form a Corporation in Wisconsin for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you have the option to file a Registration of Firm Names with the Register of Deeds in the county where your business is located.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Wisconsin, you must register with the Department of Revenue (DOR) to collect sales tax. If your businesses will have employees, you must register with the DOR for employer withholding taxes. You can register for both types of tax, as well as other business taxes, online via the state’s One Stop Business Portal or the DOR’s Online Registration site (depending on your business type). You can also register on paper using Form BTR-101, Application for Wisconsin Business Tax Registration.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Different licenses and permits are issued by different agencies. You can find out about — and apply for — tax-related licenses through the Department of Revenue. Some of the state’s other important regulatory licenses and permits are handled through the Department of Natural Resources and divisions of the Department of Health Services. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The Wisconsin Department of Safety and Professional Services (DSPS) has information about the full range of the state’s licensed professions and occupations.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Wisconsin taxes every kind of business. That includes a so-called economic development surcharge that applies to businesses with $4 million or more in gross receipts. See Wisconsin State Business Income Tax for more information on state business taxes in Wisconsin.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 1).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, most Wisconsin partnerships also must file Form 3, Wisconsin Partnership Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. Wisconsin LLCs also are required to file an annual report with the Wisconsin DFI. See Wisconsin LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Wisconsin corporation franchise tax. Finally, corporations must file an annual report with the Wisconsin DFI.
If you have employees, you must also deal with state employer taxes.
And, apart from Wisconsin taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options for your business, which may include general liability insurance to protect you against claims relating to bodily injury or property damage, or malpractice insurance for professionals such as doctors and lawyers. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Typically, investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the New Hampshire Secretary of State (SOS). You can check for available names doing a business entity search on the SOS website. You can reserve an available name for up to 120 days by filing an Application for Reservation of Name with the New Hampshire SOS. There are also certain name requirements for LLCs and corporations (like including a word such as “L.L.C.” for LLCs or “Corporation” for corporations). See How to Form an LLC in New Hampshire and How to Form a Corporation in New Hampshire for more information.
Sole proprietorships and partnerships in New Hampshire must file a Trade Name Registration with the New Hampshire SOS if they use a business name that is different from the name of the business owner (for a sole proprietorship) or names of the individual partners (for a partnership).
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. New Hampshire does not have a state sales tax or a personal income tax on wages so you do not need to register for those types of taxes.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the Doing Business section of New Hampshire’s official government website. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. You can get information about the state agencies that license and regulate many professions and occupations by going to the Licensed, Certified and Registered Occupations Index on the New Hampshire Employment Security (NHES) website.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
New Hampshire has a Business Enterprise Tax (BET) and Business Profits Tax (BPT). Each of these taxes can apply to any New Hampshire business that has a certain minimum amount of gross receipts, or, in the case of the BET, a certain minimum enterprise value tax base. See New Hampshire State Business Income Tax for more information on state business taxes in New Hampshire.
Sole proprietorships. Apart from the BET and BPT, sole proprietorships pay only federal taxes on business income.
Partnerships. Apart from the BET and BPT, partnerships pay only federal taxes on business income.
LLCs. Apart from the BET and BPT, LLC members pay only federal taxes on business income. In addition, the LLC itself must file an annual report with the New Hampshire SOS. See New Hampshire LLC Annual Report and Tax Requirements for more information.
Corporations. Taxation of corporations and their shareholders in New Hampshire can be complicated. Corporation dividends may figure into certain kinds of state taxation. In addition, corporations must file an annual report with the New Hampshire SOS.
Apart from New Hampshire taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take some time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to evaluate your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Investors and lenders will ask to review your business plan before providing financial assistance. To learn more about the benefits of business plans, and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Arkansas Secretary of State (SOS). You can check for available names by doing a business entity search on the SOS website. You can reserve an available name for 120 days by filing an Application for Reservation of Entity Name either online or on paper. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations).
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you must file an assumed name certificate (also known as a Doing Business As or DBA certificate) in the counties where you do business. Check county websites for more information.
If you plan on doing business online, you may want to register your business name as a domain name. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use.
Tax Registration. If you will be selling goods in Arkansas, you must register with the Department of Finance and Administration (DFA) to collect sales tax. If your businesses will have employees, you must register with the DFA for employer withholding taxes. You can register for both types of tax, as well as other business taxes, either online via the Arkansas Taxpayer Access Point (ATAP) or on paper using Form AR-1R, Combined Business Tax Registration Form.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Different licenses and permits are issued by different agencies. Examples include the Department of Health and the Arkansas Contractors Licensing Board. For more details, check the Arkansas Small Business and Technology Development Center (ASBTDC) for access to the guide License, Permit, & Tax for Arkansas Small Businesses. For information about local licenses and permits, check the websites for any cities or counties where you will do business
Professional and occupational licenses. These cover people who work in various fields. The Arkansas Division of Workforce Service has a list of licensed occupations and professions.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months.
It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Arkansas taxes every kind of business. See Arkansas State Business Income Tax for more information on state business taxes in Arkansas.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form AR1000).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Arkansas partnerships also must file Form AR1050, Partnership Tax Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form — either a partnership return or a corporation return. The specific form used will depend on how the LLC is classified for federal tax purposes. Arkansas LLCs also are required to file an annual report with the Arkansas SOS which includes payment of the state’s franchise tax.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Arkansas corporation taxes. And, finally, corporations must file an annual report with the Arkansas SOS which includes payment of the state’s franchise tax.
If you have employees, you must also deal with state employer taxes.
And, apart from Arkansas taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options, such as general liability insurance to protect your business against claims relating to bodily injury or property damage. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also evaluate the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to determine your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Investors and lenders will want to review your business plan before providing financial assistance, and you can be prepared by drafting a plan before you start soliciting funding.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Utah Division of Corporations and Commercial Code (DCCC). You can check for available names by doing a business name search on the DCCC website. You can reserve an available name for 120 days by filing an Application for Reservation of Business Name form with the Utah DCCC. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Utah and How to Form a Corporation in Utah for more information.
Is your business is a sole proprietorship or partnership that uses a business name that is different from the name of the business owner (for a sole proprietorship) or names of the individual partners (for a partnership)? If so, you must register that name with the DCCC. You can register online or on paper.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Almost anyone doing business in Utah must register with the state. You should use Utah’s OneStop Business Registration for this purpose.
Tax Registration. If you will be selling goods in Utah, you must apply for a sales and use tax license. If you will have employees in Utah, you must register for employer withholding tax. You can register for both types of tax at the state’s OneStop business registration website.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Utah’s OneStop online system allows you to register simultaneously with all of the following state agencies:
For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. Utah’s Division of Occupational and Professional Licensing (DOPL) is the umbrella agency for nearly all of the state’s regulatory boards and commissions for licensed professions and occupations. The Select Profession/Occupation section of the DOPL website lists the professions and occupations DOPL handles.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. You should also be sure to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Utah taxes every kind of business. See Utah State Business Income Tax for more information on state business taxes in Utah.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (TC-40).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, most Utah partnerships also must file Form TC-65, Utah Partnership/Limited Liability Partnership/Limited Liability Company Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, most LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. LLCs classified as corporations for federal tax purposes must pay Utah’s franchise tax. In addition, Utah LLCs must file an annual renewal with the Utah DCCC. See Utah LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Utah’s franchise tax. Finally, corporations must file an annual renewal with the DCCC.
If you have employees, you must also deal with state employer taxes.
And, apart from Utah taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your business and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits and natural catastrophes. An insurance agent can help you explore the different coverage options for your business, which might include general liability insurance to protect you against claims relating to bodily injury or property damage, or cyber liability insurance to cover litigation and settlement fees following a data security breach. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. If you own a business with limited liability, such as an LLC or a corporation, you must open a separate bank account to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests and needs of your community. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to determine your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Investors and lenders will want to review your business plan before providing financial assistance, and you can be prepared by drafting a plan before you start soliciting funding. To learn more about the benefits of business plans, and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Oklahoma Secretary of State (SOS). You can check for available names by doing a business entities search on the SOS website. You can reserve an available name for 60 days by filing an Application for Reservation of Name with the Oklahoma SOS. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Oklahoma and How to Form a Corporation in Oklahoma for more information.
Sole proprietorships and partnerships in Oklahoma must file a Trade Name Report with the Oklahoma SOS if they use a business name that is different from the name of the business owner (for a sole proprietorship) or names of the individual partners (for a partnership).
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Oklahoma, you must register to collect sales tax. If you will have employees in Oklahoma, you must register for employer withholding tax. For both of these business-related taxes (and others), you can register through Oklahoma’s Online Business Registration System.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the Business Licensing & Operating Requirements section of the Oklahoma Department of Commerce website. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. The Professional License Online Services section of the state’s website covers many of the professions requiring state licensure.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Oklahoma taxes every kind of business. See Oklahoma State Business Income Tax for more information on state business taxes in Oklahoma.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 511).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Oklahoma partnerships also must file Form 514, Oklahoma Partnership Income Tax Return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, most LLCs themselves have to file an additional state tax form. The LLC also must file an annual certificate with the Oklahoma SOS. See Oklahoma LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Oklahoma corporation taxes. Finally, corporations must file an annual certificate with the Oklahoma SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Oklahoma taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options for your business, which may include general liability insurance to protect you against claims relating to bodily injury or property damage, or malpractice insurance for professionals. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also consider the likelihood of success based on the interests of your community, and whether your business idea will meet an unmet need. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to determine your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Investors and lenders might ask to review your business plan before providing financial assistance, and you can be prepared by drafting a plan before you start soliciting funding. To learn more about the benefits of business plans, and how to create one for your enterprise see Why You Need to Write a Business Plan.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Virginia State Corporation Commission (SCC). You can check for available names by doing a business entity search on the SCC website. You can reserve an available name for 120 days by filing Form SCC631, Application for Reservation or for Renewal of Reservation of a Business Entity Name. You can also repeatedly renew the reservation before it expires. There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Virginia and How to Form a Corporation in Virginia for more information.
Is your business a sole proprietorship or partnership that uses a business name that is different from the legal name of the business owner (for a sole proprietorship) or surnames of the individual partners (for a partnership)? If so, you must register a Certificate of Assumed or Fictitious Name in the county where you do business.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Virginia, you must register with the Department of Taxes (DOT) to collect sales tax. If your businesses will have employees, you must register with the DOT for employer withholding taxes. You can register for both types of tax, as well as other business taxes, either online via VATAX Online Services or on paper using Form R-1, Virginia Department of Taxation Business Registration Form.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
Different licenses and permits are issued by different agencies. You can check the websites for individual state agencies for more information. For example, certain permits related to environmental regulations are issued by the Department of Environmental Quality. Many other licenses are issued locally. Contact your town or city licensing department to determine if you need a local business license.
Professional and occupational licenses. These cover people who work in various fields. Most of this licensing is handled through the Virginia Department of Professional and Occupational Regulation (DPOR). The DPOR website has sections listing various professional regulatory boards and regulated professions and occupations.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. It is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Virginia taxes every kind of business. See Virginia State Business Income Tax for more information on state business taxes in Virginia.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 760).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, Virginia partnerships also must file Form 502, Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, LLCs themselves have to file an additional state tax form. The specific form used will depend on how the LLC is classified for federal tax purposes. Virginia LLCs also are required to file an annual report (also known as an annual registration fee). See Virginia LLC Annual Filing Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Virginia corporation taxes. And, finally, corporations must file an annual report with the Virginia SCC.
If you have employees, you must also deal with state employer taxes.
And, apart from Virginia taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your company and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits or natural catastrophes. An insurance agent can help you explore the different coverage options for your business, which may include general liability insurance to protect you against claims relating to bodily injury or property damage, or cyber liability insurance to cover litigation and settlement fees following a data security breach. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. For some business types, like LLCs and corporations, a separate bank account is necessary to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also evaluate the likelihood of success based on the interests of your community, and whether your business idea will meet an unmet need. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to determine your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Investors and lenders will want to review your business plan before providing financial assistance, and you can be prepared by drafting a plan before you start soliciting funding.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with Maryland. Names can be checked for availability by searching the Maryland Business Express business entity database. There also are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Maryland and How to Form a Corporation in Maryland for more information.
Sole proprietorships and partnerships in Maryland must file an Application for Trade Name with the Maryland Department of Assessments and Taxation (DAT) if they use a business name that is different from the surnames of the business owner (for a sole proprietorship) or individual partners (for a partnership). Trade names expire after five years and should be renewed within six months of expiration.
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Maryland, you must register for a sales and use tax license with the Comptroller of Maryland. If you will have employees in Maryland, you must register with the Comptroller of Maryland for employer withholding. For both kinds of registration, you can use the online combined registration.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, register through Maryland Business Express. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. You can find a list of state-issued professional and occupational licenses at the Division of Occupational and Professional Licensing.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. Refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. In addition, verify that the spot is zoned for your type of business. You can find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. You should also review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Maryland taxes every kind of business. See Maryland State Business Income Tax for more information on state business taxes in Maryland.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form 502).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, like every other Maryland pass-through entity, your partnership must also file Form 510, the pass-through entity tax return.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, the LLC itself must file Form 510, the Maryland pass-through entity tax return, and an annual report (also known in Maryland as a personal property return). See Maryland LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Maryland corporation taxes. And, finally, corporations must file an annual report (also known in Maryland as a personal property return).
If you have employees, you must also deal with employer taxes.
And, apart from Maryland taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your business and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits and natural catastrophes. An insurance agent can help you explore the different coverage options for your business, which might include general liability insurance to protect you against claims relating to bodily injury or property damage, or cyber liability insurance to cover litigation and settlement fees following a data security breach. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. If you own a business with limited liability, such as an LLC or a corporation, you must open a separate bank account to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>Take time to explore and research ideas for your business. At this stage, take into consideration your own interests, skills, resources, availability, and the reasons why you want to form a business. You should also evaluate the likelihood of success based on the interests of your community, and whether your business idea will meet an unmet need. Read our article for more tips on how to evaluate business ideas.
After you select an idea, consider drafting a business plan to determine your chances of making a profit. When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Investors and lenders will want to review your business plan before providing financial assistance, and you can be prepared by drafting a plan before you start soliciting funding.
The most common legal structures for a small business are:
There also are special versions of some of these structures, such as limited partnerships and S corporations. You’ll want to consider which business entity structure offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business. Read our article for information on how to choose the best ownership structure for your business.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with the Missouri Secretary of State (SOS). You can check for available names by doing a business name search on the SOS website. You can reserve an available name for 60 days by filing an Application for Reservation of Name with the Missouri SOS. You also can renew the reservation for up to a total of 180 days.
There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Missouri and How to Form a Corporation in Missouri for more information.
Sole proprietorships and partnerships in Missouri should file a Fictitious Name Registration online with the Missouri SOS if they use a business name that is different from the names of the business owner (for a sole proprietorship) or individual partners (for a partnership).
If you plan on doing business online, you may want to register your business name as a domain name. See Choose and Register a Domain Name for more information. In addition, to avoid trademark infringement issues, you should do a federal and state trademark check to make sure the name you want to use is not the same as or too similar to a name already in use. See How to Do a Trademark Search for more information.
Tax Registration. If you will be selling goods in Missouri, you must register with the Missouri Department of Revenue (DOR) to obtain a retail sales tax license. If you will have employees in Missouri, you must register with the DOR for an employer withholding tax number. For both types of tax, you can register online at the DOR’s Online Business Registration site or on paper using Form 2463.
EIN. If your business has employees or is taxed separately from you, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so. Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There is no filing fee.
Regulatory licenses and permits. These cover areas such as:
For regulatory licenses and permits issued by the state, check the Registering My Business section of the Missouri Business website. For information about local licenses and permits, check the websites for any cities or counties where you will do business.
Professional and occupational licenses. These cover people who work in various fields. There are at least two places you can check online for initial information about this kind of licensing:
The DPR website has links to detailed licensing information about each profession. The MBP has a similar set of links.
You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. Refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. In addition, it is important to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.
One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. You should also review your lease (if you rent your home) and homeowners association rules (if applicable), either of which might ban some or all home businesses.
Missouri taxes every kind of business. See Missouri State Business Income Tax for more information on state business taxes in Missouri.
Sole proprietorships. Pay state taxes on business income as part of their personal state income tax returns (Form MO-1040).
Partnerships. Partners pay state taxes on partnership income on personal tax returns. In addition, most partnerships also must file Form MO-1065, Partnership Return of Income.
LLCs. Members pay state taxes on their share of LLC income on personal tax returns. In addition, Missouri LLCs taxed as corporations for federal tax purposes must also file a state corporation tax return. See Missouri LLC Annual Report and Tax Requirements for more information.
Corporations. Shareholders must pay state taxes on their dividends from the corporation. A shareholder-employee with a salary also must pay state income tax on his or her personal state tax return. Moreover, the corporation itself is subject to Missouri corporation taxes and a corporation franchise tax. Finally, corporations must file an annual report with the Missouri SOS.
If you have employees, you must also deal with state employer taxes.
And, apart from Missouri taxes, there are always federal income and employer taxes. Check IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
Business insurance can protect your business and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits and natural catastrophes. An insurance agent can help you explore the different coverage options for your business, which might include general liability insurance to protect you against claims relating to bodily injury or property damage, or cyber liability insurance to cover litigation and settlement fees following a data security breach. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?
No matter the type of business you form, you should consider opening a separate business account to make it easier to track your income and expenses. If you own a business with limited liability, such as an LLC or a corporation, you must open a separate bank account to maintain your liability protection. To learn more, see Opening a Business Bank Account.
]]>