5 Simple Steps
If you’re interested in launching your own practice, it’s important that you secure all the required licenses, permits and registrations to function legally. The SBA, an independent agency of the federal government designed to promote small business, provides a listing of five steps to register your new venture:
1. Determine and register the legal structure of your business. It’s important to take the time to consider which business entity best matches your particular business situation: sole proprietorship, limited liability company, partnership, C or S corporation. The business entity you choose depends largely on your personal situation and circumstances. So it is a decision that requires pertinent information and considerable thought. Once you decide, you must register your business with state agencies, a process which is dictated by where you live.
2. Register your business name. Follow the trademark process and register your business name. Some states require sole proprietors to register any business name, other than their own given name. Before selecting a name it’s important that you research your state’s requirements.
3. If necessary, obtain your federal tax ID. Depending on your business, you may have to register for an Employer Identification Number (EIN), also known as a Federal Tax Identification Number, at the IRS.gov. Visit their official website to learn more.
4. Obtain state tax IDs. In additional to federal taxes, your business will also be required to pay some state and local taxes. Because tax laws vary by state, you must research your state tax requirements to see what your business will be responsible for.
5. Obtain licenses and permits. You may need a business license or permit to legally operate your business. Again, these regulations vary by state and you’ll need to see what your state requires.
If you’ve considered launching your own business, it’s important that you start off on the right foot. Ensure you secure all the required licenses, permits and registrations in order to operate on the up-and-up while avoiding legal trouble.
Start Your Own Bookkeeping Service
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When you enroll in the Professional Bookkeeper Program you receive to the following:
- Flexible training you complete on your own schedule
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- Training in building and marketing your new practice
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–. “5 Steps to Registering Your Business.” SBA.gov