General Business

Record Keeping

Record Keeping Some records are required to be kept for the lifetime of the business while other records have an expiration date. You need to talk to a lawyer about this. To be safe, keep all records for the life of the business. [psCode: PostAdvisorFormBlock]

Zoning Issues

Zoning Issues Many people forget to look into zoning. There is zoning for everything. Rural areas such as farms can get away with a lot of stuff. For instance doing business from your home is zoned pretty particularly so it is important to pay attention to this. Breaking zoning laws can end up in being fined or legal action. A lawyer would be helpful for this subject but you can do some of the legwork. You will want to talk to the county courthouse (ask for the county clerk as they will know who to talk to) about zoning issues Read more

Registering a Business Name (DBA)

Registering a business name (DBA) Registering a business name so you can DBA (Do Business As) a fictitiously named entity is pretty easy. If you have not named your business or thought about it much you should read the article about it: How to name your business. Are you going to need to register the name as a domain name for a website? Go read the How to name your business article if you haven’t thought about doing a website yet. Validate that the Name isn’t being Used Look in the phonebook business pages Google the company name Tradename search: Read more

License and Permits

License and Permits There are a lot of licenses and permits to acquire. You do not want to be caught not having the ones you need. Main Levels Federal State County City Because of the wide diverse amount of variations we have little information is listed here. This may change at a later date. Talk to a lawyer about the license and permit issues. They will be able to help you more extensively than we ever can. Some Information If you want to sell you will generally need to talk to the state, county and city. The county courthouse for Read more

Obtaining a tax ID number (EIN)

Obtaining a tax ID number (EIN) Before we get started, do you have your assumed name for your business yet? If not, go back and do that first.: Registering a Business Name (DBA) A tax ID number is what is used for your business. It is like having a social security card number but for your business. This helps identify your business and will allow you to work with vendors, hire employees, setup business bank accounts, etc. You need this number if you are going to be doing business. This allows your business to be legal and collect federal taxes Read more

Taxes and Other Fees

Taxes and Other Fees Taxes Taxes are never fun and are generally confusing. A place you should become familiar with is the IRS website. It sounds scary but it isn’t as scary as you think it is. IRS website IRS website business section IRS Telephone assistance IRS face to face help You can print forms out and such on the IRS website. Many people don’t know this but you can call the IRS and ask questions. For instance I learned all about monetary gifts and how they were not taxable when they are a personal gift but how it changes Read more

Business Bank Accounts

Business Bank Accounts You will want to use a business bank account for your business to keep your business finances within the boundaries of the business. This will also make sure you don’t pierce the corporate veil if you use a corporation type business structure. Just get one. Shopping for a Business Bank Account You will want to use a bank in your area. You will want to be able to sit down and talk to the bankers that deal with your accounts. Beware of the fees Ask for what capabilities they have. For instance PNC is able to do Read more

Workers Compensation

Workers Compensation Workers compensation is an insurance that you buy through a business insurance company. Look up “independent insurance agent [cityname]” on Google to find one in your area. Ask more than one company. See the business insurance article for more information on these companies and insurance types. See more information about workers compensation here. See also: Business Insurance See also: License, Permits, and Tax Requirements [psCode: PostAdvisorFormBlock]

Unemployment Insurance

Unemployment Insurance Unemployment Insurance is not distributed by insurance companies. This is done through the state you are currently in. Look it up for your specific state. Each time an employee is put on unemployment from your business your insurance rate goes up. It works very much like regular insurance. This is why companies try to deny benefits as much as they can. They don’t want their rate to go up. See more information here See also: License, Permits, and Tax Requirements A list will be generated here of all the links for each state. If we forget or you Read more

Forms of Ownership

Forms of Ownership There are different business structures and they all have pitfalls and advantages to them. It is important to learn about your options here as they can greatly affect you. Going into business without forming a LLC or some type of corporation structure will make you a sole proprietor and that is dangerous. Sole proprietorship leaves you open to being sued into the ground and being made held responsible for whatever events or actions relate to your business. The business structures will affect taxes, personal security, personal privacy (documents that have phone numbers and emails), and abilities such Read more