IBGR - RESULTS Radio Network. Everything a business owner needs to start, grow or exit a business. COME GROW WITH US.
This week we continue the new programming structure. We use a Balanced Scorecard to format our weekday shows: Finance (Monday) = Operations (Tuesday) + Sales (Customers) + People (Employees) with Fridays dedicated to Owners. Look at the week this way - Monday through Thursday is working IN the Present, Friday is working ON the Future.
Also, we just built a new community, our version of a Chamber of Commerce. Join Up and gain access to our Hosts and access our library of best practices.
Have a great business week.
As a business owner, it’s important to understand your federal, state, and local tax requirements. This will help you file your taxes accurately and make payments on time. The business structure you choose when starting a business will determine what taxes you’ll pay and how you pay them.
Although registering a small business is a multi-step process, it’s not rocket science. The necessary forms and documents are easily downloadable and filling them out is usually just as straightforward and painless. That said, it’s still important to follow the proper procedures in order to get your business off to a successful (and legal) start.
What New Business Owners Need to Know About Federal Taxes
What You Need to Know
* Why Register your business? When you register a business name, you not only comply with laws that require you to take this step, but you also protect yourself. Once you register a name, no one else can use it, so you protect your company against someone else doing business under the same name. You want to be sure that when customers look for Bob's Carpet Cleaning, they find you and only you.
When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.
What You Need to Do:
Written by: https://www.nerdwallet.com/blog/small-business/register-small-business/
Previous Show: EPISODE A1.003 BUSINESS FINANCIAL TERMS
Next Show: A1.005 Licenses & Permits
Written/Curated by: Donna Kunde
* I am not a CPA and the recommendations given in this show do not constitute legal or financial advice. Seek professional advice for all legal and financial matters.
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