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show notes

Stages of Development

Episode A1.004 Registering with Country, Federal and Local tax organizations

2/8/2020

1 Comment

 
IBGR - RESULTS Radio Network. Everything a business owner needs to start, grow or exit a business. COME GROW WITH US.

Introduction
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.
​
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Show Objective
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. 
 
Key Concerns:
What New Business Owners Need to Know About Federal Taxes
  • Is it a Business or a Hobby?
  • Selecting a Business Structure
  • Employer Identification Number (EIN)
  • Business Taxes
  • Recordkeeping
  • When Do I Start My Tax Year?

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.
  • Sole Proprietorships
  • Partnerships
  • Corporations
  • S Corporations
  • Limited Liability Company (LLC) 

What You Need to Do:
Written by: https://www.nerdwallet.com/blog/small-business/register-small-business/

  1. Decide on your business structure. Now is the time to finalize your decision, since the rest of the registration process depends on the type of business you plan on running. If your business is a corporation, a non-profit, an LLC, or a partnership, you’ll have to register it with your local state government. If, on the other hand, you plan on owning a sole proprietorship operating under your legal name, you won’t need to do this. If your business operates under any name other than your own, you’ll need to file your “Doing Business As,” or DBA name, with your state.
  2. Select and register your DBA name. Although exceptions certainly exist, many businesses aren’t named after their owners. Instead, they have DBA names, which are also known as assumed names and trade names. Building a company that differentiates itself from the competition begins with a unique DBA name. Select a catchy name that both reflects and describes your business and its culture. This is crucial to a successful launch and will help you once you start thinking about marketing and advertising. Also ask yourself whether the name would work well on the web. Is the domain name even available? Does a different company already own the rights to that name? If not, it’s always a great idea to protect your company’s name by filing for a trademark, which should cost less than $300. Finally, register your DBA name at the appropriate state agency. Remember: some states don’t require the registration of DBA names and you can skip this step if your business will operate under your own legal name.
  3. Check in with your state revenue office. Benjamin Franklin famously declared that nothing is certain but death and taxes. While we can’t really argue with that assertion, we can make filing for state taxes less stressful by directing you to this useful link, which explains how to initiate the taxation process for your small business. The exact process varies from state to state, so it’s worth finding out exactly what policies exist in your state. You can also go to your local state revenue office for more information.
  4. Register with the IRS. Your business structure determines if and what type of federal tax your small business has to pay. If you have employees, business partnerships, or are a corporation, you’ll have to register with the IRS in order to obtain an Employer Identification Number, or EIN. This is also known as a federal tax identification number.
  5. Obtain the appropriate permits and licenses. In order to operate your business legally, you may also need to obtain some type of state and/or federal permit or license. For example, businesses that manufacture, deal, or import guns or ammunition require special permits. Not all licensing requirements are as obvious, so it’s worth using the SBA’s permit and licensing tool to find out whether you need to apply for a permit or license​

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. 

​
1 Comment
cleaningsolutions.co.n link
18/11/2020 05:31:19

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