These four steps to starting a business are discussed in greater detail in the following four chapters. However, new business owners should always seek the guidance of a professional tax consultant, accountant, and/or attorney to verify all legal requirements are met before operating a business.
- Step 1: Business Structure and Name
Determine the legal structure of the business and properly file the business name with the state and/or county.
- Step 2: Business Tax Responsibilities
Determine the potential tax responsibilities of the new business on the federal, state, and local levels.
- Step 3: Business Licenses and Permits by Business Type
Determine necessary licenses, permits, certifications, registrations, and/or authorizations for a specific business on the federal, state, and local levels.
- Step 4: Business Employer Requirements
Determine federal and state employer requirements. There are various laws relating to employment of personnel.