7. Get a tax identification no. – Make sure your taxes are correct from the beginning!
- In addition to individual personal taxes, now business taxes will need to be paid. Business taxes are dependent on the type of business your company is. The next step is to register with the IRS to receive a tax ID number for federal taxes.
8. Register for state and local taxes – Get the nitty gritty done early
- You also need to obtain tax ID numbers for your state’s revenue agency, as well as you local agency. Make sure to get accurate and up to date information for your particular state and local area. Tax permits, income taxes, and employment taxes will all need to be set up and up to date with as well.
9. Obtain business licenses and permits – Make sure all the qualifying licenses and permits are done.
- These are all dependent on the type of business that you are doing. You must take all the necessary steps to get all your relevant licenses and permits in order, whether it is for alcohol, food, agriculture, commercial, etc. It is key to make sure at what level these licenses/permits need to be, whether they are at the federal, state, or local level.
10. Understand employer responsibility – Now that you are your own boss and the boss of many others, make sure you know what legal steps are needed to get yourself set up the right way.
- There are many steps in this category.