Follow These 5 Steps to Register Your Business

If you are considering expanding your current business or starting a new one

, you will have to obtain certain permits and licenses and follow a certain registration process. There are certain legal requirements that you have to fulfill. Following are the steps to register your business.

Legal Structure

The first thing that you have to do is to organize your business as a legal entity. You have an array of options for this purpose, where every option has certain financial, legal, and tax-related considerations. There are several factors that you need to take into account in order to determine a suitable legal structure for your business, such as its financing needs, its vulnerability to lawsuits, and the kind of control you want to have. Further requirements in the registration process will depend on the type of legal structure you have chosen to go for. Therefore, you have to be very careful with this step. Once you are done with it, you can go ahead and file the appropriate paperwork required to register your business.

Business Name Registration

If it is a sole proprietorship, the name of the owner is by-default taken as the legal name of the business he or she is running. In case of partnership firm, it is the name mentioned in the agreement signed by the partners; if there's no mention of any specific business name in the partnership agreement, the last names of the partners are considered as the legal name of the business. Corporations, on the other hand, are supposed to register a legal name with the state government. The key point is that you will need to mention this name on almost all the forms and applications that you are required to fill up to register your business. So, you cannot move ahead without this step.

Federal Tax ID

The US Internal Revenue Service issues an EIN (Employer Identification Number) to those who are operating a business and hiring people as employees. Form SS-4 and Federal Tax ID, Employer Tax ID are some other common terms that are used for Employer Identification Number. It is mandatory to obtain Federal Tax ID to legally operate your business.

State Revenue Agency

The laws also require you to obtain certain other permits and tax IDs from the Revenue Agency of your State. For example, you will need a Vendor's License or a Sales Tax Permit if the nature of your business requires you to collect sales taxes.

Permits and Licenses

In order to operate your business legally, you will need to obtain certain permits and licenses from both your state and local government. For example, if it is a small business, you will need industry-specific operating permits and a relevant business license.

Follow These 5 Steps to Register Your Business

By: Angelina Grey

POST COMMENT

Philippines Telemarketing services: globally competitive providers that wont cost american businesses an arm and a leg Logbook loans - Creating an instant cash for individuals Indoor Plants for Business Ready for a Big Change in Your Business Focus Get with SEO Services for Making Healthy Business Which Merchant Account Credit Card Machine Company Is Right For Your Business? Gurumani not right for changed micro fin business: SKS Kitchen Designer - Important Things to Know When Doing Business with a Kitchen Designer Wholesale Tattoo Business: Emerging and Thriving Latest contribution of technology to the business world Instant Cash Till Payday Avail Easy Cash Till Your Next Payday Loans for Low Income Families – Fulfill Cash Requirements for Urgency Door to Door Loans – Instant Cash Right at Your Door