What legal/tax hoops does my small business have to jump through to be legal?
Saturday, October 25th, 2008 at
7:37 pm
Joseph S asked:
I’m starting a small business (an office/residential cleaning company) and i’m trying to get it all set up on paper before I get started. I’m in the process on line pharmacies of reserving my company name and my city does not require me to have a business license. Who do I need to contact to be legal as far as taxes go? Are there any other legalities I need to address? TIA!
I’m starting a small business (an office/residential cleaning company) and i’m trying to get it all set up on paper before I get started. I’m in the process on line pharmacies of reserving my company name and my city does not require me to have a business license. Who do I need to contact to be legal as far as taxes go? Are there any other legalities I need to address? TIA!
Tagged with: Business License • Residential Cleaning Company • Starting A Small Business • Starting Business
Filed under: Attorney FAQ
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In order to obtain the tax benefits of business ownership, you should consider what type of company to open. A Limited Liability Company, A Corporation? Sole Proprietorship? After obtaining your company “type” which you can do through the State you would then need to obtain a Federal Tax ID number. or FEIN (Federal Employer Identification Number). This number will be used on your tax returns. Just because your city does not require you to a business license, does not mean that your county does not require it. If you are trying to work outside your city and earn potential clients outside your city you may want to check with your county and find out what the laws are. Next step is maintaining good bookkeeping and knowing how to categorize your expenses for the most tax write offs. You can do some reasearch and even take an accounting class at a local college if you have the time to spend learning how to maintain and categorize your books. GOOD LUCK!