Small Business Unite
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First Things First
A. Business Structure
There are 4 types of business structure that you must choose from. They are as follows:
There are 4 types of business structure that you must choose from. They are as follows:
| 1. | Individual/Sole Proprietor |
| 2. | Partnership |
| 3. | Corporation |
| 4. | Limited Liability Corportation (LLC) |
B. Business Type
What type of business are you looking into. This is very important because there are different
types of business that requires different types of permits so it is important that before you pursue
your ideas that you know where your foundation is.
What type of business are you looking into. This is very important because there are different
types of business that requires different types of permits so it is important that before you pursue
your ideas that you know where your foundation is.
C. Business Planning
a. This is also very important. Unless you have the finances to cover your cost of start up and to
provide all your business needs, business planning will not only present to you how your
business will profit and a guide on how you plan to profit from your business but with a well
written business plan will be the main source of getting you a start up loan from investors,
banks, etc.
b. If you plan on getting a start up loan from investors, banks, etc., a business plan is a crucial step
in presenting to financial institutions how your business will prosper and how you plan on repaying
it back. Click here to understand more about investors.
1. How is your credit? Do you know what your credit looks like? Click here or click on the loan
button on the upper left of this page for more information about how important your credit is.
a. This is also very important. Unless you have the finances to cover your cost of start up and to
provide all your business needs, business planning will not only present to you how your
business will profit and a guide on how you plan to profit from your business but with a well
written business plan will be the main source of getting you a start up loan from investors,
banks, etc.
b. If you plan on getting a start up loan from investors, banks, etc., a business plan is a crucial step
in presenting to financial institutions how your business will prosper and how you plan on repaying
it back. Click here to understand more about investors.
1. How is your credit? Do you know what your credit looks like? Click here or click on the loan
button on the upper left of this page for more information about how important your credit is.
These are the steps that will better prepare you in advance what to expect when starting a business and always check with your state law and requirements.
E. Business License
a. Bottom line. Want to buy and sell? You have to have a business license. Other than buying and
selling from dropshippers who covers taxes so you don't have to, if you plan on buying from
distributors and/or manufacturers and reselling to your customers, especially selling in the state you
reside, selling tobacco, and/or alcohol will require a business license. Check with your states tax
commission or chamber of commerce on prices whereas each states are different.
b. Permits for the type of establishment you go into will also fall under business license. There
are different types of permits so you want to be prepared to pay each permit (and some are costly)
your type of business will require.
a. Bottom line. Want to buy and sell? You have to have a business license. Other than buying and
selling from dropshippers who covers taxes so you don't have to, if you plan on buying from
distributors and/or manufacturers and reselling to your customers, especially selling in the state you
reside, selling tobacco, and/or alcohol will require a business license. Check with your states tax
commission or chamber of commerce on prices whereas each states are different.
b. Permits for the type of establishment you go into will also fall under business license. There
are different types of permits so you want to be prepared to pay each permit (and some are costly)
your type of business will require.
D. E.I.N (Employer Identification Number)
To sum up E.I.N., it is used to identify a business entity. In some cases for example you are a
sole proprietor, don't have employees, and don't expect to accrue high revenues, it is not necessary
to acquire one. However, if you want to open up a business bank account, employees, and in
business as a partnership and/or corporation for your business, then you will be required to have an
E.I.N. I recommend having an E.I.N. anyway. The possibilities are endless when it comes to any
type of business where it may go and if you generate enough profit with your business, you will
have to pay taxes on it. As I stated on my homepage, you may apply for an E.I.N at www.irs.gov.
(Note: Visit there site for more detailed information!)
To sum up E.I.N., it is used to identify a business entity. In some cases for example you are a
sole proprietor, don't have employees, and don't expect to accrue high revenues, it is not necessary
to acquire one. However, if you want to open up a business bank account, employees, and in
business as a partnership and/or corporation for your business, then you will be required to have an
E.I.N. I recommend having an E.I.N. anyway. The possibilities are endless when it comes to any
type of business where it may go and if you generate enough profit with your business, you will
have to pay taxes on it. As I stated on my homepage, you may apply for an E.I.N at www.irs.gov.
(Note: Visit there site for more detailed information!)
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