To start a business, you need to get an employer identification number, register your trade name, obtain a business license, check on additional permits and get a business bank account. A business owner may also need a certificate of resale and a completed business personal-property tax form.Continue Reading
An employer identification number is used for tax purposes to identify a business and is only needed if the business has employees or is considered to be a corporation, LLC or partnership.
Some localities require a business owner to register his trade name if the business isn't operated under his own name.
It usually only takes a few minutes to fill out an application for a business license with the county or city. Some business license applications may ask for a yearly gross receipts estimate, which should be as accurate as possible.
Different localities have different requirements for business permits. An example of such a permit is that a business that's operated out of a home must meet certain zoning requirements to be compliant with the law.
It's best for business owners to keep personal funds separate from business funds. Doing so can help prevent an audit by the IRS.