HOW TO START A SMALL BUSINESS STEP BY STEP GUIDE

1. RESEARCH YOUR BUSINESS IDEAS

You can utilize local library or local small business resources center to do market
research to collect market information
2. CREATE A BUSINESS PLAN
3. GIVE IT A CATCHY NAME (USE YOUR IMAGINATION)
4. DETERMINE THE LEGAL STRUCTURE
The legal structure will affect your income taxes and personal liability. Depending
on the state you are in, most states have the following legal structure choices: ole
!roprietorship, "eneral !artnership, these are the least complicated# $imited
!artnerships, $imited $iability !artnerships, %orporations and $imited $iability
%ompanies, these are more complicated
5. DETERMINE YOUR BUSINESS LOCATION
elect a site and determine zoning and site permit re&uirements. You should get this
done prior to signing a lease or contract. You must check with the local government
agency to see if the type of business you plan to operate is legal in the desired
location or not
6. OBTAIN ANY SPECIAL LICENSES AND PERMITS IF NECESSARY
. COLLECT TA! INFORMATION
everal types of taxes may be levied on businesses including income tax,
employment tax and a city's business tax
". UNDERSTAND EMPLOYER RESPONSIBILITIES IF YOU PLAN TO HIRE
EMPLOYEES
( whole new set of responsibilities arises when a business hires employees.
)mployers must register as an employer and obtain a federal )mployer
*dentification +umber ,)*+-, pay additional taxes, withhold, match and submit
employee withholdings, must obtain worker's compensation insurance and adhere to
employee eligibility regulations
#. APPLY FOR A BUSINESS TA! CERTIFICATE (LICENSE)
This might vary with your city, please consult a tax consultant or your local
government agency