Opening your own business in the United States can mean negotiating a minefield of need-to-know and legal requirements.
To help you through this TRUiC has drawn up an easy to navigate webpage with all the essential steps.
All the links you could possibly need can be found here:
Women in Business
We have taken note of the fact that today’s business world comprises an increasing number of women leaders and female entrepreneurs.
From start-ups to large scale establishments, the climate is right in the US for innovating and creating from a woman’s perspective.
With this in mind we have included a section featuring all the latest news and a wide range of ‘How-To’ guides.
Access to Resources
Starting a business is difficult for anyone plus you must also be ready to maintain that business for years to come.
Luckily, there are a variety of resources across the country that are dedicated to helping small businesses to grow.
TRUiC has curated a list of the best public and private resources in each state so that you can find the support that you need.
Under ‘What Next’ you will find a link to resources available to your business, determined by your individual state and metropolitan region.
Licenses and Permits
When you start a business, there are often licenses and permits that you will need. These can vary from state to state.
The specific set of licenses and permits required depends on the kind of business you have.
Furthermore, if your business will be involved in any of the following commercial areas, you may also need to obtain a federal license or permit:
· Alcoholic beverages
· Firearms, ammunition or explosives
· Fish and wildlife
· Maritime transportation
· Mining and drilling
· Nuclear energy
· Radio, television and broadcasting
· Transportation and logistics
· Commercial Fisheries
You should also be aware of important state taxes that may apply to your business.
If you are selling a physical product, you will typically need to register for sales tax in your state. Only five states (Alaska, Delaware, Montana, New Hampshire, and Oregon) do not have sales tax.
If you hire employees, you will typically have to register for Unemployment Insurance Tax and state income tax withholding on behalf of your employees.
You might also need an Employer Identification Number (EIN), Federal Employer Identification Number (FEIN), or Federal Tax Identification Number (FTIN).
The EIN number allows the Internal Revenue Service to identify taxpayers and keep track of a business’s tax reporting.
Make sure to choose a business entity such as a limited liability company, partnership, or corporation.
Form your business first because, when obtaining your unique nine-digit EIN number, you will be expected to provide your date of business formation and you will also want to name your business beforehand to make sure the name is not taken.
Finding the Right Bank
Opening a business bank account is an important step toward legitimizing your business.
Business bank accounts appear more professional and help protect your personal assets.
In our comparison of the top five US business banking providers, we strip away the fluff and give you a side-by-side view of the features you should consider when opening a bank account for your business.
The guide offers a comparison of the different banks’ interest rates and monthly fee structures.
It is also crucial for small businesses to have a small business credit card which is designed for professional use and provide a line of credit to small businesses while helping to maintain personal asset protection.
Our guides will also help you understand the importance of having a small business credit card and provide the steps for finding and applying for the best card for your business.
Recommended: Read our guide, Why You Should Get a Business Credit Card, to learn more about the value of small business credit cards.