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Legalities

Learn about the behind-the-scene for a business

Once you’re ready, you need to register your business so that it’s its own legal entity. There are different ways to register your business based on your location and structure- in some cases, you won’t need to register it at all. Registering your business is very straightforward and just requires basic information, either online or through the Secretary of State’s office, a Business Bureau, or a Business Agency. Figure out what requirements you need to meet and look into what specific documentation and fees your business has to meet.

 

Next, get an Employer Identification Number (EIN) which allows for you to pay state and federal taxes. You will receive a state tax ID and a federal tax ID. State taxes vary per state but your state tax ID may be used to help you against identity theft. You’ll need to pay federal taxes if your business pays employees, holds taxes on income, is a corporation of partnership, files tax returns (specifically for employment, excise, alcohol, tobacco, and firearms), works with certain types of organizations, or uses a Keogh Plan.

 

It is important to get licenses and permits which come from both federal and state agencies. Fees and requirements vary according to your location, business activities, and specific government rules. These will ensure that your business is safe for the public so that you’re free to legally sell your product and/or services

Step Up For All

Our website is dedicated to making entrepreneurship and opportunities  accessible to all underrepresented businesses.

Email: stepupforallconsulting@gmail.com

Phone: 203-252-1280

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