When the entrepreneurship bug strikes, you want to be sure to obtain the licenses and permits you need. No matter whether you’re in the start-up phase, or you’re growing an existing enterprise, you want to always run your business legally.
The federal government’s website https://www.sba.gov/ explains everything you need to do to register a business and to make sure you’re operating according to the law for any necessary permits, licenses or registrations that may be required
Obtain a Federal Tax ID (also known as an Employer Identification Number (EIN) or a SS-4, from the Internal Revenue Service). Call the IRS at 800-829-4933 or apply for an EIN online.
Register with your state revenue agency (you must do it after securing a Federal EIN). Depending on your business, you may need to get a Sales Tax Permit or a Vendor’s License from your local and/or state government. Start the process by learning the rules and requirements in your state, which can be found on the State Tax Information page: http://www.business.gov/finance/taxes/state.html.
Obtain licenses and permits (you may need a general permit or an industry-specific one). Read the Licenses and Permits guide at: http://www.business.gov/register/licenses-and-permits/. It includes a search tool that will explain, step-by-step, everything that is required for your business.
Get more details about each of the five steps described above by going to the ‘Steps to Registering a Business” page of the government’s website.
Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.
Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.
All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.