Since you are required to have a business license, you must be sure to maintain its active status. If you plan to continue your business for another year, renewing your business license will allow you to legally pursue clients and accept revenue in the municipality in which you currently operate.
Things You'll Need
- Business license renewal statement
- Licensing tax schedule
- Previous year's income statement
- Money for licensing fee
Review the business license renewal statement you received to understand the deliverables requested by your municipality and their due date. These deliverables may include any changes in contact information for the business, previous year's gross sales and the licensing fee.
Refer to the licensing tax schedule and use a calculator to compute the amount of tax due by your company, if necessary. Typically, this is computed by multiplying your previous year's gross sales with the tax rate designated by your municipality. You can find this by referring to your previous year's income statement. Some types of companies are required only to pay a flat fee. Refer to the instructions on your business license renewal form to find out which formula applies to your company.
Complete your business license renewal form with your company's current contact information, previous year's gross sales and final computed amount of tax.
Deliver your business license renewal form with your money for the licensing fee to the business license office at your city hall. You may receive your business license on the spot.