I Need Information on Starting a Business
Starting a business can mean the chance to have freedom, answer only to yourself and enjoy endless opportunities just waiting to be tapped. Simply having a dream to start a business isn't enough to make the venture succeed if you don't combine that dream with unique ideas, experience, funding and knowledge about the business.
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Legal Structures
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"Entrepreneur" states that one of the most important parts of starting a business is choosing the right legal structure. These structures include a sole proprietorship; general partnership; limited liability company, or LLC); limited liability partnership; limited partnership; or a corporation. Each legal structure has tax considerations and legal liabilities that are advantageous to different types of businesses. Review the legal structures that interest you with a tax adviser or business lawyer before making a final decision.
Business Plan
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Just as a house needs a blueprint before a contractor builds it, you need to create a business plan before beginning your entrepreneurial venture. A business plan describes all of the aspects of your business, from your business idea to your marketing plan. According to the U.S. Small Business Association, or SBA, your business plan should include your executive summary, a description of the legal structure you've chosen, your management structure, financial aspects, marketing plans and plans for growth.
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Location
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The size and type of company you want to start, along with city zoning requirements, should help you determine its location. A business location should be large enough to handle to your employee and storage needs. For example, a Web designer may be able to work out of a home office, while a manufacturer needs a large space in an industrial area. If you're unsure about the best business location for you, consult with your state's business investment services office.
Internal Revenue Service (IRS) Filing
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When you start a business, you need to file it with the IRS and request a Federal Employer Identification Number, or EIN. A sole proprietor may not need an EIN unless she plans to hire employees. You can find many of the forms needed to file your business with the IRS and apply for an EIN on the IRS website.
Permits and Licenses
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The authorities can shut your business down and charge you hefty fines if you don't have the proper licenses and permits. Aside from the general business license you get from your state's Secretary of State, additional permits and licenses tend to be specific to the type of business and its location. For example, if you start a catering business, you may need a permit from the county health department. Contact your local state department of consumer affairs or secretary of state for specific information regarding the licenses and permits you may need.
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