YourDependableVA's Blog

WHERE DO I START? Key information to help YOU start YOUR OWN business! PART 2

Posted on: July 27, 2009

After finding a business location, one might wonder, where do I go from here? Do not worry; I have gathered more information to help you make your own business a dream come true.

File for Permits and Licenses

Before you apply for a permit or a license, you must apply for EIN # aka Tax Identification Number. Most state, city, and county governments require business owners to have a business license and a permit. However, for you to get either of them, you need to have EIN # for your business first.

http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

http://www.businesslicenses.com/

http://www.score.org/bp_12.html

Get Insurance

Choose what part of your business property requires coverage. Next, contact an insurance broker to give you quotes and answer any questions you may have. If you have a home office, please make sure that your homeowner’s insurance covers any damage to your business assets and liability for business-related injuries. In addition, most business owners obtain liability insurance for their vehicles, product(s), customers, and clients visiting the site.

http://www.geico.com/landingpage/go48.htm?soa=&gclid=CIjEq5zG8ZsCFeFM5Qod0Rtp-g

http://www.progressivecommercial.com/web-promos/google/small-business-insurance-0635.aspx?gclid=CMD6jPnI8ZsCFdZM5QodVA1Y_Q

Set Up an Accounting System

Choose whether you will use the accrual or cash type of accounting. Choose a fiscal year and set up a recordkeeping system for any transactions to and from your business. Last, but not least, purchase a small business accounting software, such as QuickBooks.

http://en.wikipedia.org/wiki/Comparison_of_Cash_Method_and_Accrual_Method_of_accounting

http://en.wikipedia.org/wiki/Fiscal_year

http://quickbooks.intuit.com/

Set Up a Tax Method

It is important to know the tax method for your business. Federal income tax, FUTA tax, self-employment tax, social security tax, and the list goes on and on. There are certain tax forms that are “business-type” specific, such as Form 2290, the excise tax for companies that own truck tractors, certain trucks, and buses on the public highways. http://www.irs.gov/businesses/small/article/0,,id=98966,00.html

http://www.irs.gov/efile/article/0,,id=151880,00.html

As you can see, starting a business takes making some initial decisions and getting some paperwork and other important things in place. I know it may seem overwhelming, but Your Dependable VA, Inc. can assist you saving you valuable time and money. This will allow you time to work on the part of business that only you can do.

About the Author: Priscilla Walker is the president and CEO of Your Dependable VA, Inc. (YDVA, Inc.), a business support & cost effective solutions company. We provide high premium business support and cost effective solutions for small businesses. We focus on administrative assistance, social media marketing, and business development. For more information, please contact us at YourDependableVA@gmail.com.

“Have a More Productive Day with Your Dependable VA!”™

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