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Other Considerations   

Your Business Name
If you plan on operating your business under a name that is different from the legal name of the business, you’ll need to register the name with the secretary of state or county clerk in which the business operates. See the instructions for your state’s articles in the appendix, for details.

Operating your business under a different name is known as operating under a fictitious or assumed name. It is also known as a DBA or “doing business as.”

Taxes  
You can guess that there are plenty of local, State and Federal agencies that want taxes from your business. You’ll need to get in touch with these folks to let them know you’re a new taxpaying entity.

You’ll need to get in touch with your state department of revenue or taxation to let them know your business is a new taxpayer. Have them send you any information they have outlining their requirements for new businesses.

Filing your SS-4 will notify the Federal government that you are in business. You should also call them to get the free information that they offer. Call them at (800) 829-3676 and request a booklet or find it on their website at: www.irs.treas.gov/prod/forms_pubs/pubs.html

Getting a business permit in the city or the county will put you on their tax rolls. You won’t have to notify them. Most telephone books have a government section that lists local, State, and Federal telephone numbers. In most telephone directories, it is the blue pages in the middle of the book.

Permits   
There can be many licenses or permits you’ll need depending on the type of business you’re in. You’ll at least need a county business permit, and a city permit if you’re in the city. Some states have state business permits, but they’re usually for out of state businesses. There are also Federal permits if you engage in any sort of Federally regulated business like alcohol, tobacco, firearms, drug, or food manufacturing.

Insurance
Incorporating your business offers good protection against lawsuits, but it is no replacement for insurance. There are all types of insurance for businesses, but they usually come in a package called “General Business Insurance” or a “Business Policy.” It can cover everything from product liability to company vehicles. If you have several employees, you’ll need to get workers compensation insurance to cover potential on the job injuries. Your insurance agent can help you get the right coverage for your business.

Accounting
Keeping the books is a new and sometimes difficult chore for many small business owners. If you turn the job over to a bookkeeper or CPA, expect to pay a monthly fee based on the number of checks that you write. For this fee you can expect to have your books posted and your checkbook balanced. You can also get your quarterly and annual tax returns prepared for an extra fee based on the amount of time it takes to prepare the returns.

If you plan to do your own accounting, you’ll save money but doing it yourself will take time away from making money. Accounting isn’t hard. It just takes a little getting used to. If you’re new at accounting, you may want to take a look at the book “Business Owners Guide to Accounting and Bookkeeping” listed in the brochure in the back of the book.

Keeping your books on the computer will make your life a lot easier because the computer will even prepare some or all you your tax returns. There are many software packages available, and I’ve tried them all. I like Quick Books the best.

Employees
If you have employees other than yourself, you’ll need to consider all the State and Federal regulations regarding employees. The book entitled “Legal Guide for Starting and Running a Small Business” and the “Smart Start” series of books are excellent sources of information in this area.

Free Help
Volumes can, and have been written about the subjects in this chapter. If you desire additional information on any of these subjects, or how to start a business in general, there are several excellent places to get free or low cost information about starting a business. Here’s a list of the best:

•  The U.S. Small Business Administration sponsors small business development centers (SBDCs) at community colleges in your area. These SBDCs offer free consulting to small business owners. These offices are staffed by experienced business people and can provide invaluable help to you. To find one in your area, call the community colleges in your area and ask them if they have a small business development center on campus. If you have no luck, call your local chamber of commerce and ask them. Take advantage of this program funded by your tax dollars.

•  The U.S. Small Business Administration also sponsors SCORE offices in your area. Separate from the SBDCs, these centers are staffed by retired executives in your area, and also provide free consulting. To find SCORE offices in your area, look in your telephone directory under the Federal Government listings under Small Business Administration SCORE office.

•  The SBA publishes books, videos, and pamphlets at little or no cost to you. For a list of these publications, write SBA Publications
P.O. Box 30, Denver CO 80201-0030, and request a catalog.

•  Your chamber of commerce is there to help local businesses. They are familiar with the requirements of local and state governments and can provide you with invaluable information that will save you a lot of time and mistakes. Call them and ask if they have any information about starting a new business.

•  The IRS, believe it or not, has a lot of free booklets that deal with starting a business, especially the income tax area. Call them at
(800) 829-3676 and request a booklet or find it on their website at: www.irs.treas.gov/prod/forms_pubs/pubs.html

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