STEP 13 HOW TO SET UP GOVERNMENT ACCOUNTS FOR YOUR BUSINESS
Are you planning to set up a new business venture? Starting a new business venture is indeed a great way for you to achieve financial freedom and stability. You should know that setting up a new business venture comes with certain factors. Accomplishing legal aspects regarding on starting a business is one of the things you should never take for granted.
Securing business permits and other government accounts for your business is essential. This is also to ensure the legalities and legitimacy of your business. As a responsible business owner, make sure that all things are settled before you start and operate your business.
Securing all legal aspects of your business is also an effective way to win the trust of people to your business. In order to make your business legit, it is important to consider those government entities for the legit operation of your business. Certain government entities include tax accounts, business license, permits and more. Government entities for your business include:
Tax Accounts- Tax accounts of your business may vary in accordance to the size of your business. Keep in mind that the type of your business will determine the tax accounts that you need to pay. There are five general kinds of business taxes such as Excise Tax, Employment Taxes, Self-Employment Tax, Estimated Taxes and Income Tax.
Business Licenses- You should secure business licenses issued by certain government agencies that allow your business to conduct or operate within the geographical jurisdiction of the government. Business licenses serve as an authorization from the government. This way, you can start your business. Business licenses may vary between local municipalities, states and countries.
Business Permits- Starting a business comes with legalities that you need to settle. This way, you can further avoid legal issues and concerns. You should never take business permits for granted. Failing to get business permits is a mistake which may affect your business. Permits that you need to get may vary in accordance to the type of business that you will have to operate.
Common business permits include Air & Water Pollution Control Permit, Fire Department Permit, Labor and Employment Permit and more. You must get an advice from legal professionals that will let you understand the legalities of getting business permits.
Legal Issues- Starting a business comes with legalities that you need to settle to avoid legal issues and concerns. Keep in mind that you must clearly understand the contents of contracts before you sign them. Consider the legal & regulatory items such as license and contracts that must be addressed.
Keep in mind that getting business permits and licenses varies to the type of business that you will start. Type of Business Licenses, Location & Zoning By-Laws, Health Inspection and intellectual properties may also vary accordingly. These all depend on the type of your business that you will start.
Getting Operating Licenses for gas stations, child care centres and other businesses also varies. Owners of Health care businesses and other health-related businesses must get and pass the Industry Specific License.
There are instances that some technicalities are difficult to handle. In line with this, settling legalities to start your business is a lot easier by consulting lawyers. They are the ones that specialize in the fast and easy process of getting business permits, licenses and other legal aspects.
An intro paragraph explaining that a business will need to establish various accounts for various government entities in order to operate their business. These vary from tax accounts, business licenses, permits, etc.
Go on to explain that for legal issues, it is best to seek the advice of a lawyer.
Consider which legal & regulatory items such as license and contracts need to be addressed.
Select any items from the list that will apply to your business:
Location & Zoning By-Laws
Intellectual Property (i.e. patents, trademarks, and copyright)
Operating Licenses (i.e. child care centres, gas stations, etc.)
Industry Specific Licenses (i.e. dentistry, alternative health care, etc.)
Import / Export
Contract Agreements (partnerships, independent contractors etc.)
Provide a brief explanation of how you will obtain these or any barriers you foresee.