Its an exciting time for you.

You have always wanted to be a small business owner and you finally have the chance. You have approached the bank and you have financing. You have rented a place and the premises are ready. Even your product or services are ready for sale or hire and finally, you are equipped to start your business. owever, before you do that, you have to register your business with the right government associations and organi!ations for tax and legal reasons. "his ensures that your firm is recogni!ed as your property and you are its owner#operator#proprietor. $s a new business owner, you might not be familiar with the process and weve created a short guide that should prove helpful.

Registering Your Business in Six Easy Steps

Step #1 Decide on a business structure %ost people list their business structure on their business plan at the time of inception. "he choice is an integral part of establishing your business and it decides whether you own the business outright, share it with a partner, have a limited liability corporation firm, have a public limited firm, a corporation, a nonprofit organi!ation, etc. &egistering your business will depend on the type of business structure you have selected, and it will determine the federal and state tax laws applicable to you personally and to your firm. Step #2 Pick a business name "his may seem like the simplest part of setting up a business but it is actually quite complicated. %ost of the common business names are already in use and using the same name for your business could result in expensive fines, copyright cases and even drowning legal expenses and problems. You may have to throw out stationery, business cards and change your marketing campaign. "o prevent this from happening, we recommend you check your business name on the internet by simply googling the name' moreover you can rope in competitive legal firms like Legalzoom to work out on the intricate details to ensure that you do not land yourself in any kind legal trouble or otherwise once you have selected a business name. (f course, the names may overlap but try to see whether you can individuali!e the name. It is also a good idea to check with the )nited *tates +atent and "rademark (ffice to find out whether the name is trademarked. If youve made a tremendous investment in the business name, its a good idea to hire a lawyer and ensure that your business name is clear and protected. Step #3 Register the business name ,ow that youve decided the business name and business structure, you have to register the name with the correct authorities. -y default, the business is registered under the owners name and you can operate it immediately. owever, if you plan to use a business name like, *mart -ytes .omputer *ervices, then you cannot operate the business until it is registered. +lease note that this name is essential for taxation,

licensing and formal business identification. *ome /oing -usiness $s 0/-$1, name that is different from the owners and business name. "his happens when the preferred business name is not available, so you have to register your business as another name. Step #4 et !our "ederal ta# $D

Every business needs a federal tax I/ called the Employer Identification ,umber 0EI,1. "his is not applicable if the business is privately owned as the taxes are paid as a part of the personal private tax returns. $ll you have to do is go online to the Internal &evenue *ervice website and apply through the correct form. "he Internal &evenue *ervice will also provide information on whether you need to register for state taxes. Step #% Register &ith !our state ta# or re'enue agenc! 2ocal state taxes will include a sales tax I/, a vendors license, tax permits, income taxes, employment taxes and temporary disability insurance. If you arent sure about tax requirements in your state, get in touch with a local accountant or finance lawyer to help you deal with the paperwork. *tate and federal taxes are not something to take lightly and make sure this part of your business is 344 percent perfect. Step #( )heck "or local licenses and permits *ome states and counties require extra permits and licenses for registration. 5or example, a general business license and special business license may be required at the state, federal and local level depending on your type of business. )nfortunately, these procedures tend to be confusing for a newcomer. It is a good idea to do as much research as possible about every step of the registration process. You can also check with small business sites like the *-$.gov website, legal websites like 2egal6oom and information websites like the ,Y"imes.com. +lease note that every state will have its own rules and regulations and that regulations change quite rapidly. %ake sure you check registration, licensing and tax rules of your state and community every year to avoid being stuck with hefty fines.