Tips to maintain a successful business

Different ways to start business:

• Freelancer
• Get a franchise
• Manufacturer
• Distributor
• or An Affiliate

Important Steps to start and maintain a new business

• Choose the right structure for your business for instance; Sole proprietorship, Partnership, C-Corporation, S-Corporation, Limited Liability Company, Limited Partnership, Non-profit Organization, Professional Corporation, Professional Limited Liability Company or other legal entities and retain a professional if needed to assist you to explain the difference between different business structures as mentioned above.
• Select the right name for your business to represent your product(s) or service(s) offering to your customers.
• Check the company name availability with the state or county before applying to avoid delay in company registration or possible rejection due to non availability of name with the state of the county.
• Check with the state or county processing time to register your company.
• Do you need a sales tax permit to collect sales tax from your customers?
• Do you need an Employer Identification Number to hire employees or filing taxes?
• Do you need workers compensation insurance to hire employees?
• Do you need disability insurance to hire employees?
• Do you need any insurance to safeguard your assets for instance, Error and Omission or General Liability?
• Do you need a certificate of good standing or certificate of status of your legal entity to open bank account?
• Do you need any other licenses or registrations before conducting business and avoid delaying starting up a business?
• Do you need to file annual reports, Biennial Statements, Statement of Information, initial report or franchise taxes to complete your business registration?
• Do you need to run legal notices to maintain legal status and to complete company registration of your entity?
• Do you need an accountant to maintain your books and records and filing monthly, quarterly and yearly taxes with appropriate departments?

Infotaxsquare Tips to maintain successful business

A new business can be a hassle to set up. Your business success depends on your focused attention. The following is a list for maintaining successful business:

• Avoid mixing personal finances with your business finances.
• Tax planning early in your company’s setup can save you hundreds of dollars later on.
• Controlling your collection process will strengthen your cash flow which is critical to a new business.
• Take advantage of new tax law changes as they happen.
• Timely filing of payroll and sales tax reports to save your money
• Timely file annual reports to maintain your company in good standing.
• Select right accountant to give you timely advice and planning.

Caution!

If you are using other than personal name to start business then please make sure you have created and registered with the state or county one of the following structure for your business to avoid to be penalized by the authorized agencies.

• Corporation
• S-Corporation
• Sole Proprietor/DBA/Fictitious Name/Assumed Name/Trade Name
• L.L.C (Limited Liability Company)
• Professional L.L.C
• Professional Corporation
• Non For Profit Organization
• Religious Corporation
• L.L.P (Limited Liability partnership)
• LP (Limited partnership)
• Partnership
• General Partnership
• Foreign Corporation
• Foreign L.L.C
• Certificate of Authority