So you decided on your choice of entity and where you’ll set up shop. Great. Time to sweat the small stuff. Here is a list of other stuff you will probably need to get. By the way, I don’t mean to diminish the importance of the following considerations. They are “small” in the sense that they are details that are often overlooked or formalities that are not fun to get done. But they are important.
Casualty, property, business interruption, and other types of insurance are likely needed.
In California, you can go here. Also, you’ll have to get a license from your local city hall.
Federal Employer ID Number
If your business is a corporation or partnership and you’ll employ people, you’ll probably need one. You can go here.
Will you be selling stuff? If so, you’ll need a Seller’s Permit. In California, you can go here to fill out the application.
With a Seller’s Permit, you can buy stuff for resale without paying sales tax to vendors. In exchange, you’ll have to provide your vendors with a completed resale certificate (in California, available here). You’ll also have to collect sales tax from your customers and pay sales tax from your in-state sales. Also, you’ll have to keep records for a number of years.
Worker’s Compensation Insurance
In California, you must provide Worker’s Comp if you have employees. A possible issue to consider is whether to hire an employee or use the services of an independent contractor. This is worthy of a separate discussion.
After all the many, many T’s are crossed and I’s are dotted, you should get a drink to celebrate.
(photo courtesy of: http://flic.kr/p/7dPz43)