Don’t Forget to Sweat the Small Stuff

by admin

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.

Business Insurance

Casualty, property, business interruption, and other types of insurance are likely needed.

Business License

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.

Hiring Employees

Have your employees fill out Form I-9. In California, you also have to add new employees to the New Employee Registry within 20 days after the employees’ first day of work.

Seller’s Permit

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.

Happy Hour

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)

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Rajkishor rout

Braille edition of the popular bestseller. “Let go of the idea that gentle, relaxed people can’t be super-achievers,” advises Dr. Richard Carlson in his widely popular self-help book, DON’T SWEAT THE SMALL STUFF. In 100 chapters–each only a few pages long–Dr. Carlson shares his ideas for living a calmer, richer life. This book has been on the New York Times bestseller list for 38 weeks and is No. 3 on USA TODAY’s Best-Selling Books list.

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