Surely, the baby steps involved in opening a new business are exciting: the grand opening, the first sale, the new sign, the first signed contract; all of these things are great to behold. No doubt some of the other more tedious tasks are a little less awe-inspiring. They are, nonetheless, an intrinsic part of starting a new business, and a business whose owner neglects those tasks will be hindered from the get go.
One of the first steps in starting a business is to explore licensing and reporting requirements. Typically, states and towns require businesses to be licensed within their jurisdiction, and most trades have licensing requirements. In many situations there may be a lengthy licensing process so start the process well ahead of your anticipated launch date. Day care providers, for example, are required to be licensed and inspected prior to opening.
Businesses which produce food items typically need to be inspected by a state health department official. Most types of businesses are regulated and licensed in order to protect consumers, and the fines for operating outside these requirements are usually quite steep.
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Businesses with employees must withhold payroll taxes and file payroll tax returns.
The penalties levied at employers who fail to properly withhold or pay these taxes are exceptionally high, and I South Coast Insider