Business Planning

So you want to start a business, but are unsure where to begin? Here you’ll learn everything from understanding your EIN and TIN to creating a website. Because of the complexities of starting and planning your business, there are so many things to learn. Let’s start with the top five tips:

1. First, you need to understand the difference between a W-2 employee and a 1099 contractor. As a business owner, you will be responsible for paying taxes on your employees’ behalf, as well as withholding and remitting payroll taxes. On the other hand, 1099 contractors are considered self-employed and are responsible for paying their own taxes.

2. Second, you need to choose the right business structure. The most common types of business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each has its own benefits and drawbacks, so it’s important to choose the one that makes the most sense for your business.

3. Third, you need to get the proper licenses and permits. Depending on your business, you may need to obtain a state sales tax license, a city business license, or a special permit from the county.

4. Fourth, you need to find the right location for your business. If you’re planning on opening a retail store, you’ll need to find a space that’s zoned for commercial use. If you’re starting an online business, you can work from anywhere in the world.

5. Finally, you need to create a business plan. This document will outline your business goals, strategies, and how you plan on achieving them. It’s essential to have a business plan before you start any type of business, as it will help you stay on track and make sure your business is successful.

Most Recent Business Planning Articles

What Is an SS4 Form? Everything You Need to Know

IRS Form SS-4 is a key document when establishing your business's legal and financial foundation, as it is used to register your business for an…

An SS-4 form printed out.

How to Get an EIN Number for Your Business

Getting an EIN is a necessary step when starting any business entity. The Internal Revenue Service (IRS) assigns this unique nine-digit number as an identifier…

Tax tools on a yellow background that a merchant will use to get EIN.

What Is a Responsible Party on an EIN Application?

When applying for an Employer Identification Number (EIN), you need to provide the IRS with the details of a responsible party for your business. This…

A merchant sitting at a table with a laptop trying to figure out who is the EIN responsible party.

DUNS Number vs EIN: What’s the Difference? Everything You Need to Know

If you’re starting a new business—or planning on expanding your current one—it’s important to have all your legal and financial affairs in order. That includes…

Tax tools on a yellow table to show DUNS number vs EIN.

Do I Need A New EIN? When To Get a New Employer Identification Number

If you’re a business owner in the United States, you likely have a nine-digit Employer Identification Number (EIN). And, if you’ve had the same number…

A merchant filling out an application for a new EIN.

How Long Does It Take to Get an EIN?

One of the first steps to registering your business or organization in the United States is obtaining an Employer Identification Number (EIN). Unless you operate…

Turquoise alarm clock measuring how long it takes to get an ein number

FEIN vs EIN: Is There a Difference?

FEIN and EIN are often used interchangeably, and for good reason—these two numbers are the same thing. There is no meaningful difference between a Federal…

Tax resources like a notebook, glasses, pencil, and calculator to figure out fein vs ein

What Is an EFIN and How to File an EFIN Application

Given all the legal jargon and acronyms—EFIN included—understanding tax codes in the United States can understandably be a challenge for taxpayers. So much so that…

US tax documents for the IRS e-filed by a tax prepared with a EFIN

What Is a PTIN Number & How Can You Get One?

A Preparer Tax Identification Number, or PTIN, is an important tool for professionals in the tax industry. The Internal Revenue Service (IRS) assigns this federal…

ptin renewal forms on a white desk with coins and magnifying glasses

How to Get Business Insurance: A Step-by-Step Guide

Insuring a business helps protect it against unforeseen events—an accident, professional error, property damage, and other such occurrences. No matter what kind of operation you…

top view of business insurance word made of wooden blocks representing how to get business insurance
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