I want to start selling apparel. What is my very (or what are) first steps in becoming a legally established business entity?
2007-03-20 20:34:33 · 2 answers · asked by cyberchaser76 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
1. Develop a business plan. You need to know exactly what you want to do and how you plan to do it.
2. Contact an attorney to determine what type of entity you should create. There are many types including Sole Proprietorship, Corporation, LLC, Partnership, etc. Each has unique tax and legal implications and you will need guidance on how to set things up property.
3. Locate a business premesis. Depending upon the business and the local zoning laws you may not be able to operate it out of your home.
4. Apply for a local business license.
5. Apply for an EIN from the IRS. Apply for a state EIN if required by your state.
6. Register to collect sales taxes if there is a sales tax in your state.
2007-03-21 00:03:07 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Do you have access to a pencil?
2007-03-21 07:31:13 · answer #2 · answered by bold4bs 4 · 0⤊ 0⤋