What are my option as far as liability as a business owner? What if this company becomes really big will I be able to sell shares in the stock market? I will be paying self employmet taxes because at least in the beginning I will be operating as a sole owner. If not now soon I will have others involved as owners of the company. Is there anything I can do to look as if I am an established and big company? .

The first step is to get a business permit registration license. Next, get an assumed business name because you will need it to register your trade name and the certificate can be used to open a business checking bank account and order business cards. . In addition, you may need a federal tax ID number if you are a partnership or a corporation or LLC. Then, if you sell any merchandise, you will need a reseller tax ID number. Also note that businesses need an occupational business permit regadless of the business legal structure, that is whether sole proprietor, limited liability company LLC or corporation. Also, if the business has more than one member, or you will file a corporation , you will need a federal tax ID number. Finally, Starting a business fist step is to select the tax legal structure. 1. Sole proprietor, 2. Partnership, and 3. Corporation or Limited Liability Company. All small, new, home based businesses, web based online as well as big businesses must select and register as on of these business tax structure entities. If you decide to be an employer that is have employees, you will need a federal ein ID and state ein tax numbers..

To limit any liability for debts or civil actions arising out of business transactions you may want to set up an LLC or form a corporation. If you have big plans and perhaps thinking that you eventually be a big company you will need to have a C corporation to sell shares in the stock market. An S corporation can only issue stock to a small number of shareholders and the stock cannot be bought publicly that is in the stock market. Most sole proprietors or sole owner LLC need to pay self employment taxes. To avoid paying excessive self employment taxes you may want to for an S corporation which can help you split your salary with dividents and save on taxes because dividents are not subject to self employment taxes. Though a sole proprietorship does not need a federal tax ID number a partnership does. A partnership also needs a fictitious business name to operate as well as a partnership agreement. In general an LLC or corporation has more prestige and credibility as a business entity company than a sole owner or a general partnership. So if you want to be taken as a bigger company or more credible one you may want to set up an LLC or incorporate.

Since you have partners you will need to obtain an IRS ID number and a fictitious assumed business name. If your dba trade name includes your surname you may not have to file a doing business as dba name certicate unless it has additional words and suffixes that connote additional owners in the company. Since your business name has a suffix you will need to file a fictitious business name. Because you are leasing personal property you will need to obtain a sales tax id to charge taxes and pay the state. Prepared food is taxable and you will need to obtain a sellers permit to legally sell your prepared food products. Any service company or sole proprietor that uses parts to provide the service must get a resale ID and charge taxes for the parts. If you would like to become a company with more prestige and have limited liability most business advisors recommend an LLC or setting up a corporation. Since you work with your own tools and no one supervises you you qualify as an independent contractor and you need to get a business license and a federal tax ID number as well as an assumed business name certificate if you do business with a trade name other than your full legal name. Read the FAQs below for more... Frequently Asked Questions 1. Can I use the same business license if I change from sole proprietor to LLC or Corporation or even partnership? 2. Do I apply for an EIN by preparing Internal Revenue Service (IRS) Form SS-4 and filing it with the IRS?. 3. How ofter do I need to pay my business license tax? 4. How can I get an application for business license tax registration permit? 5. Can I start my business before obtaining a business permit? 6. How can I file my business license tax reports? 7. How do I cancel my business license certificate if I go out of business? 8. Where can I obtain a resale certificate? 9. Why they call a business license a license? 10.Do you accept credit cards and or paypal? Q:Can I use the same business license if I change from sole proprietor to LLC or Corporation or even partnership? A:You may be able to use it but most likely you will need a new business license if you change business structure. Q:Do I apply for an EIN by preparing Internal Revenue Service (IRS) Form SS-4 and filing it with the IRS?. A:You may file one but we can also file it for you. Q:How ofter do I need to pay my business license tax? A:You need to pay business permit tax annually and your employees withheld Federal income tax Q:How can I get an application for business license tax registration permit? A:The business registration application Form can be obtained online Q:Can I start my business before obtaining a business permit? A:No. You must register for a business license before starting your own business even if it is an online home based web based business. Q:How can I file my business license tax reports? A:You may file and pay online or by mail. Q:How do I cancel my business license certificate if I go out of business? A:It requires an application to cancel a business license however if you just stop paying the taxes and you can prove you went out of business you will not have to pay any more business taxes. Q:Where can I obtain a resale certificate? A:A resale certicate can be obtain on this site or go to www.sellerpermit.com. Q:Why they call a business license a license? A:They call it a license because the government permits you to do business based on some critiria they choose such an appropriate commercial location. if you are a partnership corporation or LLC or you want to use a federal id to open a bank account. Q:Do you accept credit cards and or paypal? A:Yes we accept all forms of payment.

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