What are my option as far as liability as a business owner? My employees will be in direct contact with shoppers. What if this company becomes really big will I be able to sell shares in the stock market? Is there anything I can do to look as if I am an established and big company? .

 

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. An LLC will limit any liability for injuries incurred by clients while shopping in your business establishment. 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. 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.

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. Do I need to file any paperwork with my state? 2. Do businesses have to obtain the taxpayer identification number (TIN) from vendors and keep it somewhere on file? 3. I am opening a business and plan to have employees. What license(s) do I need? 4. Is there a fee charged to obtain a business permit? 5. How long does it take to get a business license? 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. Will I also get a copy of my business permit in my email? 10.Why partnerships need a business license and an assumed business name registration? Q:Do I need to file any paperwork with my state? A:You will need to obtain a state employer number if you are an employer, a general business registration, in most states, and a state sales tax ID if you sell tangible taxable items merchandise. Q:Do businesses have to obtain the taxpayer identification number (TIN) from vendors and keep it somewhere on file? A:Yes, you will need a form w-9 which is a Request for Taxpayer Identification Number. Q:I am opening a business and plan to have employees. What license(s) do I need? A: social security tax Q:Is there a fee charged to obtain a business permit? A: by mail by contacting the Taxpayer Assistance Center on this website . Q:How long does it take to get a business license? A:Most applicants registering Online on this site will receive their account number in one to three days. Others will receive their account number within ten business days. If the registration is not filed electronically, it may take up to four weeks. Business permits cannot be obtained over the telephone. 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:Will I also get a copy of my business permit in my email? A:You will get a copy by email so you can print it out. It is the official IRS receipt. Q:Why partnerships need a business license and an assumed business name registration? A:When you are a partnership, the partnership must obtain a business license, an assumed business name certificate and be identified by the federal tax id number.

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