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3 Cards in this Set
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9 Requirements for starting a business |
1. Have a business plan 2. Get a location, specific address, contact info 3. Determine the best business type 4. Research city requirements, like inspections and licenses you need 5. If there are employees, you need an EIN 6. Get a bank account! 7. Insurance 8. Get a master business license 9. Research the taxes you'll need to pay |
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Types of Business: Sole Proprietorships |
A. Legal Status: No distinction between business and owner
B. Creation: Easy to create, few formalities. Married couples can make one jointly. Can use own legal name, or trade name, but have to file trade name use w/ WA Dept of Revenue
C. Control/Comp: Owner has complete control, comp w/ profits
D. Liability is completely on owner/unlimited
E. Taxation: Owner is taxed
F. Duration: Until owner dies, retires, or transfers ownership. Debt remains w/ owner, unless lenders agree to release owner's liability. |
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f |
g |
