Business Licences and Taxes
Every state, county, city, and locality has different rules about small business operations. How do you know what you need to do? Help is available!
The first thing you need to decide is how your business will be structured. Most businesses start as a sole proprietorship, meaning the business is treated as your personal gain or loss.
Many businesses incorporate as a Limited Liability Corporation, which has benefits in the way of protecting your personal assets and shielding you from liability but it is more complicated and requires more detailed record-keeping.
You also need to find out whether your service is considered a retail operation or a service operation and how that is taxed in your area. The best place to start is your Department of Revenue.
Your local library is likely to have a section devoted entirely to small business for your state. There are typically books and other resources that can be checked out as well as a wealth of information and directories that must be used at the library. Ask your librarian to recommend the best resources to get you started.
Most states' Departments of Revenue have a website with useful information you will need. Don't miss the Internal Revenue Department's website either. It has some useful documents and worksheets on getting your paperwork organized and guidelines for federal taxes.
Department of Revenue
You may be able to get a business licence by phone or online but typically, you will be required to meet with a representative to file your business information. Often, these offices will offer free seminars to help you fill out the paperwork the first few times you go through the process.
Other Moonwalk Rental Companies
Find another rental company in your state and contact them for information. They can tell you about special rules or regulations in your state and it never hurts to make friends with whom you can trade business.
Lawyers and Accountants
It is a good idea to spend some money upfront and sit down with a local lawyer and/or accountant to ensure that you have covered all the bases in regards to getting your business set up properly. There are many accountants now who specialize in small business and can even spend a few hours each week keeping your paperwork up to date. You may think the expense is out of reach, but it never hurts to call around and ask. A good accountant can save you hours of work at tax time and prevent you from making costly mistakes.