ASPIRING ENTREPRENEURS – LEARN THE BASICS OF SETTING UP A BUSINESS
Here are a few things new entrepreneurs need to do when starting their business.
Choose A Business Structure: The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are…
➡️ Sole Proprietorship
➡️ Partnership
➡️ Corporation
➡️ S Corporation
➡️ Limited Liability Company
Choose A Tax Year: A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:
➡️ Calendar Year – 12 consecutive months beginning January 1 and ending December 31
➡️ Fiscal Year – 12 consecutive months ending on the last day of any month except December
APPLY FOR AN EMPLOYER IDENTIFICATION NUMBER (EIN)
Have all employees complete the following forms…
➡️ Form 1-9 Employment Eligibility Verification U.S. Citizenship and Immigration Services
➡️ Form W-4 Employee's Withholding Allowance Certificate
Pay Business Taxes: The form of business determines what taxes must be paid and how to pay them.
Visit The State's Website: Prospective business owners should visit their State's website for information about State requirements.
This document is designed for general information only. The information presented on this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship.
For more information on this and other topics, please contact Kevin via any of the channels listed below:
📞 718-317-5007