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Owning your own Business Series: License, Inspections, Insurance and Sales/Use Taxes

No matter where you decide to do business, you will need to have a license. The best way to find out is to look up your County AND City requirements so that you will not be in violation of any kind that can easily cause you a set back to getting your business started. To my knowledge all states require you to have a Sales/Use ID number so that you can pay your taxes on a quarterly basis and you may even have to put down a deposit of some sort as yes alot of people do open a business without doing all their homework and next thing you know they are closed, didn’t pay the taxes and etc. etc. The deposit in my state of Nevada did get put as a credit on my account after a year but please check with your area to get the proper requirements and again to my knowledge you will need the Sales/Use weather you work out of your home or out of a shop. Depending on WHERE your business is located you will be required to have a state and or a city license. In some places both are required again check with your local area to determine exactly what necessary license will be required for your business as you really do not want to get a visit from them or even a worse a notice to shut down immediately and yes that does happen so again get your proper license.

At some point while applying for a license you will need to get your place of business inspected, I can hear your groaning, but really this is a great thing. If you have a shop you do want to make sure your customers will be able to shop in a safe environment and of course if you have rented a space you certainly want to make sure that your shop is safe and in no danger of say a fire or the electricity going out constantly. Inspectors are nice people, they are there for not only the public’s protection but yours as well so don’t treat it lightly and if there is something that needs to be taken care of, do our best to get them done asap. The longer you prolong that the longer your doors will be closed to the public. Don’t forget to get a fire extinguisher you will need one no matter what type of business, again you WANT one right ? Do a once over your shop to make sure there is not loose carpet, tiles or anything that someone can trip over or get hurt on. You will need Business insurance and I use my home owner insurance guy for that so ask your current insurance provider as they may also cover your business and this will certainly give you a good discount if you have your business, cars, homes all lumped into one policy. Ok going to assume at this point you have it all ready to go next week be ready to open.

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