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What are the requirements of starting a small business?

I would like to start my own business (when I am older and have business and accounting experience.) I am wondering if there are any qualifications by the state that one must meet in order to own and run a small business. What are some things I would need to do? What are some things I COULD do to help my business be more successful? #business #accounting

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Gail’s Answer

Hi Rachel,


First, contact the city and state you want to work in and ask for the steps you need to take. Each state is different. Secondly, write up a business plan and seriously answer the questions. It makes you focus on what services you want to provide, who is your competition, estimate your budget, figure out how you are going to market you product and so on. It is the best thing I ever did for my own business. The problem I had was that I didn't listen to answers that didn't match what I wanted to hear. It is hard, but do that.


Good luck!
Gail

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Michael Louis’s Answer

Hi Rachel,


It does depend on the specific field and locale, but realize that starting a business is the United States is relatively easy.


You should start by thinking about your business structure. At a high level, this would be a sole proprietorship, a partnership or a corporation. For a sole proprietorship, you can use your Social Security number as a tax ID. But for most businesses, it is best to get a separate Tax ID from the government. You need this ID number to open a bank account and file tax returns. Here is the link to the US IRS Taxpayer ID information site:


https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin


I started my Subchapter S corporation in 1994 to run my corporate consulting business. Study your accounting well! It will pay you great dividends as an entrepreneur.


Good Luck!
Mike Pastor

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