Legal, tax, regulatory
Business owners need a number of key players, including a lawyer and an accountant, on their team to be successful. Tax law and business regulations change constantly–making it difficult for small business owners to stay up to date on important topics.
In addition to federal income tax, businesses are subject to various state and local taxes, including income, franchise, and gross receipts taxes. If you have employees, you will have to submit payroll taxes and information filings to the government and other filings to employees. Many businesses also face specific excise taxes. Even the type of business, whether it is a partnership, sole proprietor or LLC, affects taxes.
Selecting the most appropriate business entity for your company may be one of your first legal considerations, and you will find legal issues to be plentiful in the early stages. Insurance, zoning, health and safety and environmental issues also need to be kept in mind.
A nonprofit organization is a very different entity from a for-profit enterprise. They exist for different purposes and have unique legal requirements. The Non-Profit Information Guide contains more information on what a nonprofit corporation is and how to form one.
IRS Tools for Small Businesses
The IRS has several tools to help small business owners understand and meet their tax responsibilities. IRS.gov contains useful information including its Small Business Tax Workshop, which educates business owners about federal tax rights and responsibilities and provides a full suite of online learning and educational products, including live broadcasting, phone forums, webinars and audio and video presentations. The IRS also has videos on YouTube and a multimedia center to help taxpayers.
The State of Delaware’s website offers links to state resources, including business licenses, the Delaware Division of Revenue, Division of Corporations and Delaware Board of Professional Regulation.
Ready to hire your first employee? Check out this helpful guide from SBA.