Sunday, August 10, 2008

Get a Business License

This is not legal/financial/business advice, but admittedly, these articles do border on the obvious:

Ben Franklin has the well-known quote about death and taxes. Incorporated and officially organized companies have the potential to theoretically "live forever," but even immortals (in good legal standing) still need to pay taxes. The federal government, though the IRS, gives your company an EIN for that reason. Several states collect taxes if you conduct business there, and they will provide you a filing number for that purpose. And in all likelihood, your local city government collects what's theirs by requiring a business license. You'll probably need your federal EIN and state number in order to fill out a business license application for your city.

With a certified copy of the Articles, a certified copy of our FBN statement, and some properly completed forms, getting a business license was pretty straightforward for DeRamos Media. It cost us about $150, but it was an efficient process nonetheless. The aforementioned dollar amount includes a few one-time filing fees, but the business license fee itself is an annual cost. Oh, goody.

So far, our start-up estimate of $650 is getting to be a significant chunk of change. Obviously, we hope that our game plan (business plan) is sufficient to turn the tide. To be continued...

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