What are my option as far as liability as a business owner? I will be paying self employmet taxes because at least in the beginning I will be operating as a sole owner. If not now soon I will have others involved as owners of the company. Is there anything I can do to look as if I am an established and big company? .

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To limit any liability for debts or civil actions arising out of business transactions you may want to set up an LLC or form a corporation. Most sole proprietors or sole owner LLC need to pay self employment taxes. To avoid paying excessive self employment taxes you may want to for an S corporation which can help you split your salary with dividents and save on taxes because dividents are not subject to self employment taxes. Though a sole proprietorship does not need a federal tax ID number a partnership does. A partnership also needs a fictitious business name to operate as well as a partnership agreement. In general an LLC or corporation has more prestige and credibility as a business entity company than a sole owner or a general partnership. So if you want to be taken as a bigger company or more credible one you may want to set up an LLC or incorporate.

If your dba trade name includes your surname you may not have to file a doing business as dba name certicate unless it has additional words and suffixes that connote additional owners in the company. Since you work with your own tools and no one supervises you you qualify as an independent contractor and you need to get a business license and a federal tax ID number as well as an assumed business name certificate if you do business with a trade name other than your full legal name. Read the FAQs below for more... Frequently Asked Questions 1. Do I need to file any paperwork with my state? 2. Do I apply for an EIN by preparing Internal Revenue Service (IRS) Form SS-4 and filing it with the IRS?. 3. I am opening a business and plan to have employees. What license(s) do I need? 4. Is there a fee charged to obtain a business permit? 5. How long does it take to get a business license? 6. If I purchased an existing business, can I use the previous owner’s business license? 7. How do I know how much business tax I will have to pay per year? 8. Where can I obtain a resale certificate? 9. Will I also get a copy of my business permit in my email? 10.Why partnerships need a business license and an assumed business name registration? Q:Do I need to file any paperwork with my state? A:You will need to obtain a state employer number if you are an employer, a general business registration, in most states, and a state sales tax ID if you sell tangible taxable items merchandise. Q:Do I apply for an EIN by preparing Internal Revenue Service (IRS) Form SS-4 and filing it with the IRS?. A:You may file one but we can also file it for you. Q:I am opening a business and plan to have employees. What license(s) do I need? A: social security tax Q:Is there a fee charged to obtain a business permit? A: by mail by contacting the Taxpayer Assistance Center on this website . Q:How long does it take to get a business license? A:Most applicants registering Online on this site will receive their account number in one to three days. Others will receive their account number within ten business days. If the registration is not filed electronically, it may take up to four weeks. Business permits cannot be obtained over the telephone. Q:If I purchased an existing business, can I use the previous owner’s business license? A:No, you must register for a new business license under your own name or the name of the corporation, partnership or LLC. Q:How do I know how much business tax I will have to pay per year? A:You should use these forms along with the tax tables found in the publication to determine how much income tax should be withheld from each employee’s paycheck. However, the government will mail you a bill each year for your business license business tax you owe. Q:Where can I obtain a resale certificate? A:A resale certicate can be obtain on this site or go to www.sellerpermit.com. Q:Will I also get a copy of my business permit in my email? A:You will get a copy by email so you can print it out. It is the official IRS receipt. Q:Why partnerships need a business license and an assumed business name registration? A:When you are a partnership, the partnership must obtain a business license, an assumed business name certificate and be identified by the federal tax id number.

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