During the end of a year, many people begin to wonder whether or not they should start their own home-based business. This could include anything from being a consultant, window washer, chef, or more. If you're thinking of starting a business, there are a few things that you should be aware of in order to ensure that you are fully protected.
Here are three useful tips to make note of.
Obtain a tax ID
This is perhaps the best route to take rather than providing a Social Security number to either customers or vendors for their records. A tax ID is also commonly referred to as an EIN, and they are issued by the IRS. Not to mention that having a tax ID is much more professional in nature.
Obtain the necessary permits or licenses
This is extremely important if you're planning on running a business out of your home. For instance, local permits may require you to first obtain a business license. You will need to deal with this beforehand instead of after you start your business due to the fact that you may end up having to pay penalties for not following all of the rules.
Select the right business name
Always take the time to search for the name of your business, as well as determining whether or not a trademark may already be attached to it. If you discover someone else is using the name, think about paying for a more comprehensive name search in order to ensure that you will not be infringing on someone else's trademark.
Keeping your business legal workshop
Location: BBVA Compass Bank
1703 W 5th. Street
Austin, TX, 78703
Date & Time: October 19, 2018, 10:00am CDT
Attend to learn about the legal issues of forming a business including picking the right entity, trademark issues, contracts, ethics, and how to hire a professional.