You’ve made the Big Plunge! You have either decided to start your own business, or you are currently managing your own business. Both are Big Audacious Goals that require a humongous amount of “Responsibility!”

 

When you start your own business, one of the big decision factors that you grapple with is deciding whether the ownership structure will be set up as a Sole Proprietorship, Partnership, or Corporation.

 

As with everything in life and in business – there are positives and negatives for each business structure.

 

Discovering which is best suited for your business can be as taxing, as it is managing the business itself. Just the mere challenge of trying to learn which structure will provide the greatest liability protection you want and need, as well as the tax and financial benefits, can easily throw you over the tipping edge of wanting to toss in the towel and give up all together.

 

That is exactly where Fast Refunds can not only help, but can work with you to ease the stress, eliminate the pain, and simply and constructively work thru this critical decision point.  We have countless years of experience with the resources and preparation it takes to...

 

• Eradicate possible risks and liabilities of your business

• Cut through all the red tape and hidden expenses involved

• Administer your income tax formation

 

You are not required to file any paperwork to create a “typical business partnership.”  Just the Agreement between both partners, will get the ball rolling. However, partnerships are required to meet the some local registration requirements – as any new business does.

 

Fast Refunds will be there for you, and with you, to determine your tax obligations.  Understanding your tax requirements will help you avoid taxing issues and also help you save time, money, and headaches down the road.  The most common types of tax requirements for small businesses are:  Income Taxes and Employment Taxes.

 

Most cities and counties require businesses to “register” with them, and pay at least a minimum tax. You may also be required to obtain an Employer Identification Number (EIN), a seller’s license (if applicable), and a zoning permit from your local planning board, if you have a store-front business.

 

Do You Really Need an (EIN?)

 

The reason for an (EIN) is to identify you, your business accounts, tax returns, and any documents pertaining to your business even if you have no employees.  It is your Federal Tax ID Number for your business.  You will use it for:

 

•      Opening a Business Bank Account

•      Forming a new Partnership, LLC, or Corporation

•      Applying for Business Licenses

•      Filing a Tax Return

•      Hiring Employees