Planning to start a business can be a time of confusion and stress for many. There isn’t an easy path to success – it all depends on the circumstances. Here are some of the frequently asked questions about putting up your own business.
You should put up as much as you can reasonably afford. The amount should be able to carry you for 6 – 9 months with no income just to be in the safe side of things.
Most small businesses are formed as sole proprietorships. The advantages of sole proprietorship are its simplicity and the fact that business income is treated the same as personal income for tax purposes.
You need to acquire at least the four most important permits and licenses: licensing and permitting regulations, zoning, sales and use taxes, and employer identification numbers.