Anyone can have a grand idea and they want to create a business based on that. However, putting up your own company requires a lot of paperwork and preparation. For instance, you will need to have the right documents to present to your state or county so that you can operate within their jurisdiction.
Also, all of the financial aspects should be handled by qualified staff, which makes accounting services in Malaysia quite appealing.
Before you can operate, you will need to get all of the documents and licenses that the government requires you to acquire. Today, I am going to go over the most important ones.
Federal Tax Identification Number
We are all obligated to pay taxes and businesses, even more so. Now, the tax identification number of your company will depend on the business model you are going to use.
For example, if it is a sole proprietorship, your own social security number will be your federal tax identification number. However, for partnerships and corporations, you will be required to get an employer identification number or EIN for tax registration purposes. You can acquire this from your country’s IRS.
If the name of your business is actually your name (for example, John Smith’s Vulcanizing Services), then you will not need a DBA certificate. However, if the name of your company is something else, you will need to get it.
The DBA Certificate stands for “Doing Business As” certificate. This will allow you to register your business under a completely different name and it is usually done in your country or state’s clerk office.
Permits and Licenses
Of course, you are also going to get pertinent business permits and licenses to operate as well. In some states, you are required to get a business license application and it usually done with your state or county’s tax collecting agency.
If you are going to sell tangible goods, you are required to obtain a seller’s permit which will give you the right to collect sales taxes from your customers.
You may also be required to obtain other licenses and permits and that will depend on the county, state, or country you’re going to operate in.