Number five on our checklist of key steps that every business should take to start their business out on the right track is the Legal Requirements for Starting a Business.
To operate a business legally an organization needs to meet all the laws of the federal government, state government and the city and/or county where the business operates.
Most businesses are going to need an Employer Identification Number even if they don’t have employees. The Internal Revenue Service (IRS) provides clearly written documentation of what is required in terms of reporting. Other agencies may also have legal requirements. If you have employees, you will also have labor laws that you will need to follow. The Small Business Administration operates local offices in every state. These offices can be a great source of information about other local regulations you may need to be following.
There are laws and regulations governing the actual registration of the business and the business name, and there may also be licenses and permits needed to operate certain types of businesses. For instance, if you offer childcare at your gym, you may need to have special permits from social service or educational agencies. You can find out more about such regulations from your state business resource offices.
-Carrie Harris & Stephanie Beveridge