Opening a new business – Monterey Herald

Opening a new business – Monterey Herald

If your employees will be receiving tips, you will need to educate yourself as to the tip reporting and filing requirements. If your business will have payroll, you will need to register with the California Employment Development Department (EDD) using Form DE-1. You will also have to file Form SS-4 with the Internal Revenue Service to acquire a Federal Employer Identification Number. You should also begin immediately to research the cost/benefit relationship of utilizing an outside payroll service to process your payroll, remit your payroll taxes, and complete the required tax forms. As an employer, you will be required to maintain workers’ compensation insurance. You may also need liability insurance, business interruption insurance, and other types of insurance policies.

You may be required to file and publish a Fictitious Name Statement. You may need to register to do business in your locality (city business tax license, county personal property tax, etc.).

You should register with the California Department of Tax and Fee Administration (CDTFA) to receive a resale number and receive forms for remitting sales tax charged and collected. Please note that the CDTFA may require you to remit a deposit or post a sales tax bond to help ensure future payment. Entity Choice – You should determine early on your entity type (Sole Proprietorship, C Corporation, S Corporation, General Partnership, Limited Liability Company, Limited Partnerships, etc.). The various entity types have specific legal and tax implications.

Barry Dolowich is a certified public accountant and owner of a full-service accounting and tax practice with offices in Monterey. He can be reached at 831-372-7200. Please address any questions to Barry at PO Box 710 Monterey, CA 93942-0710 or email: bdolowich@gmail.com. Source www.montereyherald.com As you can see, starting a business requires an enormous amount of research and forethought. However, you should not be discouraged; you need not have to know everything, you just need to know which questions to ask. Good luck!

It is always wise to have a business team of professionals in place, including a CPA, attorney, insurance agent, and perhaps a real estate broker and investment advisor. Early on, you must determine the accounting system you are going to use to track your financial transactions, including sales, inventory, billing and accounts receivable, accounts payable, employee time records, etc.

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