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Business Structure

Business Structure

Building your business one block at a time.

Will you be financing a start-up, buying a business or buying a franchise? Each structure has different monetary requirements in the beginning process and throughout the life of the business.

Starting a business

Starting a business

If you are starting your own business it’s possible, depending on the type of business, to get going on little to no money. But on the other hand, another type of business may require overhead and purchasing of equipment or space. It is important to evaluate your start-up costs – those that will be one time costs (equipment, etc.) and those that will be recurring (rent, utilities, etc.). Check out http://business.usa.gov/.

 

funding

Funding

Funding

Information about equity financing, debt financing, and pitching your plan to investors.

Buying a Business

Buying a business

Purchasing an existing business generally saves time and money; not to mention the fact that the business will probably already have cash flow, inventory and existing customers. The downfall? The initial purchasing costs. Finding a thriving business for a reasonable price can be difficult, but there are several resources available to help in your search.

 

Small Business Administration

Information on buying a business from start to closing.

 

Entrepreneur.com

Where and how to look for a business to buy.

Buying a franchise

Buying a franchise

Franchising is a great way to start a business if you are concerned with the risk involved in starting your own business. As a franchise owner brand/trademark owner, the franchiser will provide you with his business expertise on marketing, management, financing, and training among other things. Though you are purchasing a business with instant name recognition, you still need to bring your entrepreneurial spirit and motivation for success to the table to make the location thrive.

If you are interested in owning a franchise, attend a seminar about that particular franchise, interview other owners, research, get expert advice.

 

Small Business Administration

Pros and cons of buying a franchise and how to do it.

 

Federal Trade Commission

Learn about franchise opportunities and how to follow through to the franchise agreement.

 

Name your business

Name your business

Once you come up with a good, creative name for your business, you must research state and local requirements to be sure you aren’t infringing on someone else’s name. At this time, you must also decide what the structure of your business is going to be.

 

Tennessee Department of State

Business Name availability.

 

Small Business Administration

Legal requirements for naming your business, search and registration information, help with domain names.

 

Choosing a Business Structure

Choosing a business structure

Research and take careful consideration when selecting your business structure. Once it is decided, it will determine your taxes, liability and ownership succession. It’s always a good idea to consult an accountant or attorney when deciding what type of ownership is best for your business. When deciding on a structure, your vision and business plan will be taken into account.

 

Small Business Association

Choose a structure for your business using information and guidelines provided by the SBA.

 

IRS.gov

Information on each business structure.

Becoming Official: Getting your Business License or Permits

Becoming official: Getting your business license or permits

The type of business license you get is determined by the line of business and business structure you decided upon.

 

Tennessee License

The state of Tennessee has a useful website that will guide you through the entire business start-up process from naming it to getting your business license.

It’s always best to check with the state licensing authorities to determine the requirements for your business.

 

EIN Number and Sales Tax

EIN Number and Sales Tax License

In the state of Tennessee, each business is required to have an employer identification number (EIN number). This can be acquired from the Dept of Revenue. If your business will be collecting sales tax, then you’ll also be required to have a sales tax license.

Williamson County and City License

Williamson County and City License

For information on starting a business in Williamson County, please contact the County’s business tax office and codes department. If you are locating within one of the cities, you will need to contact both the county and respective city to obtain all the information needed to start a business.

Taxes: What you should pay and how

Taxes: What you should pay and how

The type of business you operate and its structure will determine what taxes you pay and how you pay them. IRS.gov is a great source to help walk you through the taxes you should be paying.

State of TN Dept. of Revenue Tax
Latest news from the Tennessee Dept of Revenue and information regarding taxes and online tax filing.
State of TN Dept. of Revenue New Business
Find out what taxes you must pay and registration requirements in Tennessee.
TN Dept of Revenue Frequently asked questions about taxes
Department of Revenue FAQ page.
TN.gov
Sales tax, tax forms, overview of business tax, online tax registration, tax workshops, etc.
Small Business Administration (taxes)
The U.S. Small Business Administration’s guide to all things taxes.
Internal Revenue Service (taxes)
Information filing and paying your federal business taxes

Insurance: Protect yourself and your business

Insurance: Protect yourself and your business

 

Insurance is often necessary when starting your business for protection against the unexpected for you and your business. Without proper insurance, an accident, lawsuit or natural disaster could potentially end your healthy business operation.

find out more about insurance

Find out more about insurance

SBA.gov

Figure out what type of insurance will be best for your business and view frequently asked questions about insurance.

 

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