Memory Bear Business: Business License and Taxes

“If at any time you feel overwhelmed and would like to speak with me, please schedule a no-cost 15-minute phone consultation via this business coaching page

Business License and Taxes

What Is It & Do You Need One? 

I think it’s safe to say that every business needs a business license, and as a memory bear business owner, you’ll need one to operate legally, but requirements may vary. The specific license or permit you need can be figured out by visiting the Small Business Administration website. 

Small Business Taxes 

As a business owner, you are obligated to pay specific federal taxes, and the amount of those taxes is determined by your business entity. You will also need an Employer Identification Number (EIN), which you can apply for on the IRS website here. 

Some taxes you want to consider include: 

  • Self -Employment (SE Tax) 
  • Employment Taxes 
  • Excise Taxes 

Please seek the legal advice for your specific business structure, this is simply a reference blog to give you guidance on starting and/or growing your memory bear business. 


Follow along for part 5 ~

Marketing and Customers

About The Author

Stephanie Grams

Welcome! I’m Stephanie Grams, owner and founder of Sewing with S.T.E.A.M, LLC. Grams is a published author, podcaster, YouTuber, and sewing business boss.

You may also like...