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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.