Business Essentials

Discover helpful information for business.

Sales taxes are taxes you collect from customers and then send to the state and/or local government. It's not revenue to you (so you're not taxed on it)
Many states offer sales tax exemptions for you if you buy goods to then resell to others. (saves money)
- You'll need to give the business your buying from an exemption form. Typically easy to get, each state has a different form. Worth it!
Most states don't require you to register with them for a sales tax account unless you'll meet a "nexus" (minimum). This nexus usually ranges above $100,000. Some states require this in one year, some in a lifetime, and some with a transaction count minimum as well.

Depending on your work, there are several licenses you may need:

State/county/city - Which one(s) varies by state but gives you the ability to operate and be recognized as a business
Retail - Even for public markets, needed for selling goods (usually state issued)
Professional - Vital for trades and other professions to show your training and knowledge

Insurance coverage needs to be cost-effective but some protection is needed. What type depends on what you do and what's at risk

COI = Certificate of Insurance. Required often in service businesses
Liability - several kinds, protects you if what you sell or do causes damage or injury to another or their property
Auto / Property - important if your business has a vehicle or equipment
Umbrella - Provides more coverage when the standard policies max out