Everybody hates paperwork, businessperson or not. However, you are going to create and fill a truckload of forms when starting a business and going forward. It is important that you familiarize yourself with the different business forms and other documents because they are going to be part of your daily operations.
Business Registration Forms
Business registration forms are the first documents you file the moment you enlist your company with government. When you register as a proprietorship, you register your name as “doing business as” or DBA and file the appropriate certificate with the country clerk. The same DBA file is used for partnership, with the addition of a partnership contract. If you are a limited liability company or a corporation, you need to file articles of incorporation with the state. For corporations, there is an extra document to file – the state of charter.
If you are operating under specific industries, such as cosmetology or building contractor, you need to secure occupational license to validate your operation. Licenses are necessary to ensure your business is legitimate and reliable to conduct services.
Tax Identification Forms
Most companies need to file tax identification forms and secure separate tax identification number, except single proprietors who can use their own social security numbers. Tax IDs are secured from the Internal Revenue Service or IRS, and may be processed online.
Depending on the state and city regulations, you need to apply for business permits including mayor’s permit and sanitary permit. If you are dealing with certain products like tobacco, alcohol and firearms, you need to secure specific permits so you can do business legitimately.
Bonds and Insurance Forms
To minimize risks due to untoward events like burglary, robbery and calamity, you need to post bond and secure insurance coverage. Bonds cover for employees with risky positions such as cashiers and collectors. Insurance policies cover for your business in case of fire and natural disaster to ensure continuity of operation and to minimize losses.