"Start your business off on the right foot ... get a business and operate legally."
Licensing & Registering Your Home Inspection Business
Copyright 2008, Teena Rose. Written by Teena Rose, author of Starting a Home- or Office-based Resume Business. Learn why starting a resume writing business is one of the smartest and most profitable businesses to start today. She'll teach you how to start, operate, and profit! Download her book today at http://www.resumebiz.com.
Keywords: licensing your business, obtaining a business license, operating legally
Unlike a lot of small businesses that can be started without licensing and registration, your home inspection business will require that you tackle these items before beginning to work. This can be complicated but without it, your business will never get off the ground. If you ever intend on expanding your business beyond yourself, you will want to carefully investigate and understand the laws and regulations regarding licensure in your state.
Critical Steps in Registering and Licensing Your Business:
1. Register the name of your business.
2. Decide what type of legal structure you will be filing under: sole proprietorship, partnership, limited partnership, LLC, or corporation. You will need to do research specific to your state to establish the best structure and file the appropriate paperwork.
3. Obtain a local business license. This can be done with the city or county government clerk’s office.
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Sign up for your copy now: free copy of Website Magazine.4. Obtain a Federal Tax Identification Number. This is especially important if you are working with partners or intend to hire employees. Your bank may also require this information if you intend to open a business account. Forms can be found at the IRS web site at www.irs.gov
5. If you will be hiring employees you will also need to file additional paperwork.
* Obtain a State withholding number
* Determine liability statue for Unemployment Insurance
* Register for Workers’ Compensation Insurance
* Obtain W-4 and I-9 forms for employees
6. Prepare a written business plan. This will be especially handy if you will need to apply for a business loan. In putting this paperwork together you will also want to investigate any local permits or personal licensing you will need.
7. Open a business account with your bank.
8. Contact and insurance agent for a consultation on what coverage is appropriate.
Suggested topics to research: home inspection certifications
9. Hire an accountant or educate yourself. Tax laws can be complicated. Be sure that you fully understand estimated income tax payments and self-employment taxes. Information is available at the IRS web site.
10. File taxes annually to state and federal government.
11. Keep excellent records related to your business.
By completing this checklist you can be confident that you are meeting your state and federal requirements. With a business such as home inspection it is extra important that everything be above board and recorded. Your information and services will be crucial in the buying and selling of homes, the largest investment many families will ever make.Copyright 2008 Teena Rose, All Rights Reserved