Harvard Business Review Ideas and Advice for Leaders
For example, if your business will have employees, you will at least need to purchase workers’ compensation and unemployment insurance. It might slip your mind as something you’ll “get around to” eventually, butpurchasing the right insurance for your business is an important step to take before you officially launch. Dealing with incidents such as property damage, theft or even a customer lawsuit can be costly, and you need to be sure that you’re properly protected. Consider the following functions that are a neccessity for any type of business. Jordan says that not all businesses need to collect sales tax (or obtain a seller’s permit). After you register your business, you may need to get an employer identification numberfrom the IRS. The IRS has provided a checklistto determine whether you will require an EIN to run your business. Corporation.If you want to separate your personal liability from your company’s liability, you may want to consider forming one of several types of co