Starting your own business can be quite a hassle, especially when it comes to documentation. Depending on the type of business you want to start, there are different requirements. Here is a list of some of the basic documents you will need as per Michael E Weintraub Esq.
Michael E Weintraub Esq’s Guide on Business Documentation
Business Plan
According to Michael E Weintraub Esq, a business plan is a document that outlines your business goals, strategies, and how you plan on achieving them. This is usually required by investors or banks when you are looking for funding.
To create a business plan, you need to research your industry, market, and competitors. You will also need to include financial projections for your business.
Tax Identification Number
Also known as an Employer Identification Number (EIN), this is a number assigned to your business by the IRS. You will need this number when filing taxes and opening a business bank account. EINs are used in situations where businesses need to identify themselves to the IRS.
To get an EIN, you can apply online or by mail.
Business License
You will need a business license to operate your business in most states. The requirements for a business license vary from state to state. You can usually apply for a business license through your local county or city government office.
Some businesses, such as restaurants and daycare facilities, may require additional licenses or permits to operate. Failure to obtain a license can result in fines or your business being shut down.
Business Insurance
As per Michael E Weintraub Esq, business insurance protects your business from liability in the event that something goes wrong. This could include injuries to customers or employees, property damage, and more. Depending on your business, you may need different types of insurance.
Some common types of business insurance include:
- General liability insurance
- Product liability insurance
- Professional liability insurance
- Property insurance
- Business interruption insurance
Licenses and Permits
Depending on the type of business you are starting, you may need to obtain different licenses and permits from your state or local government. For example, if you are starting a restaurant, you will need a food license.
Not having a license or permit when required can result in heavy fines or even getting shut down. It is important to research the licenses and permits required for your business before you start operating. You can usually find this information through your local government website or by contacting your city or county clerk’s office.
Contracts
If you are going to be working with other businesses or individuals, you will need contracts in place. This will outline the terms of your agreement and protect both parties involved.
There are different types of contracts depending on your business needs. Some common contract types include:
- Non-disclosure agreements (NDAs)
- Employment contracts
- Vendor contracts
- Consulting contracts
Conclusion
Making sure you have all the necessary documentation before starting your business can save you a lot of headaches down the road. Michael E Weintraub Esq highly recommends doing your research and consulting with an attorney or accountant to make sure you have everything in order.
