{"id":53099,"date":"2024-05-13T08:00:00","date_gmt":"2024-05-13T13:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=53099"},"modified":"2024-05-10T13:08:51","modified_gmt":"2024-05-10T18:08:51","slug":"starting-a-business-101","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/starting-a-business-101\/","title":{"rendered":"Starting a business 101"},"content":{"rendered":"\n<p>The IRS knows that understanding and meeting tax obligations is vital to the success of your clients&#8217; businesses, especially a new one. There are number of resources on IRS.gov with resources and information to help any client through the process of starting a new business.<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Choose a business structure<\/strong><\/p>\n\n\n\n<p>The\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/business-structures\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">form of business<\/a>\u00a0determines which income tax return a business taxpayer needs to file. The most common business structures are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/sole-proprietorships\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Sole proprietorship<\/a>: An unincorporated business owned by an individual. There&#8217;s no distinction between the taxpayer and their business.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/businesses\/partnerships\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Partnership<\/a>: An unincorporated business with ownership shared between two or more people.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/forming-a-corporation\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Corporation<\/a>: Also known as a C corporation. It&#8217;s a separate entity owned by shareholders.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/s-corporations\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">S Corporation<\/a>: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/limited-liability-company-llc\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Limited Liability Company<\/a>: A business structure allowed by state statute.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Choose a tax year<\/strong><\/p>\n\n\n\n<p>A\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/tax-years\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">tax year<\/a>\u00a0is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Calendar year: 12 consecutive months beginning Jan. 1 and ending Dec. 31.<\/li>\n\n\n\n<li>Fiscal year: 12 consecutive months ending on the last day of any month except December.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Apply for an Employer Identification Number (EIN)<\/strong><\/p>\n\n\n\n<p>An\u00a0<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzQsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3Lmlycy5nb3YvYnVzaW5lc3Nlcy9zbWFsbC1idXNpbmVzc2VzLXNlbGYtZW1wbG95ZWQvZW1wbG95ZXItaWQtbnVtYmVycyIsImJ1bGxldGluX2lkIjoiMjAyNDA0MzAuOTQwNzIwNDEifQ.i7w-8oVHrqSKMxnWk8pDoAuKL0tX7wFEhjA_67zmNmA\/s\/2937781287\/br\/241578684851-l\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">EIN<\/a>\u00a0is also called a Federal Tax Identification Number. It&#8217;s used to identify a business. Most businesses need one of these numbers even if they don\u2019t have employees. It&#8217;s important for a business with an EIN to keep the business mailing address, location and responsible party up to date. IRS regulations require EIN holders to report changes in the responsible party within 60 days. They do this by completing\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f8822b.pdf\" target=\"_blank\">Form 8822-B<\/a>, <em>Change of Address or Responsible Party\u2014Business<\/em>,\u00a0and mailing it to the address on the form.<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Have all employees complete these forms<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.uscis.gov\/i-9-central\" target=\"_blank\">Form I-9<\/a><em>,\u00a0Employment Eligibility Verification U.S. Citizenship and Immigration Services<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/fw4.pdf\" target=\"_blank\">Form W-4<\/a>, <em>Employee&#8217;s Withholding Allowance Certificate<\/em><\/li>\n<\/ul>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Pay business taxes<\/strong><\/p>\n\n\n\n<p>The form of business determines what\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/business-taxes\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">taxes must be paid<\/a>\u00a0and how to pay them.<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Visit the state website<\/strong><\/p>\n\n\n\n<p>Prospective business owners should visit\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/state-government-websites\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">their state&#8217;s website<\/a>\u00a0for info about state requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are number of resources on IRS.gov with resources and information to help any client through the process of starting a new business.<\/p>\n","protected":false},"author":104275893,"featured_media":53209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[116807],"tags":[],"intuit_collection":[],"intuit_series":[],"coauthors":[509474241],"class_list":["post-53099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-management"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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