Types of Business Licences

Posted by Pierre de la Fortune on July 06, 2015 @ 12:01 a.m.

Written by Melinda Gaines

In order to start a business legally, most entrepreneurs will need to obtain some type of business license. Though the kind of business license or permit needed depends upon the type of venture you launch and where it's located, business documentation is important for many reasons, from collecting taxes to protecting your company's identity.

The DBA

Assumed name certificates are more commonly referred to as DBAs, which stands for doing business as. DBAs are typically distributed at the county level. They are an inexpensive business license, with some localities charging as little as $10 for each DBA--they rarely cost over $30 to obtain. You usually need to get a DBA if you are operating any type of business that is known by a name other than your legal name. For example, if your name is Sue Smith and you open an art gallery, you can name it Sue Smith Art Gallery and not have to get a DBA. However, if you wanted to name your business The Modern Collection," you would need a DBA.

Sales Tax and Use Permit

Sales tax and use permits are needed by businesses that retail items, but only if they are located in a state that collects sales or use taxes. For instance, a clothing store located in Texas would need a sales tax and use permit, because Texas collects sales tax. But a shoe store based in Oregon would not need such a business license, since Oregon does not have a sales tax. In most states that require them, sales tax and use permits are free to register.

Resale Permit

Resale permits are used in many states, and are only needed by businesses that purchase items wholesale to be retailed to consumers. For example, if you purchase body care items wholesale to retail in your spa, you may need a resale permit. But if you only buy body care items wholesale for use by the technicians in your spa, you would not need a resale license. Most states allow businesses to obtain a resale permit for free, and several states now offer the option to register for them online.

The EIN

Employer identification numbers are also referred to as EINs and federal tax identification numbers. This type of business license is distributed by the IRS and can be obtained online or by postal mail for free. EINs are essential for the following types of businesses: those that have any employees, not counting individuals that are self-employed; corporations and partnerships; businesses that file excise, tobacco, firearms, alcohol, employment or excise tax returns; employers that withhold taxes on income paid to non-resident aliens; businesses with a Keogh plan, which is a retirement plan for those who are self-employed; non-profit businesses; farmers cooperatives.

Read more: Types of Business Licences | eHow.com http://www.ehow.com/list_6675010_types-business-licences.html#ixzz1iHdJ1Kh7 For more info please visit: http://www.ehow.com/list_6675010_types-business-licences.html & http://retail.about.com/od/insurancetaxeslegal/a/license_permits.htm

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