BUSINESS IGNORANCE IS NOT BLISS

IGNORANCE IS NOT BLISS

It is one thing to know that you can do something, for instance, earn online income, but it is another to plan how to do the activity. When it comes to starting any type of business, there are some basic legal considerations and actions to be accomplished.

BASIC GUIDELINES

Performing business online, or just earning online income, is not without some basic regulation. For most new Internet entrepreneurs the most difficult part of online business start-up is learning exactly what is legally required.

Do It Legally

If you reside within the United States of America, I suggest starting with the Small Business Administration, the IRS, the U.S. Chamber of Commerce, and the Better Business Bureau. Use these institutions to help you learn what your local area requires for you to develop your small business legally and online. The Federal Trade Commission ( FTC   https://www.ftc.gov/ ) provides extensive information regarding consumer protection and regulates truth-in-advertising issues:
https://www.ftc.gov/tips-advice/business-center/guidance/advertising-faqs-guide-small-business

The Small Business Administration

The Small Business Administration ( SBA  https://www.sba.gov/ ) is the best place to start learning about what is required and where to go for help. The SBA has offices in every state of the nation ( https://www.sba.gov/tools/local-assistance ) and a wealth of information and services that are freely available online. Be sure to view their site map ( https://www.sba.gov/sitemap ) to quickly find answers.

The following SBA articles provide excellent startup information:

Follow These 10 Steps to Starting a Business

( https://www.sba.gov/starting-business/how-start-business/10-steps-starting-business )

Setting Up an Online Business

https://www.sba.gov/managing-business/running-business/sales/setting-online-business

https://www.sba.gov/starting-business/how-start-business/business-types/online-businesses

Home-Based Business

https://www.sba.gov/starting-business/how-start-business/business-types/home-based-businesses

Home-Based Business Zoning Laws

https://www.sba.gov/starting-business/choose-your-business-location-equipment/home-based-business-zoning-laws

Choose Your Business Structure

https://www.sba.gov/starting-business/choose-your-business-structure

How to Find the Right License and Permit For Your New Business

https://www.sba.gov/blogs/how-find-right-license-and-permit-your-new-business

Licenses and Permits

https://www.sba.gov/blogs/run-home-based-business-find-licenses-and-permits-you-need

State Licenses and Permits

https://www.sba.gov/starting-business/business-licenses-permits/state-licenses-permits

Register Your Business

https://www.sba.gov/starting-business/choose-register-your-business

Learn About Business Laws

https://www.sba.gov/starting-business/learn-about-business-laws

Just Started a Business? Understand your Tax Obligations

https://www.sba.gov/blogs/just-started-business-understand-your-tax-obligations

Filing and Paying Taxes

https://www.sba.gov/starting-business/filing-paying-taxes

What is An EIN and Why Is It Important?

https://www.sba.gov/blogs/what-ein-and-why-it-important

And, now to The Internal Revenue Service
( IRS  https://www.irs.gov/  )

Apply for an Employer Identification Number (EIN) Online

https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

A – Z Index for Business

https://www.irs.gov/businesses/small-businesses-self-employed/a-z-index-for-business

Business or Hobby? Answer Has Implications for Deductions

https://www.irs.gov/uac/business-or-hobby-answer-has-implications-for-deductions

Five Basic Tax Tips about Hobbies

https://www.irs.gov/uac/newsroom/five-basic-tax-tips-about-hobbies

Is Your Hobby a For-Profit Endeavor?

https://www.irs.gov/uac/is-your-hobby-a-for-profit-endeavor

Income & Expenses

Question: How do you distinguish between a business and a hobby?

https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/small-business-self-employed-other-business/income-expenses/income-expenses

 

U.S. Chamber of Commerce
https://www.uschamber.com/

 

Better Business Bureau
http://www.bbb.org/

 

VAT

TAX TYPES     http://www.sars.gov.za/TaxTypes/VAT/Pages/default.aspx

WHAT IS VAT?

VAT Number

Do US Companies Need VAT Numbers?

TAXAMO

These references and resources should get you started in the right direction.

For more information regarding how to start earning online income but in a less complicated manner, read the post:

Affiliate Marketing Will Get You Started

Associations for Prosperity

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