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The truth is, pretty much every business – whether it is home based or not – needs some form of business license to be legitimate. In most cases you cannot get a business bank account if you don’t have a license. However, localities have different rules and may actually waive the requirement for certain types of businesses. That’s why it’s really important for you to be clear on the type of business you have today, and that you hope to build in the future.
Running your business legally, and obtaining the proper licensing and permits are very important to ensure that you don’t work hard building up a business and then lose it due to taxes and penalties due to unpaid licensure and permits. Seek out information from your local SCORE office or taxing authority to get more information for your particular business idea. In addition, any small business incubator or local college business center can be very helpful.
Rich Thurman’s passion is helping small businesses realize their full potential. With twenty years of real world experience in both small and large business, Rich has worked for and with both global industry leaders and small-town family-run storefronts.
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