During our 40 years of working with new businesses, we have been asked nearly every possible question. Below we have compiled a list of answers to some of the most commonly asked.
What types of licenses and permits do I need?
- All businesses operating in Georgia need to obtain a city and/or county Occupational License.
- If a business name differs from the owner's name, the business will have to advertise the business name as a Fictitious Name and register its use of that name with the Secretary of State.
- If the business sells a product or service subject to sales tax, a Sales Tax Certificate needs to be obtained from the Georgia Department of Revenue.
- If the business has employees, or is either a corporation or partnership, it will need to obtain an Employer's Identification Number from the Internal Revenue Service.
- Special state and federal licensing may be needed by those businesses in certain industries.
What types of records do I need to keep?There are many different requirements for record keeping depending upon the specific industry of the business. However, all businesses must retain records which reflect an accurate accounting of income and expenses.
Should I form my business into a corporation?
While each business is as unique as the owner(s) of the business, as a general rule, we almost always recommend forming either a corporation or Limited Liability Company (LLC) regardless of the size of the business.
How many types of taxes does my business have to pay?
- All businesses that have employees are required to withhold Social Security, Medicare and Federal Income Taxes from their employees' paychecks. These monies, plus matching Social Security and Medicare, have to be paid periodically. In addition, state and federal unemployment taxes must be paid on a portion of wages paid.
- If sales taxes are collected, these taxes need to be paid monthly the first year and periodically after that.
- All taxpayers, corporations and individuals, are required to make quarterly estimatd income tax payments. Individuals may avoid estimated payments if sufficient income tax is withheld from wages paid by other employers or their corporation.
Do I need an Independent Accountant?
An independent accountant can be worth his or her weight in gold. He or she can save you tax money, help establish controls and keep you current with governmental paperwork. Most importantly, a good independent accountant will work hand in hand with you to maximize your potential for success.
Formulating a business plan, or obtaining a bank loan, can be time consuming and prove fruitless without professional guidance. The Small Business Administration (SBA) is a division of the federal government designed to help you. To see what programs the SBA have available, visit their Website at: Small Business Administration
We have over 40 years of experience providing independent accounting services to small to medium-sized businesses. We can help you:
- Obtain proper licensing.
- Form a corporation or Limited Liability Company.
- Install internal controls.
- Take maximum advantage of tax planning, bookkeeping, computer systems and tax preparation.
- Give your business a firm financial foundation on which to grow.
If you have a question, or want more information, please call:
(706) 724-7979 or E-mail us today!