Important things to do after starting small business

There are many things you should do after starting small business. One of important thing you should do is getting employer identification number (EIN). The federal EIN is used for state income tax purposes. The IRS uses the EIN to track your employees, the wages you pay them, and any taxes that have been paid on their behalf. You can apply for an EIN at the IRS website.

The next important thing you should do after starting small business is establishing business credit. For all business owners, you should fully understand the importance of building business credit. Similar to your personal credit profile, business and corporations have a credit rating system that potential lenders use to determine a company’s credit worthiness. So you should register your company with the business credit bureaus. It usually takes several years to build up business credit, so start to do as soon as your business commences operations.

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