Discussing business regulations, licenses, and taxation can be tricky because these things vary depending on your location and type of business. The laws for specialty retailers are quite different from those for food retailers. And a retail store in say, New York would face different regulations from the ones that a business in London would face.
Generally speaking though, here’s a list of things you should think about:
Are you a sole proprietor, a corporation, or a limited liability company? Different taxation laws and permits are required for each business type so figure this one out early on.
Also known as an Employer Identification Number, a Federal Tax ID is used to identify a business entity.
This is a unique, nine-digit ID for each physical location of your business.
If you’re in retail you’ll need a business license and a seller’s permit. In addition, you may also need the following:
You may be mandated to post certain bulletins in your location to inform internal staff and the public of significant occupational safety and health issues.
Note: While it’s ok to ask other retailers about the hoops they had jump through, don’t rely on their words alone. The most trusted source of information would still be your government, so visit the necessary federal, state, and city offices or websites and obtain the requirements for setting up a retail store in your area.
Time required: Varies, depending on the location and nature of the business
Materials: Your favorite note-taking device (smartphone, pen & paper, etc.), phone, computer, calculator, mode of transport.