Wednesday, January 28, 2015

How to Start a Business in Michigan

It's a new year and new goals are to be reached. Why not begin working on that business or startup that you've always dreamed about? Starting a business takes a lot of effort, but can bring you a lot of personal and financial rewards. Assuming that you have researched your business idea and have the necessary funding, here are the six steps, according to Michigan State University Extensions,  it takes to register your business in the state of Michigan:

Obtain a FEIN: 

Your Federal Employer Identification Number (FEIN) is a tax ID assigned to you and your specific business. It is required to open a checking account and to facilitate other financial transactions such as opening a credit account with a vendor.

Register the assumed business name with  the County Clerk:

If you're going to operate your business as a sole proprietor and you’re not using your complete legal name (first and last name) as your business name, you will need to register your business name as an “assumed name.” This used to be called DBA (doing business as); however, it in now referred to as assumed name.

Obtain a UIA Number:

You can get your Unemployment Insurance Account (UIA) online from the Michigan Department of Licensing and Regulatory Affairs. You must have this account prior to hiring employees; you’ll also need this number to file your quarterly tax reports. 

Obtain a Sales Tax License:

Some sales are not taxed; some sales are taxed. Regardless if you make taxable or nontaxable sales, it is best to have a sales tax license. It legitimizes your business. Also, this license allows you to make purchases for resale without paying sales tax to the vendor. Get your sales tax license from the Michigan Department of Treasury.

Register you business with the Michigan Department of Treasury:

Michigan requires business enterprises to register, allowing you to make your collected tax payments.

Obtain all necessary permits:

Some businesses need special permits or licenses. You can search what permits are required, and obtain the applications from Michigan Business One Stop

After you've completed these steps you are officially in business in the state of  Michigan! For more help on where to go from here or if you have further questions visit the Michigan Business One Stop website

About the Author: Sandra is a guest contributor from Corporate Office Interiors, offering office furniture solutions and help for all your office needs. 



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