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HOW TO START A SMALL BUSINESS IN CALIFORNIA - PowerPoint PPT Presentation


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HOW TO START A SMALL BUSINESS IN CALIFORNIA. LEGAL AND FINALCIAL ASPECTS. ARE YOU PLANNING TO DO A BUSINESS IN USA?. You may: Finance Start-Up Buy a Business Buy a Franchise. Finance Start-Up FOLLOW 10 STEPS:. Step 1: Research and Plan Your Business

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are you planning to do a business in usa
ARE YOU PLANNING TO DO A BUSINESS IN USA?
  • You may:
  • Finance Start-Up
  • Buy a Business
  • Buy a Franchise
finance start up follow 10 steps
Finance Start-UpFOLLOW 10 STEPS:
  • Step 1: Research and Plan Your Business
  • Step 2 Get Business Training and Expert Advice
  • Step 3 Select a Customer-Friendly Location
step 4 finance your business
Step 4 Finance Your Business
  • Federal, state and local governments offer a wide range of financing programs.
  • Low interest loans- Government/SBA backed loan from any commercial bank.
  • Venture capital- Cash investment from Small Business Investment Companies (SBIC) in business such as expanding child care centers; creating energy efficient technology; and developing marketing campaigns for tourism
step 5 select a business name
Step 5 Select a Business Name
  • Use your own Name or
  • Fictitious Name or Trade Name- File a Statement with the County Recorder-Clerk's Office.
  • Use unique name, Check with the Secretary of State for a name different of others.
step 6 what legal structure you want
Step 6- What Legal Structure you want
  • Sole Proprietorship
  • Partnership
  • Corporation
  • S Corporation
  • Limited Liability Company (LLC)
  • Cooperative
sole proprietorship
Sole Proprietorship

A business owned and managed by one individual who is personally liable for all business debts and obligations.

Don’t need to Register with the Secretary of the State.

partnership
Partnership
  • You should have a legal partnership agreement.

# General Partnerships- profits, liability, and management duties are divided equally among partners unless provided otherwise.

partnership1
Partnership

# Limited Partnerships- One of more partners may have limited liability as well as limited input with management decisions.

  • pay to the Franchise Tax Board an annual minimum tax of $800.00.
partnership2
Partnership
  • # Limited Liability Partnership(LLP)-

Joint Ventures act as general partnership only for a limited period of time or for a single project.

corporation
Corporation

It may be either Stock or Close corporation.

Advantage:

  • Limited Liability
  • Ability to Generate Capital
  • Corporate Tax Treatment
  • Attractive to Potential Employees
corporation1
Corporation
  • Disadvantages:

Double Taxing

Additional Paperwork

Time and Money

To Register, File Articles of Incorporation to the State.

s corporation
S Corporation
  • A special type of corporation created through an IRS tax election.
  • can avoid double taxation.
  • It has no more than 100 shareholders, has only one class of stock.
  • Its only shareholders are individuals, estates, exempt organizations under Section 401(a) or 501(c)(3) etc.
  • A domestic nonprofit LLC can get tax exemption.
limited liability company llc
Limited Liability Company (LLC)
  • A hybrid legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership
  • LLCs are not taxed as a separate business entity.  Members are taxed for their profit.
  • May be for profit or not for profit LLC.
cooperative
Cooperative
  • A business or organization that is owned by and operated for the benefit of those using its services.
  • Profits and earnings are distributed among the members, also known as user-owners.
  • Such as Credit union, Consumer cooperative corporation etc
step 7 get an employer identification number ein
Step 7 Get an Employer Identification Number (EIN)

Before hiring employees, you must get an EIN, also known as a federal tax identification number from the U.S. Internal Revenue Service.

step 8 register for state taxes
Step 8Register for State Taxes
  • Required to register for one or more tax-specific identification numbers, licenses or permits, including income tax withholding, sales and use tax (seller's permit) etc.
9 th step obtain business licenses and permits
9th StepObtain Business Licenses and Permits
  • To determine what business needs what license, go to-
  • http://www.calgold.ca.gov

For e.g. To do a business of the Travel Agency/Agent that sells or arranges air and/or sea transportation in the State of California must register as a Seller of Travel from the Office of the Attorney General

step 10 employer responsibilities
Step 10 Employer Responsibilities
  • Obtain an Employer Identification Number (EIN)
  • Set up Records for Withholding Taxes
  • Federal Income Tax Withholding (Form W-4)
  • Federal Wage and Tax Statement (Form W-2)
  • Employee Eligibility Verification (Form I-9)
  • Register with Your States New Hire Reporting Program
  • Obtain Workers' Compensation Insurance
  • File Your Taxes etc.
buy a franchise i e subway business
Buy a FranchiseI.E. SUBWAY BUSINESS
  • Alegal and commercial relationship between FRANCHISER, the owner of a trademark, service mark, trade name, or advertising symbol and THE FRANCHISEE, an individual or group wishing to use that identification in a business.

Go to http://sbdcnet.org/SBIC/franchise.php

To see what type of franchise business available.

the end
THE END
  • THANK YOU ALL.