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Welcome
to the network of Women in Business. With over 17,000 businesswomen
members, we are sure you will find everything you need from social
networking to business mentoring to doing business with other
women-owned businesses. If you are a woman looking to start a business
of your own, or expand your business, or even find help running your
business, then you are in the right place. You have reached the
NETWORKING area of Digital Women®.
Here we feature the member's businesses, their web sites, their forums,
"classy"fieds, sales, her bartering or swapping, and much more.
Be sure and check out their Profiles, then visit the Directory, and browse around the Forums! They have so much talent and wisdom to share!
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Lending and Business Resources by State
Business Women Tip: Small Business Startup Loans
A loan is a form of debt. In any
loan, the borrower initially receives or borrows an amount of money,
called the principal, through the lender, and is also required to pay
back or repay an equal amount of money to the lender at a later time.
Typically, the amount of money is paid back in regular installments, or
partial repayments. The loan is normally provided at a price, known as
interest on the debt, which gives an incentive for the lender to engage
in the financial loan.
Government agencies typically don't make loans directly to businesses.
The government offers a guaranty to banks and lenders for money lent to
small businesses. This guaranty is really a promise to repay a
percentage of the loan back to the bank in the event a business owner
defaults on the loan. A guaranty cuts down on lender's associated risk,
that enables the lender to generate loans to business owners that do
not qualify for conventional loans.
So, the first place to begin looking for a loan is with your
neighborhood commercial bank or lending institution. The lender should
have all the forms you'll need to apply for a government-backed loan,
and can work with the government on the application process.
You should also look to your state and local government agencies and
local non-profits. Many of these organizations provide funding directly
to businesses, therefore you don't have to move through a bank.
Steps to Register Your Business
Whether you are starting a new
business or expanding an existing business, you will need to follow
some basic steps to ensure you have all the necessary licenses, permits
and registrations needed to legally operate your business in your specific area.
Determine the Legal Structure of Your Business
This process includes structuring
your business as a legal entity. There are several options to think
about, and they all have different legal, financial and tax
implications. The proper legal structure of your business depends on
several factors including the amount of control you want to have, your
business' vulnerability to lawsuits, and your financial needs.
The legal structure you choose will determine further registration
requirements. Once you choose a legal structure, you may have to file
registration forms with your state and/or local government. The
requirements vary from state to state.
You can visit a business incorporation information page to learn how to
choose a legal structure and where you'll need to go to file the
appropriate paperwork.
Registering Your Business Name
"Doing Business As," "DBA,"
"Assumed Name," "Fictitious Name" ... all of these are used to describe
the process of registering your business' legal name.
By default, the legal name of a business is the name of the person or
entity that owns a business. If you are the sole owner of your
business, its legal name is your full name. If your business is a
partnership, the legal name is the name given in your partnership
agreement or the last names of the partners. For limited liability
corporations (LLCs) and corporations, the business' legal name is the
one that was registered with the state government.
Your business' legal name is required on all government forms and
applications, including your application for employer tax IDs, licenses
and permits. However, if you want to open a shop or sell your products
under a different name, then you may have to file an "assumed name"
registration form with your state and/local government.
Visit the Business Name Registration guide to learn about the requirements in your state.
Obtaining Your Federal Tax ID Number
You are required to obtain an
Employer Identification Number, (EIN), if you are an employers with
employees, you have a business partnership, or you are a corporation or
other types of organization. You apply for this number from the U.S.
Internal Revenue Service and you can do this online. The EIN is also
known as an Employer Tax ID and you will need Form SS-4:
U.S. Internal Revenue Service
Phone: 1-800-829-4933
Registering with Your State Revenue Agency
If
you are selling something, you will also need to obtain State Tax IDs
and/or permits form your local state's revenue agency or at their web
site.
If you plan to sell products or anything retail and you are required to
collect sales taxes, which you probably are, you will need to
obtain a State Sales Tax Permit or a State Vendor's License from your
state or local government (or even both).
Your local State Sales Tax web site is a good starting area for
learning about your state and local tax requirements and registration
information that you need to operate your business.
Obtaining Your Local Business Licenses and Permits
Almost all businesses are required
to obtain a business license or business permit to operate legally.
Most small businesses will have to secure a business license or
an industry-specific permit from their state or local government agency.
You can check your local state government web site for obtaining this
vital information. You will also need to check zoning laws to determine
if you are eligible for running a business in that specific area.
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