The BIG Idea – Part II

Unless you are planning to do business under your name, you will need to file a business name. This filing entitles you to do business under that name. However, make sure that your business name is unique and it doesn’t violate any intellectual property laws (e.g. trademarks). Check out Department of Trade and Industry (DTI) and the Securities Exchange Commission (SEC) for more details.

Regulations, Permits and Licenses 

Regulations that may affect your business vary by municipality, by locality, and by the type of business that you have. Meanwhile, the kind of licenses and permits required for your business will depend on your business type and its location. At the very least, look into building codes, zoning laws and other pertinent regulations that might affect your business. However, businesses that have the capacity to do more harm than others face more regulations. Some of these businesses are regulated by the government, some by the government agencies, and some by both. The following are just some of these heavily regulated businesses: health care providers, anything involving food preparation, construction, banks and pawnshops, anything to do with alcohol, anything to do with dangerous materials, chemicals, and the like, transportation and anything to do with firearms. If you plan to engage in any of these businesses, better consult first with an expert, trade association that is involved with them, they can tell you what regulations may apply to your business.  Or do a research; internet is always a safe place to start. 

Tax Requirements 

Tax laws are very complicated. Unless you are a tax expert, it is best if you obtain the services of an experienced lawyer and accountant to help you evaluate the tax implications of all of your business decisions. Nonetheless, the government provides certain benefits to promote small businesses, such as tax credits to offset your tax liabilities. Again, you can check the Basic Steps in Business registration. Tax laws may seem daunting to first-time entrepreneurs, but there are a lot of available materials that will guide you through it all. But still the best thing is to know your rights as a tax payer. It helps to be informed.  

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