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Checklist for Starting a Small Business in Webb City, MO
Owning and operating a small business can be a tremendously fulfilling and rewarding way of life, but it is not always an easy one. A great deal of thought and research should go into making a decision that will affect you and your family for a long time to come.
· The failure rate for new start-up businesses is high.
· If you need financing, you will be expected to provide 20% or more of the total funds and you will be ex-pected to personally guarantee repayment. Grants to start a for-profit
business enterprise are virtually non-existent. Even not-for-profit businesses can expect intense competition for funding.
· It is normal for small businesses not to earn a profit in the first two years.
· The number one reason that small businesses fail is because they did not have enough working capital to survive the first two years of operation.
Have you realistically considered both the advantages and disadvantages of owning and operating your own business? If not, the time to do so is before, not after, you have committed yourself.
This document provides information on the most common federal, state and local requirements to begin business operations. It is impossible to list all of the requirements for every type of business – you are strongly encouraged to contact the resource providers listed in this document for detailed information and assistance.
Before you take any steps to register your business, we recommend that you begin by reading the publication “Starting a New Business in Missouri” which can be found at: http://www.missouribusiness.net/startup/
Contact with local (county, city, or township) government agencies early in the planning stages of your business is very important. This contact will provide you with information that is essential to your business operation including local licensure, zoning and permitting requirements.
It is also important that you check with your city/county Planning and Zoning office (417-673-6297) to make sure that the location you have selected for your new business is zoned appropriately for your business activity. If the proposed site is not in compliance, you must apply for a permit to change the current zoning. Some communities have specific limitations on home-based businesses.
If you plan to build a new building or alter an existing building, a building permit will be required.
For more information on the requirements to start and operate a business in Jasper County, please contact:
Jasper County Clerk’s Office, County Courthouse
Carthage, MO 64836
As you proceed through the process of start-ing your business, use the following checklist as a guide to make sure that you have cov-ered all the requirements for starting your business.
Prepare a written business plan, includ-ing a marketing plan.
Estimate your start-up costs.
Select an attorney and accountant.
Obtain local business licenses through the city or county government.
Check on local zoning ordinances, regu-lations, building permits and fire codes through the city or county government.
Determine whether your business re-quires a state or federal license or permit to operate. Also check on state or federal regulations that may affect your specific type of business.
Select a banking institution and open a business account.
Select your business fiscal year.
Register your business with the Missouri Secretary of State by determining the legal structure of your business (sole proprietorship, partnership, limited partnership, limited liability company, or corporation) and file necessary forms and paperwork with the Secretary of State’s Office. Forms and online registration options can be found on the web at: www.sos.mo.gov Information on the ad-vantages and disadvantages of each legal structure is available at: www.missouribusiness.net/startup
Depending on your business structure:
Corporations must hold an organizational meeting to adopt by-laws, elect Board of Directors and corporate members, managers and/or officers, etc.
An LLC holds an organization meeting to adopt operating agreement, distribute membership certificates, elect company members and/or managers.
If forming an S Corporation, file IRS Form #2553 with the IRS within 75 days. Visit www.irs.gov/businesses for more information on forming a Sub Chapter S Corporation.
Most businesses will require a Federal Identification Number (EIN). Available from the IRS at www.irs.gov/businesses/index.html. Select “Employer ID” and then follow the instructions to apply online (IRS Form SS-4).
The Missouri Department of Revenue and the Missouri Division of Employment Security offer a co-registration site that allows you to register for and obtain several key numbers (e.g., Sales Tax, Employer ID, etc.) through one registration. This “co-registration” site is found at: https://dors.mo.gov/tax/coreg/index.jsp
You will need to apply for a sales tax number and/or use tax if you will be selling at retail or wholesale. Registration and more information is available from the Missouri Department of Revenue at www.dor.mo.gov/tax/business/
If hiring employees:
Determine the wage and hour laws from the state and federal government;
Obtain report to determine liability status (unemployment tax) with the state;
Check the requirements on Worker’s Compensation Insurance with the state;
Have each employee complete an I-9 Em-ployment Eligibility Verification Form www.uscis.gov/portal/site/uscis/
Contact an insurance agent regarding fire, accident, liability, theft, and other types of commercial insurance.
Find out how OSHA laws affect your business www.osha.gov/
Webb City, Missouri