Imagine you are planning to open a business within your own community/state. Which forms and/or licenses would your state require? For this week's case study, write a 1-2 page essay using Microsoft Word to research this.
Begin by choosing a business within your own community/state. This may be a fictitious business, or a business that already exists and with which you are familiar. You will need to decide which type of business organization you are going to use. Keep this in mind when conducting your research for this assignment because each business organization type will require different forms and applications.
Visit your state's website (Minnesota). Locate which forms and/or licenses your state (MN) requires pertaining to the type of business you are preparing to open.
In your essay, describe the type of business (service, distribution, production, sales, etc.) and type of business organization you chose. Then explain each form that is required, listing the filing fee (if any), and the process, along with how long the state estimates before you receive the appropriate paperwork required to start your business. Are there specific things you must do before you file any of the forms, such as file for an employee number or submit a hardcopy of any local permits, etc.?
Be sure to address the following questions within your assignment:
- Are you required to file a fictitious name application in your state?
- What types of business license are you required to apply for?
- Will you need Articles of Incorporation? Why or why not?
- Will you be considered a professional within your state? Explain.
- What about local license or permits, are there any requirements?