What are the steps I need to take to start a small business in Georgia?
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To start a small business in Georgia, there are several steps you need to take:
- Determine your business structure: You need to decide on the legal structure that your business will take. The most common structures are a sole proprietorship, partnership, LLC or corporation. Each has its own advantages and disadvantages. For example, a sole proprietorship is the simplest form of business organization but does not offer personal liability protection.
- Choose a business name: You need to select a name for your business that is available and not already taken by someone else. You can search online at Georgia’s Secretary of State website and check if your name idea is already taken.
- Obtain necessary licenses and permits: Depending on your industry, you may need to obtain a state and/or local license or permit to operate your business legally. Some types of businesses require special licensing, such as childcare facilities or liquor stores.
- Register for tax purposes: You need to register with the Georgia Department of Revenue for tax purposes. This may include obtaining a state tax ID number, a sales and use tax permit, and/or withholding tax registration.
- Obtain insurance: You need to consider what types of insurance your business needs, such as liability insurance, property insurance, and workers’ compensation insurance.
- Find a location: If your business requires a physical location, you need to choose a location and obtain any necessary zoning permits or approvals from local authorities.
- Hire employees: If you plan on hiring employees, you’ll need to obtain an Employer Identification Number (EIN) from the IRS and register with the state Department of Labor.
It’s important to note that these steps are not exhaustive and may vary depending on the nature of your business. It’s also a good idea to consult with an experienced business attorney to ensure that you are complying with all applicable laws and regulations.
In addition, Georgia has a one-stop-shop for businesses called the Georgia Business Portal where you can find out about all the various licenses and permits you require in the state. You can also speak to a Small Business Development Center counselor, attend a SCORE Mentoring session, or attend seminars offered by the Georgia Department of Economic Development to help you get started with your small business.
