License and Taxes

There are many different legal structures and taxes that are required to starting a business. This is something that many people don't take into account. The requirement differ from state to state so I have found that it is very important to research what is required where you are at. I am currently in ID so that is what state I did most of my research for. I have come to find that in ID you need to register your business with the state. You will also need to have a business license in order to do so. Taxes are also very important. You need to file for income taxes and self employment taxes along with a couple more. There are different circumstances when these things might not apply. For example if you don't live in the city in ID then you might not need a business license to start a small business. This is just one example of why it is important to do research and find out what is required before you start a business. 

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