So, how did it go?
If you answered YES
to all of those pesky questions we asked, then you just might be ready for your next adventure as an entrepreneur!
If you answered NO
to any of these questions, then you may still have some work to do on your way to becoming a successful
entrepreneur. Either way, OSBN is here to help!
Give us a call at (402) 453-5336
In the meantime, here are a few more things to check off your list on the way to small business ownership.
Be sure to choose and register your business name. For more information, check with the Nebraska Secretary of State's office or go online to their website. For more help, call 402.471.4079.
Decide on a legal structure: Sole Proprietorship, LLC, Partnership, S-Corporation, etc. You may want to consult with an attorney and accountant regarding the legal and taxation ramifications. The IRS website here covers several topics of importance in understanding a Federal Tax ID number and filing procedures. They also have publications to assist you in starting and running your business.
Obtain a Federal ID Number (EIN). You can learn how to do this on the IRS website www.irs.gov
Determine if you need to register your business with your state's Department of Revenue. Contact the Nebraska Department of Revenue here to determine if you need to register your business.
The Department of Revenue's contact information is:
Nebraska Department of Revenue
PO Box 98903
Lincoln, NE 68509-8903
800.742.7474 (toll free in Nebraska and Iowa) or 402.471.5729
Be sure to complete the Nebraska Tax Application, Form 20 available online or at the Dept. of Revenue office.
Make sure you are familiar with the Sales and Use Taxes that apply to your business.
Determine if you need a Data Universal Number System (DUNS) Number. Most potential and existing US Government Contractors, Grantees and Loan Recipients are required to obtain a DUNS Number for US Government registration purposes. It verifies the legal name, physical address, and trade style (DBA) of each location and is key to starting the Central Contractor Registration (CCR) process.
The DUNS Number is a unique nine-digit identification number provided by Dun & Bradstreet (D&B). It is randomly issued, never used twice, and is site specific. Each distinct physical location of an entity is assigned its own DUNS Number. You can obtain a DUNS Number by calling the request line at 1.866.705.5711.
Make sure you have all the licenses and permits you will need. Check with your local (city, county) authorities regarding zoning regulations.
Most importantly, start off on the right foot with financial information.
Consult with a local accountant or bookkeeper to assist with setting up your books correctly. Check out a list of the current OSBN tenants and find someone to assist you. Check out our tenant list located under the Commercial Office Space tab at www.osbnbtc.org
To be a successful business owner, you must determine your insurance needs. Discuss all your insurance needs (liability, property, etc.) with an insurance agent who is familiar with your business industry. Then explore the rules for Workman’s Compensation Insurance and the Unemployment Insurance Guide for Employers found online at http://dol.nebraska.gov/UITax