How to Start a Small Business in Virginia

How to Start a Small Business in VirginiaHow to Start a Small Business in VirginiaYouve dreamed of it for years, and now youre ready to do it youre going to start your own business. But youll have to take care of a few things first. Youll probably want to register your business name, and in some cases and depending on your businesss legal business, this may be a requirement. Youll have to register with your state to pay taxes, and you may have to obtain licenses and permits. How to Start a Small Business in Virginia Heres a checklist to help you get started Virginia Business Licensing Information Contact the Virginia Department of Professional and Occupational Regulation at 804-367-8500 about licensing requirements. Virginia doesnt have one blanket license that pertains to all businesses it depends on the service or product youre offering. Some examples of businesses that require licensing include barber shops, real estate agents, and engineers. Get aFederal Employer Identificati on Number (EIN) This number will identify your business with the Internal Revenue Service. Youll need one to pay federal taxes, to open business bank accounts or to pay employees. You can usually skip this step, however, if youre a sole proprietor and dont have employees. In this case, you would conduct business under your own Social Security number. You can apply for an EIN online for free at the IRS website. Register Your Business Virginia offers aBusiness Registration Guidethat includes a great absprache of helpful information from the State Corporation Commission for various business entities. Most businesses can take care of registration online as well. Start with an online search to make sure your business name isnt already taken, then the website will walk you through the additional stepsin most cases as long as your business structure isnt complicated. Virginia Business Taxes Almost all businessesmust file a Virginia corporate income tax return if theyre incorporated under V irginia law, have registered with the State Corporation Commission for the privilege of conducting business in Virginia, or receive income from Virginia sources. Federally tax-exempt nonprofit organizations only have to file corporate income tax returns if they earned unrelated business taxable income at the federal level. Virginia allows businesses to file returnsand pay withholding and sales taxes online, as well as file and pay corporate extensions, send secure messages,paytax bills and register for nonprofit exemptions. If you select S corporation status for your federal tax return, you are also automatically considered an S corporation in Virginia. Virginias Small Business Administration Center TheVirginia District Officeof the Small Business Administration Center is located in the Federal Building at 400 North 8th Street, Suite 1150, Richmond, VA 23219-4829. You can phone 804-771-2400 with questions orfor further information. The fax number is 804-772-2764 or you can send an s chmelzglas to richmond.vasba.gov. This office covers all of Virginia except Arlington, Fairfax and Loudoun counties, and the cities of Alexandria, Fairfax, and Falls Church. The SBA can give you contact information for these areas. TheVirginia Guide to Establishing a Businesscan also be helpful. It summarizes the major state and local tax, labor, occupational and environmental regulations that may affect various businesses in Virginia.