There are lot of good reasons to start business in Washington. Washington State is consistently successful in maintaining the ranked best place to start s new business. People in Washington do not have to file personal income tax returns with the state.
For starting small business in Washington, the initial $43,000 revenue is tax free.
Depending upon the nature of your business, some of the following procedures are followed:
- Business planning:
Proper and efficient business planning can be your key to success. Business planning is the first and foremost thing you need to do if you are thinking to start a new business. Starting a business is an exciting and challenging task.
- Business structure:
One of the key components to make when you are starting a new business is its structure. Size and type of your business, personal conditions and planning to grow the business decides the structure of your business.
- Business Names:
After you decide on the business structure, it is time to select the name for your business. A business name is the most important element for its image and identity. Always choose the name that best suit what your business do and will continue to be germane with the business growth.
- Getting Federal TAX Number:
You can use your Social Security Number as your business Federal identification number if your business is a sole proprietorship and you do not have employees.
- Permits and business licensing:
- Permits and licensing are granted by local, state and federal government agencies.
- You need license to run your business legally, especially in relation to:
- To carry out definite type of work such as working on heights, working in food business or removing asbestos.
- Carrying out your business from certain area such as home or mobile vans.
- Insurance and risk management:
It is significant to safeguard your company from sudden unwanted damages such as property loss, legal claims, and injuries at workplace. Derisory insurance coverage and risk management can be a costly mistake.