Pit falls / negatives?
Taxes, specifically the with holdings and reports associated with payroll.
Insurance - Professional liability, general liability, workers comp. and unemployment if you have employees / payroll. Depending on what you are doing you might need specialty insurance also - if you have state or fed contracts they might have special insurance requirements too.
Business Lic. and associated costs / paperwork. Each county locality is different. Gross receipts tax? Property taxes (anything the business owns including depreciating assets - PCs, furniture, etc - then you have to have a schedule to depreciate).
DUNS # / W-9s (document customers / clients will ask for before they pay you / cut checks.
References for Vendors if you buy need to buys things - financial and business references - then their paperwork / forms
And state sales tax number / account if you resell and then you must file and pay collected sale taxes
Annual State Corporation comm. filing and payment.
That's all off the top of my head . . . I'm sure I missed some too.
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In response to this post by HokieAl)
Posted: 02/15/2016 at 3:23PM