Perhaps you will inherit a business from a relative, purchase an existing business, or begin a business from scratch. Whatever brings you into the ownership position, you will need information to keep you out of trouble and make your business a success. Some things to keep in mind:
- Every business may be regulated by three or more government entities. In other words: there are federal regulations (IRS, OSHA, ICC for example), state regulations (insurance, licenses, etc.), possible county regulations (taxes, zoning, etc.), and city, town or village rules. New York City is composed of five counties so there are only three entities: Federal, State, and City. Nassau and Suffolk Counties on Long Island may be subject to town or village regulations as well. This needs to be checked out before you decide on location. Regulating agencies also need to monitored for changes, although they will send notices if you are registered with them.
- Writing a business plan, before making decisions, will help you decide what you want to do, where you want to do it, when you can start, who will be involved, and how you want to do it. (You already should know why.)
- Employing others brings a new layer of regulations and many responsibilities. Be sure to include this in your planning for insurance and tax filings, for example.
This page will have many sources that you can use to access reliable information.