Starting a business is not as easy as having a location to use as commercial space for your company. Believe it or not, but there is a lot of paperwork and applications involved for a business owner to operate their business legally. This leads many new business owners to seek out additional information from professionals that know all about new business formation. Trinity entrepreneurs who are not sure if they are filling out the right paperwork or sending in the right application, they should consider meeting with a CPA. At the very least, they would be able to tell a new business owner what types of applications that are important to starting their company.

Documents Specific to the State

One of the most important applications a new business owner can fill out are the ones that are specific to the state that they live in. Some counties even have additional licensing needed depending on where you live. With new business formation, Trinity residents need to register their business with Florida’s Department of Revenue. This is important for the state to be able to collect all necessary taxes on businesses and report this information to the IRS. Although the IRS is nation-wide and not specific to the state of Florida, going through the department of revenue is a great first step to registered your business.

The IRS: Employer Identification Numbers

Filling out the necessary applications to the IRS ensures that your business is legitimate and paying their taxes. Additionally, the IRS is an important part of the application process for new business owners because they create employer identification numbers. As apart from new business formation, Trinity residents will receive a nine-digit number that is specific for their business. This is important for companies to have for tax reporting, and ensuring they do not have to pay the taxes of another corporation or business.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*

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