Essay about Week 3 IND 2

Submitted By Nitya-Aytin
Words: 808
Pages: 4

Companies must take in consideration the following aspects when starting up: taking control, taxation, and liability issues. Successful companies require a strong core in order to operate their companies efficiently. Businesses must make sure that they are in compliance with law and regulations; as well as identify the risks in which they must protect themselves from.
Every business needs one or more federal, state or local licenses or permits to operate. Licenses can range from a basic operating license to very specific permits. Regulations vary by industry, state and locality, so it's very important to understand the licensing rules where your business is located. Not complying with licensing and permitting regulations can lead to expensive fines and put your business at serious risk.
Here are some of the basic permits needed to operate any business in Puerto Rico, in this list their will be items that need to be renovated every year to three years. Other will be emitted once for that business.
A. Tax Registration
a. Employer Identification Number (EIN)
b. Puerto Rico Tax Registration
B. Business Licenses and Local Permits
a. Registro Obligatorio de Comercios y de Negocios
b. Food Safety Certification
c. Food Service Establishment Permit
d. Liquor License
e. Local Permits
f. Business Licenses / Tax Permits
g. Building Permit
h. Health Permit
i. Occupational Permit
j. Signage Permit
k. Alarm Permit
l. Zoning Permit
m. Patente Municipal
n. Incorporation Filing
o. Doing Business As
p. Employer Requirements
C. Withholding Taxes
a. Federal Income Tax Withholding (Form W-4)
b. Federal Wage and Tax Statement (Form W-2)
c. State Taxes
D. I-9 Form
E. New Hire Reporting
F. Requisitos de Seguros
a. Seguro de Incendios
b. Seguro de Responsabilidad Publica
c. Seguro de Robo o Perdidas
G. Workplace Posters
a. Federal Posters
b. State Posters
Aquí algunos consejos for Maintaining Your Business License
When signing up for a license, permit or registration, keep track of those that need to be renewed on a regular basis and keep a calendar of renewal dates.
Maintain a copy of all licensing applications and forms in your business records.
Make sure you follow rules for displaying your licenses or permits. Most states and localities require business to prominently display their business licenses so customers can see them.
If you are thinking of expanding your business, whether it be expanding your building or launching a new product or service, you may need additional business licenses.
An example is a restaurant and bar will be opened by two chefs and financed by a wealthy investor who does not have time to participate in the business and wants his share of the company. This company with its three owners should be constructed as a limited partnership. According to Cheeseman, H. R. (2010), “A partnership has to file an information return with the government, telling the government the amount of income earned or losses incurred by the partnership”. Both chefs must take control of their positions as owners by making sure the law is enforced in their establishment. Enforcing the following functions of the law will ensure safety of both consumers and employees: Keeping the peace, shaping moral standards, promoting social justice, maintaining the status quo,…