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Essential Documents for Running a Business
Common Questions About Running a Business
What counts as a business expense?
One of the perks of running a business is that you can deduct common expenses so long as they qualify. The IRS defines an eligible business expense as ordinary and necessary—essentially, something that’s common in your particular area of business and needed to efficiently do business, such as a truck for a moving company.
Do my business agreements need to be in writing?
Generally speaking, contracts and agreements do not need to be in writing, although there are exceptions. Anything involving transferring land, goods over $500, or services that could take longer than one year typically need to be in writing. Aside from a legal requirement, having your agreements in writing can help ensure you and your business partners are on the same page and protect your rights if there’s ever a disagreement.
How do I expand my business?
Once you have a handle on everything you may start to look at expanding. There are lots of ways to expand: offering new goods or services, finding new markets, and hiring new employees. After you decide which option fits your business the best it’s important that you have a reasonable Business Plan in place.
What tax information should I be aware of?
Small business and large multinationals alike have to pay taxes. Property taxes, payroll taxes, and fees for licenses and permits can all come into play when you’re running your business. While you often won’t have a choice of paying taxes choosing to incorporate can give you more option with how to pay them. Visit our Incorporation Center to learn more.
Need anything else?I'm here to help Tyson M.
Rocket Lawyer Business Specialist (877) 881-0947