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Section Six: Finances, Business Structures and Taxes

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C. Taxes - Every person engaged in a business is affected to some degree by local, state and federal tax laws. Business activities that operate for a profit may produce a tax liability, whether the enterprise is a sole proprietorship, a partnership, a corporation, or a limited liability company. The assistance of an accountant may be advisable in determining which taxes your business will be responsible for paying.

Local Resources are:

• Prince William Regional Chamber of Commerce Certified Public Accountants
• Prince William Regional Chamber of Commerce Tax Services

There are many issues to consider in managing a business, for more information on the various forms of organization you can read Chapter 3 and 4 in the Virginia Business Resource Directory, which is provided by the Virginia Employment Commission. To receive a copy by contacting the Economic Information Services Division at (804) 786-8223

This is the end of Section Six: Finances, Business Structures and Taxes.

Please use the links below to select another Start-Up Guide section.

Section I. Product/Service Strategy
Section II. Marketing
Section III. Sales
Section IV. Business, Professional and Occupational License
Section V. Operations
Section VI. Finances, Business Structures and Taxes
Section VII. Other Resource

 

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Business Start-Up and Growth Guide Menu:

  Select a Guide Section GUIDE COVER INTRODUCTION ACKNOWLEDGEMENTS ------------------------------------------------------------- SECTION ONE: SERVICE/PRODUCT STRATEGY A. Introduction B. Developing Your Product/Service Description C. Developing Your Competive Comparison D. Developing Your Equipment Description E. Developing Your Technology Description F. Developing a "Fulfillment" Description G. Developing a Pricing Strategy H. Developing a Description of Future Products and/or Services I. Sample Business Plans ------------------------------------------------------------- SECTION TWO: MARKETING A. Introduction: What's Marketing? B. Starting Your Marketing Program...Before You Hit the Pavement C. Researching Your Marketing Strategy D. Identifying Your Marketing Strategy E. Develop Your Marketing Plan -- Market Segmentation F. Improving Your "ROI" on Your Marketing Dollars G. Understanding Marketing Tools H. Understanding Market Segmentation I. Marketing to Consumers J. Marketing Through the Prince william Region's Chamber K. Marketing to Local Governments L. Marketing to the Commonwealth of Virginia M. Marketing to the Federal Government N. Writing Proposals O. Creating Your Marketing Materials P. Benefiting from the Small Business Administration Q. Receiving Assistance from Retired Business Executives Additional Reference Websites ------------------------------------------------------------- III. SALES A. Introduction: Sales Plan B. Targeting Customers C. Earning Consumer Satisfaction and Loyalty D. Dividing Sales Responsibilities E. Setting Sales Goals and Measurements F. Forecasting Sales G. Sales and Customer Relationship Managment Software ------------------------------------------------------------- IV. BUSINESS, PROFESSIONAL AND OCCUPATIONAL LICENSE A. Introduction B. Registering a Trade Name or General Partnership C. Registering a Corporation or Limited Partnership D. Complying with Zoning and Building Requirements E. Application Checklist F. Information for Contractors G. Special Trade Contractor H. Worker's Compensation I. Federal Taxes J. State Sales Taxes K. Food Establishments L. Alcoholic Beverage Importation and Sale M. Peddlers and Itinerent Vendors N. Pawn Shop Owners and Dealers of Special Metals and Gems O. Professional Registration License ------------------------------------------------------------- V. OPERATIONS A. Introduction B. Building Management Team and Staffing C. Choosing a Business Location D. Minimizing Utilities Costs E. Insuring Your Business F. Doing Business on the Internet ------------------------------------------------------------- VI. FINANCIAL A. Preparing a Financial Statement B. Business Structures C. Taxes ------------------------------------------------------------- VII. ADDITIONAL RESOURCES A. Introduction