What are the prerequisites of a business? - ProProfs Discuss
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What are the prerequisites of a business?



A. Market condition, scale of production, availability of raw material
B. Culture of people, laws and regulation of states
C. None of above
D. All of above

This question is part of Intoduction to Business
Asked by Yousafzai_, Last updated: Apr 18, 2018

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2 Answers

a.Nancy

A.Nancy

Answered on Apr 18, 2018

Prerequisites of a Business are Registration of Business Name which will likely be a “Doing Business As” (DBA) or “Fictious Business Name” (FBN). As this process let's your government know the name in which your the business is been operated under.

Federal Taxes; as any business that operates as a corporation or partnership or has employees will need an Employer Identification Number (EIN) from the IRS. An EIN identifies your business for tax purposes.
State and Local Taxes; in addition to federal taxes, independent contractors are also required to pay state and local taxes—self-employment, payroll, income, sales, and property tax.
Business Permits and Licenses; Just like any other business, independent contractors must obtain proper permits and licenses.

Business Laws and Regulations; Even as a small business owner, you’re subject to some of the laws and regulations that apply to large corporations.

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yousafzai_

Yousafzai_

Answered on Sep 05, 2017

Market condition, scale of production, availability of raw material
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