There are a number of government requirements for all businesses regardless of entity and size. These include:
Tax Returns
Quarterly estimated and annual income tax
Environmental laws
1099s for Independent Contractors
Use Tax
Property Tax
In addition, there may be required documents for each type of business entity.
Registering your business with the State – It is required you register your business name with the State of Ohio. You can search a potential business name to see if it is taken, obtain the proper forms for registration, and learn about naming guidelines at the Business Filing Portal.
The IRS has a number of requirements of all businesses and it is important to consult your CPA or tax professional. Some items you will want to understand are:
Different accounting methods – what is “cashed base” vs. “accrual”?
Understanding available deductions – a good CPA or tax preparer will educate you on what deductions are available, but if you want to arm yourself with additional knowledge on the subject, the IRS provides the latest information in the Credits and Deductions section of their website.
Sales and Use Tax Sales and Use tax are determined by geographic location. There are sales tax rates for the State, County and in some cases, the city or school district. The Use Tax comes into play typically when a purchase is made on-line. The Use Tax equals the sales tax rate in the county where the property is used or benefit of the service is received. If that amount was paid to the seller, there is no use tax. If not, the purchaser is responsible for the Use Tax.
Have questions about Sales and Use Tax? This guide is here to help!
A description of property taxes and exemption information is available here.
Employers need to pay taxes on each employee as well as submit tax payments on behalf of their employees. Using a payroll service is a smart way to make sure this is handled properly and timely. To understand the laws, see the IRS Publication “Employer’s Tax Guide”.
The Ohio State Bar Association offers basic small business legal advice.
Healthcare
Many companies have questions about healthcare and the requirements today. Healthcare.gov is a website run by the U.S. Department of Health and Human Services designed to answer your questions.
Weekly webinars on healthcare
Healthcare resources for small business
Other Laws and Organizations
Americans with Disabilities Act
Ohio’s Smoking Ban
The Environmental Protection Agency Permit Wizard
Ohio EPA
National Compliance Assistance Centers
Federal Motor Carrier Safety Administration
Register for notifications when rules change through the State website
For information on Independent Contractors (1099s) click here.