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Business tax I.D. numbers (or Employer Identification Number/EIN) are issued by the Internal Revenue Service for the
purpose of identifying employers. Since business numbers are not issued by the State of New
Hampshire*, many small businesses obtain an EIN for use in purchasing
merchandise and supplies at wholesale prices. To obtain a tax I.D. number, you will need
to fill out Form SS-4. You can find this form on-line by following this link - Federal Tax ID # or at a CPA’s or tax preparer’s office. You submit the form online, may
mail it in, or file by telephone at 978-474-9717.
*The State of New Hampshire does assign State Employer Identification Numbers in order to process State Unemployment taxes.
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It depends on
the type of business as well as the location of the business. Start with your town hall to
find out local requirements. The State also requires that some occupations and businesses
be licensed. For information on licensed occupations, visit the State of New Hampshire Occupation Index. For
food service businesses, contact the Bureau of Food Protection at 271-4673. The book, Starting
and Operating a Business in New Hampshire, by Michael D. Jenkins, Oasis Press, lists
many licensing requirements also.
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There are
several forms of business organizations: sole proprietor, partnership, corporations, and
limited liability companies. Legal liability, income taxes, protection of assets, and ease
of transfer are some of the issues affected by the form of business organization. In order
to decide upon the best solution for you, you should consult an attorney and a CPA. These
professionals can analyze your situation and make the correct recommendation. For a brief
overview of the different forms of business organizations, the U.S. SBA has a good description of the forms of business.
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Generally,
all the expenses you incur to start and operate your business are deductible, however many
are subject to various IRS rules; for example, start-up costs, vehicle expense, meals and
entertainment, and use of a home office. Start by reading IRS publications (such as the
Business Tax Kit) and looking at the tax returns for your form of business. For sole
proprietors, that is a Schedule C. You can get IRS materials from the IRS web site at www.irs.ustreas.gov, from your CPA’s office, or by calling the
IRS at 1-800-829-3676. It is very important to set up a good bookkeeping system
immediately upon going into business. You can use a manual system like the Dome
Bookkeeping Record, a One-Write duplicate check and ledger system, or use a simple
computer software package.
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As a general rule, there are no grant programs that help individuals start or operate for-profit ventures. There may be limited exceptions; for example, individuals with disabilities may qualify for special funding. The Catalog of Federal Domestic Assistance (CFDA) lists all of the federal government's grant programs, including grants where businesses are the beneficiary. There are other web sites that list grant opportunities as well. A review of these listings will demonstrate that most government grant programs to assist businesses are in the form of grants to non-profit organizations, educational institutions or governmental units to assist small businesses, rather than grants to the businesses themselves.
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Counseling sessions with the New Hampshire SBDC are at no charge.
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When you contact the New Hampshire SBDC by phone, email or through a walk-in visit, you will generally be asked some questions to find out more about the kind of assistance the SBDC can provide for you. Many times questions you may have can be answered directly or information can be sent to you. If you are just beginning to think about your business and you have not yet developed a business plan, you will receive information about some of the low cost seminars and workshop opportunities that are available to help you gain the knowledge you will need to start your business. You will also have an opportunity to sign up for one-on-one counseling by completing an online request for counseling form.
- Are the NH SBDC services just for start-up businesses?
The New Hampshire SBDC serves a broad range of businesses, ranging from those who are thinking about starting a business, to very early-stage companies, to firms that have been in business many years. Over half of NH SBDC clients are already in business at the time they approach the SBDC for assistance.
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Looking for financing for your business is usually a multi-step process that will take significant time and effort. We recommend the following:
Write your business plan first. Most programs and lenders, even those sponsored by the federal or state government, require a detailed business plan that spells out why they should risk their money by investing in your business.
Determine what your own resources are. This includes cash, home equity, and other personal assets. Also consider family and friends. Contact your county or city economic development agency. Many offer funding programs to foster business within a certain geographic area.
Go to your bank first. Then, if needed, call on other community banks in your area. These smaller banks pride themselves on helping small business owners. Ask about any revolving loan fund (RLF) program for which you might qualify. RLFs provide "gap financing" that your bank won't or can't offer. You can also ask your local bank about SBA guaranteed loans, which can reduce the risk for a bank providing a business loan to a business with limited assets.
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The online business library contains online versions of articles, papers and other business information sources. These materials cover all aspects of the business process from startup through mid-life operation to exit. The documents are in a variety of formats including Adobe PDF, MS Word and graphic images such as TIF.
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The Tool Kit contains many templates and examples of files that are useful to small businesses at various stages of the business life cycle. The tools, which can be downloaded directly from this web site, include a variety of template forms and documents that can be edited in a text editor or word processor program. It also includes spreadsheet templates that can be used and edited in a spreadsheet program such as MS Excel.
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