Small Business

A Performance bond is a guarantee that you will perform work in accordance with the terms of a contract. A BID bond is a guarantee you will perform work if the bid is won by you. A Indemnity bond promises to reimburse loss incurred if you fail to perform or if you fail to pay other vendors in the performance of the contact. A License bond is required by some states for certain businesses. In some cases you pay the state directly rather than obtaining a bond.A Payment bond promises you will pay all subcontractors and material providers utilized in the performance of a contract.

Contact local and other insurance companies and agencies to see what they might be able to offer you in the way of becoming bonded. Be sure to keep a list of each place you contact as well as the information you find out so that you can compare each one to find out which is best for you. Once you find a company you will have to fill out an application. Before you purchase a bond from any bonding company, have the bond documentation reviewed by your local CPA or lawyer to ensure that you understand exactly what the bond can and cannot protect you and your customers against.

DBA is an acronym for "Doing Business As". It is also known as a Fictitious Name. Most states require that sole proprietorships and partnerships that are conducting business under a name other than the owner(s) must file for a DBA certificate in the county where business is conducted. The DBA certificate is generally obtained at the Clerk of Court of the county in which business will be conducted. Fees are typically between $100 and $225 and most courthouses have records that may be searched to determine if your suggested name will be unique.

SCORE or the SCORE Association was previously known as the Service Corps of Retired Executives, but is now recognized as SCORE, "Counselors to America's Small Business." It is a 501(c)(3) nonprofit organization that provides free business mentoring services to entrepreneurs in the United States. The organization also presents business workshops and seminars for a fee. Business mentoring services are provided by both active and retired business executives and entrepreneurs who donate their time and expertise as mentors to assist new and established small businesses. SCORE is a resource partner with the U.S. Small Business Administration. An easy way to find a SCORE chapter near you is to visit their website at http://www.score.org

Worker's Compensation is a pretty straightforward type of coverage. It provides payment for all work-related injury medical bills, rehabilitation, and provides a certain amount of income after a waiting period (usually 7 days). It provides a death benefit, as well. Workers Compensation premiums are based on the payroll earned by employees during the policy period which usually is for one year. Rates are determined on the type of work performed. Your insurance agent can explain this coverage as it relates to the laws in your particular state.

SIC stands for the Standard Industrial Classification Code. It is a four digit number assigned to identify a business based on the type of business or trade involved.
The first two digits correspond to major groups such as construction and manufacturing, while the last two digits correspond to subgroups such as constructing homes versus constructing highways.
A company can determine its SIC number by looking it up in a directory published by the Department of Commerce, or by checking in the SIC book in the reference section of a local library.
SBA size standards are based on SIC codes.

Surety Bonds provide reimbursement to an individual, company or the government if a business fails to complete a contract. The Small Business Administration (SBA) guarantees surety bonds in a program much like SBA's guaranteed loan program.

From the inception of the Internet until the late 1990s, the Internet was free of regulation by government in the United States at all levels, and also free of any specially targeted tax levies, duties, imposts, or license fees.[citation needed] By 1996, however, that began to change, as several U.S. states and municipalities began to see Internet services as a potential source of tax revenue. The 1998 Internet Tax Freedom Act halted the expansion of direct taxation of the Internet, grandfathering existing taxes in ten states.[1] In the United States alone, some 30,000 taxing jurisdictions could otherwise have laid claim to taxes on a piece of the Internet.[2] The law, however, did not affect sales taxes applied to online purchases. These continue to be taxed at varying rates depending on the jurisdiction, in the same way that phone and mail orders are taxed. It must be emphasized that the absence of direct taxation of the Internet does not mean that all transactions taking place online are free of tax, or even that the Internet is free of all tax. In the United States, nearly all online transactions are subject to one form of tax or the other. The Internet Tax Freedom Act merely precludes states in the United States from imposing their sales tax, or any other kind of gross receipts tax, on certain online services. For example, a state may impose an income or franchise tax on the net income earned by the provider of online services, while the same state may be precluded from imposing its sales tax on the gross receipts of that provider. In addition, as noted above, the Internet Tax Freedom Act does not prevent taxation of the sale of goods through the Internet.

You are responsible for FUTA taxes on farmworkers wages if you paid wages of $20,000 or more to farm workers during any quarter of the current or previous year or you employed 10 or more farmworkers during at least some part of a day for 20 weeks in the the current or previous year.
These rules do not apply to exempt services of your spouse, your parents, or your children under age 21.
Wages paid to aliens admitted on a temporary basis to the United States to perform farmwork (also known as “H-2(A) visa workers”) are exempt from FUTA tax.