Limited liability company (LLC) One or more people: Owners are not personally liable: Self-employment tax. Personal tax or corporate tax. Corporation - C corp: One or more people: Owners are not personally liable: Corporate tax: Corporation - S corp: 100 people or fewer; certain trusts and estates; no partnerships, corporations, or non-resident , Set up your IDs to allow your small business to pay state and federal taxes. Get your tax IDs. Apply for licenses and permits. These depend on laws, location, and activities, and vary at the state and federal level. Explore your business needs. Open a business bank account. Stay compliant and protected once your business is ready to accept or , Business banking usually comes with the option for a line of credit for the company. This can be used in the event of an emergency, or if your business needs new equipment. Purchasing power. Credit card accounts can help your business make large startup purchases and help establish a credit history for your business., Before finding the right person for the job, you’ll need to create a plan for paying employees. Follow these steps to set up payroll: Get an Employer Identification Number (EIN) Find out whether you need state or local tax IDs; Decide if you want an independent contractor or an employee; Ensure new employees return a completed W-4 form, 10 steps to start your business; Plan your business. Market research and competitive analysis; Write your business plan; Calculate your startup costs, What business structure is best for your venture? How do you legally set up your small business as a specific entity? In this 1-hour webinar, WBC Business Advisor, Grace Mo-Phillips will review the differences between Sole Proprietor and Limited Liability Company (LLC) business structures. Grace will demonstrate: What the benefits are to Sole Prop vs LLC What you need to have to formally set .