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, For other SBA loans, you can continue to set up and manage online payments at Pay.gov. Paycheck Protection Program (PPP) direct forgiveness application portal For Paycheck Protection Program (PPP) borrowers whose lender is participating in direct forgiveness , you can use the direct forgiveness application portal ., Some licenses and permits expire after a set period of time. Keep close track of when you need to renew them — it's often easier to renew than it is to apply for a new one. You'll have to research your own state, county, and city regulations. Industry requirements often vary by state..