100%(3)3 out of 3 people found this document helpful
This preview shows page 1 - 4 out of 66 pages.
TABLE OF CONTENTSIntroduction1Personal Assessment2Steps to Starting a Small Business3Business Plan Outline14Ways to Legally Structure a Business and Registering a Business Name21Licenses, Permits and Other Regulations26Business Taxes29Being Self-Employed32Hiring Employees34Financing a Business40Managing a Business43Insurance46Selling to Government48Procurement Technical Assistance Centers (PTAC’s)49Now What?50Appendix A – Employee or Independent Contractor51Appendix B – Required Workplace Posters53Appendix C – Small Business Development Centers (MI-SBDCs)55Appendix D –Business Resource Centers (BRCs)57Appendix E – Index of State and Federal Government Websites59Appendix F – About the Small Business Administration (SBA)61Revised October 2014
1Welcome to the Guide to Starting and Operating a Small Business:Helping businesses to open and grow is a key activity of the Michigan Economic Development Corporation(MEDC) and state government in general. Starting a business can be a complex and difficult process.This Guide is designed to ease a person’s entry into the business world, outlining as clearly as possiblemany of the issues and questions facing prospective and existing entrepreneurs.Information included in this guide is both general and Michigan-specific:Steps and process for starting abusiness; different forms of business organization; key elements of a business plan; complying withfederal, state and local tax obligations; basics related to management, hiring, marketing, and more.Though this guide is not a substitute for legal or financial counsel, it is an information resource and quickreference designed to make the process of starting and operating a business in Michigan a little lessoverwhelming.The information in this publication was accurate at time of publication, but it is subject to change due torevisions in law and administrative policies.Between published revisions, an online version is updatedperiodically if significant changes occur.The online PDF version can be accessed at:In addition to this Guide, there are many other resources available for starting and operating a businessin Michigan:•Michigan Small Business Development Centers (MI-SBDCs)•SCORE -- Counselors to America’s Small Businesses•Assistance and counseling are also available from local economic development organizations,trade associations, local chambers of commerce, schools, community colleges, universities andpublic libraries.This Guide will help you get started!For additional information, visit, contactany one of the MI-SBDC offices located around the state, or call MI-SBDC headquarters at Grand ValleyState University:616.331.7480.