Obtaining Business Licenses, Permits, and Tax Obligations.

So you've got a tax id number, registered your business, and have defined the legal structure of your venture; just a couple more things to do. Step 8 according to the SBA is the requirement to meet state and local tax obligations. Most of this step will be figured out while setting up the structure, and obtaining the TIN, but a few additional things need to be considered. Income taxes, employment taxes, and special tax permits may be required.  Sorry, but the IRS doesn't like to keep their hands out of your business!
The next step is to provide proper authority  and permission to operate your business. This step can be very confusing and some people may not know all the various resources that are needed to legally operate a business.  Everything from environmental permits, including fishing and wildlife permits to financial services licenses is included. If you are selling explosives, firearms, tobacco, or alcohol you must comply with the ATF requirements. If your business relates to aircraft or aviation, the FAA will get involved. Anything relating to financial services will require insurance or FINRA licensing. A simple restaurant or drive through hot dog stand will need permits from the Department of Health.
   Other businesses need licenses or permits from the USDA, Mining and Drilling, FCC, Transportation and Logistics, and  other Agencies. To obtain a list visit the Small Business Administration, each state is different. The proper licensing requires an additional capital expense, and annual, or biannual renewals so it is important to budget accordingly. If you fail to obtain a license there is a huge risk of losing your business, paying a fine, or even imprisonment. Its just another important step that must be addressed before opening day!