1           Business Registration, Licenses, Permits,                          Insurance                                  ...
2(Slide 1)WelcomeHello, it’s your presenter, Sirra Ndow here with you again today, for Week Four of our FreeBusiness Train...
3In general, setting up a sole proprietorship is the quickest, easiest and cheapest with the leastrequirements and paperwo...
4(Slide 6)TrademarksTrademarks are any unique word(s), symbols, names or devices or a combination of these thatare used to...
5 Registration – actually establishing your chosen business name as your own with the  relevant authorities Post-registr...
6           2. Corporation, Company or Partnership Filings (if applicable)           3. Etc   d)   Federal           1. Em...
7     insurance you are required to have               operate without a required license or    examine your assets to d...
Upcoming SlideShare
Loading in...5
×

Business Registration, Licenses, Permits & Insurance - Training Transcript

286

Published on

The idea of owning running a business is exciting and can be very rewarding. However, becoming a successful business owner can also be very challenging. It requires the right mindset, perspective, attitude, traits & know-how.

Our Free Business Training is designed to give you an insight into what it means to own a business and provide you with the basics to get you started off on the path to success.

This compact but complete 10 session program will cover topics from accessing if business ownership is the right path for you, planning, opening your business to growing and expanding.

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
286
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Business Registration, Licenses, Permits & Insurance - Training Transcript

  1. 1. 1 Business Registration, Licenses, Permits, Insurance Training TranscriptNOTICE: You DO NOT Have the Right to Reprint, Re-Distribute or Resell the Information Herein. YouAlso MAY NOT Give Away, Sell, or Share the Content Herein Without Written ConsentCopyright © Baanabaana Business AgencyALL RIGHTS RESERVED. No part of this material may be reproduced or transmitted in any form whatsoever, electronic,or mechanical, including photocopying, recording, or by any informational storage or retrieval system without expressedwritten, dated and signed permission from the author and/or without proper accreditation.DISCLAIMER AND/OR LEGAL NOTICES: The information presented in this report represents the views of the publisher asof the date of publication. The publisher reserves the rights to alter and update their opinions based on new conditions.This report is for informational purposes only. The author and the publisher do not accept any responsibilities for anyliabilities resulting from the use of this information. While every attempt has been made to verify the informationprovided here, the author and the publisher cannot assume any responsibility for errors, inaccuracies or omissions. Anysimilarities with people or facts are unintentional.AFFILIATE DISCLAIMER: Baanabaana Business Agency may receive compensation from some of the entities listed in thisreport for referrals, as their “thank you” for sending you their way. However, Baanabaana Business Agency neverrecommends any service or product solely for the reason of receiving commissions (and neither should you) –Baanabaana Business knows our reputation is on the line. Free Online Business Training - Week Two - Writing Your Business Plan www.baanabaana.com | Facebook.com/Baanabaana | @Baanabaana | info@baanabaana.com
  2. 2. 2(Slide 1)WelcomeHello, it’s your presenter, Sirra Ndow here with you again today, for Week Four of our FreeBusiness Training Webinar series.In or last session, we talked about the legal business structure and explored the basicstructures out there, their features, benefits, pros and cons to help us assess which entitymight be best for us. We also emphasized asking for help and advice from professionals asdetails, procedures and repercussions can be different for each structure.(Slide 2)Training OverviewToday we will be talking about the procedures and paperwork necessary to set up our chosenbusiness structure so that we can be sure we are operating legally(Slide 3)Business Registration, Licenses, Permits, InsuranceWe will talk in more details about trade names or doing business as or DBA and trademarks,what registering a business entails; the difference between licenses and permits, businessinsurance and end with suggestions on some points on best practices and things to avoid.(Slide 4)What Is Required?The required official procedures and paperwork and the common practiced before starting abusiness depends mainly on the type of business entity one has chosen to set up. The businessindustry one is operating in also plays a role in the requirements and these also vary fromcountry to country, within a country and even within a state in a country or cities within astate. The length of time it takes and how much it costs also vary based on the above factors. Free Online Business Training - Week Two - Writing Your Business Plan www.baanabaana.com | Facebook.com/Baanabaana | @Baanabaana | info@baanabaana.com
  3. 3. 3In general, setting up a sole proprietorship is the quickest, easiest and cheapest with the leastrequirements and paperwork anywhere in the world. In some places, the common practicecan actually be as simple as saying that you are in business and proceeding to buy and sell yourproducts/services, especially in the informal business sectors.Procedures can range from a single activity to a score of activities taking days, weeks, months,even years to complete. For example, to register a new limited liability company in NewZealand, all you have to do is apply for registration online and it takes one day to complete. Incontrast, it takes a median of 694 days to complete 12 separate procedures when registeringthe equivalent of an LLC in Suriname, including 500 days to get approval by the President!(World Bank Doing Business 2013 Report)(Slide 5)Trade Names/DBAWhen a business is formed, its name defaults to the real name of the person(s) or entity thatowns it unless it is changed. If the name is legally changed, this becomes the official tradename aka doing business as (DBA) aka assumed name aka fictitious business name and theofficial name of the business.Sole proprietors and partnerships business not wishing to use their real names must choose atrade name. Corporations and LLC can also use a trade name different from the registeredbusiness name.A trade name is a good idea because it can help present a more professional image. Moreimportantly, most banks would require a legal trade name to open a business account. Aunique business name can go a long way in branding your business.We have some suggestions and tips for choosing a trade name at our blog on our websitewww.baanabaana.com Free Online Business Training - Week Two - Writing Your Business Plan www.baanabaana.com | Facebook.com/Baanabaana | @Baanabaana | info@baanabaana.com
  4. 4. 4(Slide 6)TrademarksTrademarks are any unique word(s), symbols, names or devices or a combination of these thatare used to identify and distinguish the goods of one seller from the goods of another. If theservices are sold instead of goods, the term service mark is used.Trade marking allows legal protection of your company name and brand that goes beyondwhat simply establishing and registering a trade name would do. A trademark can beregistered internationally for protection in multiple countries.Trade marking your company name or assets is not a legal requirement and is a separateprocess with additional investment but it can make good business sense in terms of branding.A good example of a trademark is Coca Cola. This name can never be used again by anothercompany without penalty. The trademark allows the Coca Cola Company to build a brandaround it without worrying much about copy-cats and with a legal leg to stand on if theirtrademark is infringed.Trademarks are usually and best handled by attorneys specializing in this aspect of businesslaw.(Slide 7)Business RegistrationOnce you’ve decided on a business name, the next step is registering your business with therelevant authorities to establish your trade name. This is usually a requirement for the mostpart and in most places. You may not be able to obtain licenses and or permits without a legaltrade name.Registration can involve three steps: Pre-registration – This can involve name search or verification, name reservation and or notarizations Free Online Business Training - Week Two - Writing Your Business Plan www.baanabaana.com | Facebook.com/Baanabaana | @Baanabaana | info@baanabaana.com
  5. 5. 5 Registration – actually establishing your chosen business name as your own with the relevant authorities Post-registration – getting a tax id numbers or employer id numbers, company seal etc(Slide 8)Business LicenseIf you own a business, whether you are using your real name or a trade name, you most likelywill need a business license. Even if a license is not required, you may still want to explorehow to get one if your business is more than just a hobby.The process of getting a business license is different from registering your trade name and isusually a separate process. A business license essentially give you the right to operate yourbusiness legally in the jurisdiction in which it was issued e.g. if you obtain a license in your city,you have the right to operate your business in that city. If you move to another city or open anew location somewhere else, you will most likely need to apply for another license in the newcity.Permits are also a separate process from obtaining a business licenses and are just asimportant, even if you work from home. Permits are dependent on the type of business youare operating in and you may need multiple permits for the same business.For example, if you operate a day care in your home in a city in a Contra Costa County,California USA, some of the permits you may need include: a) From the city 1. Business License 2. Fire Prevention Information/Inspection 3. Home Occupation permit 4. Land Use Permit/Zoning Clearance 5. Police Regulations/Public Safety Issues permit b) From the County 1. Business Property Statement 2. Fictitious Business Name Filing c) From the State 1. Child Care License Free Online Business Training - Week Two - Writing Your Business Plan www.baanabaana.com | Facebook.com/Baanabaana | @Baanabaana | info@baanabaana.com
  6. 6. 6 2. Corporation, Company or Partnership Filings (if applicable) 3. Etc d) Federal 1. Employer Identification Number (EIN or SSN) 2. Proof of Residency Requirement(Slide 9)Business InsuranceBusiness insurance protects your investment by mitigating risks you and your business cannotafford in the form of premium you can afford.Business insurance is an important decision which unfortunately it is neglected by most smallbusiness owners, especially home-based businesses.There are many types of business and business related insurance coverage out there for smallbusinesses - General Liability Insurance, Product Liability Insurance, Errors and OmissionsLiability Insurance, Malpractice Liability Insurance, Automotive Liability Insurance, BusinessProperty Insurance, Workers Compensation Insurance, Employment Practices LiabilityCoverage, Life Insurance, health insurance etcWhether you will be required to purchase insurance or not depends on your business industryand company assets. For example, if you own a transportation company and your companyowns vehicles, there will be no way you can avoid buying auto insurance.Business insurance decisions can be tough to understand and navigate. They are best madewith the help of your insurance agent.(Slide 10)What To Do / What Not To DoDo Don’t  secure and protect your trade name  neglect your business insurance needs  verify what licenses, permits and  expose your business to liabilities Free Online Business Training - Week Two - Writing Your Business Plan www.baanabaana.com | Facebook.com/Baanabaana | @Baanabaana | info@baanabaana.com
  7. 7. 7 insurance you are required to have  operate without a required license or  examine your assets to determine your permit net worth and exposure  overlook trade marking your business  mitigate liabilities with a prevention name plan  do it alone  seek professional help(Slide 11)This completes our session today. Many thanks to you all for being here. I sincerely hope youfound this session useful enough to join us again next week to talk about Business Finances &Financing. Please help us improve this training by giving your feedback on the survey we willbe sending along.Have a great weekend! Free Online Business Training - Week Two - Writing Your Business Plan www.baanabaana.com | Facebook.com/Baanabaana | @Baanabaana | info@baanabaana.com

×