Starting A Business in Michigan – An Updated Guide

We’re almost at the final quarter of the year 2016 and now is the best time to start preparing for all the requirements needed to launch a business in 2017. If you have dreams of starting your own business in Michigan, this quick and complete guide of the basic requirements will be able to help you hit the ground running.

Do you get lost trying to remember the business permit deadlines and taxation processes that come with becoming a legal business entity? Do not worry, as this guide will serve to help ease the burden from you.

Once you are done doing your market research and firming up your budget plan and marketing strategy, it’s time to get down with the nitty-gritty details. Here are the 6 things you must do in order to officially register your business in the State of Michigan:

• Acquire an FEIN – The Federal Employer Identification Number (FEIN) serves as the tax ID assigned to you. This is also commonly known as your business’s social security number. In order to obtain this, you will need to submit your checking account to serve as the foundation for the required financial transactions in starting a business. For example, you will need to do this when you want to open a credit line with any of your suppliers.

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• Acquire a UIA Number – The Unemployment Insurance Account (UIA) is a requirement for all businesses and you must already have one set up before you can start hiring employees. You can get your UIA number from the Michigan Department of Licensing and Regulatory Affairs. Be sure to check their website to see if you can start registering for your account online.

The UIA number is also needed for all quarterly tax reports. There is no way around it; you have to get this number before you officially start your business.

• Register your assumed business name with the Office of the County Clerk – If you are not using your first and last name as your official business name, you will need to register your business under an assumed name, or a DBA (“doing business as”). This is necessary for straightening out all the official records of your business.

• Get a Sales Tax License – Not all sales are taxable, however every business owner should still register a Sales Tax License because it fully legitimizes your business. Another benefit of obtaining a Sales Tax License is that it will allow you to make purchases for reselling without surrendering the sales tax to the vendor. You can apply for a Sales Tax License under the Michigan Department of Treasury. Make sure to check their website to know about your online filing options.

• Acquire all the necessary permits for your business – Not all businesses need the same number of permits so be sure to check which ones are applicable for your business. You can talk to an accountant to know which permits you should be applying for.

• Finally, register your business under the Michigan Department of Treasury – This is the final step in registering your business. After which, you will have access to making collected tax payments for your business.

If you are a new company about to launch a new business in Michigan, you will need the professional services of a CPA or a tax attorney. From advice on startup tax, legal accounting, payroll dissemination, and day-to-day bookkeeping, hiring a professional has many proven benefits.

As a new businessman, you will need to devote most of your time in developing your business and making sure that your operations will be as seamless as possible in the early stages after launch. Leave the number crunching and copious paperwork to a professional and enjoy seeing your business run without complicated hitches such as penalties for delayed filing of taxes.

Hazzouri Accounting offers a full range of these business start-up services and legal advice on taxation and accounting. Let us help you start your business! Call us at (734) 844-1614 today!

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