State of Michigan Small Business
A state of Michigan small business is not subject to any filing requirements unless they are operating under a fictitious name.3 min read
A state of Michigan small business is not subject to any filing requirements unless they are operating under a fictitious name. However, there are certain steps you have to follow to start a business in this state.
Begin by writing a business plan. Many people write a business plan only with the intention of obtaining a bank loan. However, there are several other benefits of writing a business plan. It puts down your ideas on paper and helps you create a roadmap for your business, which is critical for its success.
Next, choose a business entity or structure for your venture. There are four popular types of business entities to choose from:
Sole proprietorships and general partnerships doing business under the owner's personal name need not file anything. However, if you are operating a business under a fictitious name, you must file an assumed name with your County Clerk. Corporations and LLCs must choose a unique business name at the time of filing the formation documents.
The Internal Revenue Service (IRS) issues an EIN to identify a business and monitor tax returns. You will need an EIN to open a bank account. Even if you are operating as a sole proprietorship or a partnership, if you have employees, you should obtain an EIN.
Although the state of Michigan does not have a state-level business license, you may still need to obtain certain permits and licenses depending upon your industry and location within the state.
Small businesses in Michigan can get financing from banks, the Small Business Administration (SBA), peer-to-peer lending, and grants.
Register as an employer and start hiring employees for your business. Make sure you fill out necessary paperwork and comply with labor laws and regulations.
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