Business liabilities arise from the day to day business operations that come in the form of traditional financial obligations owed to other people or businesses as well as financial obligations which may potentially accrue to a business owner. As an entrepreneur, you must always be aware of the financial obligations of your business. Traditional financial responsibilities such as loans from financial institutions or invoices from suppliers are relatively easy to track as the company to whom you owe money will likely remind you of that fact should you forget. However, liabilities also come in the form of potential taxes and other regulatory fees and fines imposed by federal, state, and local jurisdictions.
For this assignment, you will create a tax compliance document. Begin by discussing the type of entity you have chosen for your venture. Research the relevant tax laws for that type of business entity and create a chart of at least five of the federal, state, and local tax regulations which your venture will face. Be sure to include income, property, and employment taxes. Your citations should include references to the specific regulations you list.
Next, research the relevant regulatory agencies in your state and municipality which will have some jurisdictional power over your type of business venture. For each agency, list at least five regulations which cover your venture and include the specific agency names and regulations that apply. This type of list can be a valuable tool for a startup entrepreneur to use as a checklist in making sure their businesses remain compliant as well as to understand the potential financial obligations of the regulations or tax laws.
Finally, submit a 2-page paper that develops a plan of how you will remain compliant for each agency and jurisdiction you have listed.
Minimum 2 pages