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A business license is the final step in ensuring a business has completed the necessary steps to open its doors. States require new businesses to file their business name, choose a business structure and register with the division of taxation. Once these steps are complete, the business owner can apply for relevant business licenses. During the application process, the state ensures that the business owner has completed the relevant steps to operate, and receipt of the business license confirms that these tasks are complete.
Business owners will submit an application to their state to begin the business license acquisition process. Most applications include basic business information, like the business name and whether it is a
corporation, partnership, limited liability corporation or limited liability partnership. In addition, business owners will likely need to provide the start date for their business so that the state can process the application in time.
The cost of a business license varies from state to state -- and often even within states, depending on the type of license your business requires. Some cities, like Decatur, Alabama, and Greenville, South Carolina, determine business license fees depending on the anticipated gross revenue of the business. However, Decatur's Revenue Department states that most business licenses start between $75 and $100. Sparks, Nevada, charges an $80 fee for a business license plus a $25 processing fee. A business license in Chino Hills, California, costs $53 a year.
Category: Personal Finance