There are many things you need to be aware of when starting a new business - including licenses, insurance, tax, fees, and training requirements.
The South Dakota Governors Office of Economic Development has put together a ton of information that will be helpful to you in starting your business, including:
- Applying for a Business Tax License
- Required state licenses
- A checklist to help guide you
- What you need to know about setting up a corporation
- Financing and incentives
- And much more
Here are some other helpful sites:
If you are starting a retail business, the South Dakota Department of Revenue should be one of your first contacts, as you will need a sales tax license, and possibly a contractors excise tax license, depending on the type of business you will be operating. They have a helpful website, with loads of fact sheets on various tax topics.
You will most likely need an employer ID number, and will need to know about payroll taxes. The Internal Revenue Service offers a "one stop shop" on their website for small businesses and self-employed individuals.
If you have employees, you are required to notify the South Dakota Unemployment Insurance Division when you start, purchase, or sell a business. Visit the South Dakota Unemployment Insurance Division for details.
Small Business Development Centers offer free assistance to new or established businesses. SBDC consultants are skilled professionals with experience in many areas, including business start-up, financial analysis, cost control, inventory control, and more.