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Iowa Business Development
OVERVIEW
The smart steps below for growing a business in Iowa are easily achievable. Make the Business License Information Center in the Small Business Resource Office at the Iowa Department of Economic Development your first stop. Call (515)2424750 or (outside Des Moines) (800) 532-1216.
YOUR FIRST STOP
The required regulatory contacts, licenses, or permits vary according to the type of business operated. For a customized business start-up packet contact the Business License Information Center in the Small Business Resource Office at the Iowa Department of Economic Development at (800) 532-1216. Economic development specialists will assist with the steps needed in starting or expanding your business in
Iowa.
DEVELOP YOUR BUSINESS PLAN
Your business plan is the single most important document you can prepare to fully understand your business venture and work with bankers and state and federal economic development programs.
STRUCTURE AND REGISTER YOUR
BUSINESS
Determine what form of business ownership makes sense for your venture. Analyze what your personal financial and legal liabilities will be, who will have controlling interest in the business, and how it will be financed. For guidance, seek appropriate legal counsel. To register corporations, limited partnerships, limited liability companies, nonprofit corporations, and a trademark or service mark, contact the Iowa Secretary of State at (515) 281-5204. To register sole proprietorships or simple partnerships, contact your local County Recorders Office.
SATISFY TAX REQUIREMENTS
To comply with state tax reporting and payment obligations and ask about tax benefits for small business in Iowa, contact the Iowa Department of Revenue and Finance at (800) 532-1531. The office provides publications and information on how to obtain Sales, Use, and Motor Vehicle Fuel tax permits, state income and sales tax information, income tax withholding and estimated tax payments, and sales tax exemption certificates. To comply with federal tax reporting and payment obligations and inquire about federal tax benefits for small business, contact the Internal Revenue Service at (800) 829-1040. To obtain a Federal Employer's Identification Number, call the Kansas City, MO, IRS Office at (816) 926-5999. The Internal Revenue Service office in Des Moines will provide a business tax kit by calling (515)
284-4870.
SATISFY EMPLOYEE REQUIREMENTS
Three divisions of the Workforce Development Department coordinate small business
functions:
Industrial Services Division - workers' compensation, occupational disease and hearing loss laws. (515) 281-5934.
Unemployment Insurance Services Division - insurance, job placement services, and job training programs. (515) 281-5387.
Labor Services Division - occupational safety and health administration laws, labor laws, hazardous chemicals right-to-know laws, minimum wage, boiler inspections, elevator, registration of construction contractors and educational programs. (515)
281-3606.
SEEK INSURANCE PROTECTION
Determine the liabilities you will be exposed to and arrange the appropriate insurance protection to cover them. Basic business liabilities are largely taken care of by satisfactory collection and remittance of necessary taxes and fees for employees (including unemployment insurance and workers' compensation), sales, and operating
requirements.
ESTABLISH YOUR BUSINESS SITE
Selecting the site for your business operations may be one of the most important decisions leading to the success or failure of your venture. A business consultant may operate satisfactorily from their home while retail businesses live and die on traffic flow.
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