Typically, your business may be subject to obtaining business licenses or permits from three tiers of authority – State level, Federal level, and Local level. In the US, the requirements are even different across the borders within the country. What are types of business licenses and permits?ĭepending on the jurisdiction in which your business operates, type of business licenses and permits required by the government will vary. For example, most governments forbid home-based businesses to manufacture fireworks, explosive or medical products, drugs, etc. Business licenses are also used to regulate certain types of businesses that can operate certain types of sectors.
Moreover, a business license makes it more convenient for your company to do some procedures such as opening bank accounts, business loans or merchant accounts, etc. Customers are more confident to deal with a licensed business to avoid frauds and legal issues.īase for other procedures. Becoming licensed is also a way to benefit your small business because it is a proof of your lawful business identity and credibility. In addition, the government can track and collect the revenue by requiring business licenses from businesses for public benefits such as fundraising for schools, libraries, and disadvantaged groups.Įvidence of credibility. Therefore, they can impose specific regulations to prevent harmful actions to the public and other businesses. The acquisition of business licenses allows the local authorities to know what your company is doing. Acquiring business licenses and permits is required by the government to collect the revenue, manage the business locations, and impose the restrictions in specific areas. There are multiple reasons why businesses must obtain required licenses and permits.Ĭompliance requirement. Why does your business need to obtain business licenses?
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Types of business licenses which your company must get may also depend on the business nature, products the company sells and the local government regulations.īusiness licenses can be obtained after the registration of your business entity.
Each place of legal domicile has different requirements in terms of business licenses and permits.Ī company may be required to acquire more than one license or permit. Whether your company is a physical or online based business, a home-based or large scale one, you still need to get the licenses to legally run your business in the jurisdiction. A business license is the legal document issued by the government of the jurisdiction to grant the company the right to operate there. How do you obtain a business license or permit?Įntering a business in a jurisdiction requires a company to obtain a business license in most cases.
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