The following is provided to
assist you with those regulations and taxing authorities that
enforce their compliance.
If your company will have offices in or does business with
other countries, you should comply with that country’s laws and
regulations, however, that is beyond this short presentation and we
cannot hope to list or explain all the laws and regulations that may
affect your business for each country, state or local community that
may have their own unique laws.
Here are some of those that are
most common:
1.
Federal Income Taxes of
course is the most common among both entrepreneurs and the companies
that they might run.
Taxes are imposed on the income that is generated by the business or
its owners depending on the type of entity the business is.
Corporations known as “C” corporations pay tax on the net
income that they generate while “S” corporations generally do not
pay a tax on the earnings of the company, but passes the income and
its liability on to the shareholders of the company.
Partnerships, Limited Liability Companies and
sole-proprietors pay the income tax from the business operations at
the individual level.
General information regarding federal income taxes is available at
the IRS.
2. Federal Employment Taxes are taxes imposed on both employees and employers. Social Security, Medicare and Federal Unemployment taxes are imposed on the earnings of the employees of a business and are collected by the employer and paid to the US Treasury through the Internal Revenue Service. Information on employment taxes and their collection procedures are also available at the IRS. As an employer businesses need to register their business with the Internal Revenue Service by filing form SS-4. Employers are also required to verify the employability of their workforce by getting proof from the employee with form I-9, which can be obtained HERE.
3.
Other Federal Taxes and Regulations are too numerous to cover in their entirety.
There are excise taxes on manufactured items including –
sporting goods, firearms, alcohol, tobacco, fuel, tires and more.
The federal government regulates civil rights issues, worker
safety, consumer protection, labor standards and environmental
protection just to name a few.
Almost everything that a business does is regulated to some
extent by the laws of the land.
You, as an entrepreneur should educate yourself about the
regulations that affect your particular business.
Most industries have associations that represent them and
they should have information about the laws affecting their
industry. Estate and Gift
taxes might be imposed on business transfers and our inheritance.
1.
State Income Taxes –
The state of
2.
State Employment Taxes
are taxes imposed on the employers of the states for unemployment
insurance, workers safety and compensation.
Information about these taxes and their filing requirements
can be found at the Wyoming Department of Employment’s website
HERE.
Employers are required to report newly hired employees
HERE.
3.
Other State Taxes and
Regulations, again are too numerous to list, yet most of
the
information regarding taxes are found at the
Wyoming
Department of Revenue.
The Department of Revenue handles
most of the taxes of the state including excise taxes (sales, use,
lodging and cigarette tax), mineral production and severance taxes
property taxes and estate taxes.
The Liquor Division serves a dual purpose of being the
exclusive wholesaler of alcoholic beverages in the state and also
the exclusive authority to license malt beverage wholesalers and
industry representatives.
They also certify local licensing authorities.
Other state
agencies have regulations and fees related to the operations of
various types of businesses and industries.
A valuable resource to the state is the Wyoming Business
Council’s Business Permit Program Manager, Paul Howard.
Business permitting and agency regulations at the state level
can be overwhelming and sometimes confusing.
A call to (307) 777-2843 will get you help understanding the
processes and where to go.
Visit the Wyoming Business Council Business Permitting page
HERE.
Email a question to Paul Howard.
Local government may regulate or permit certain types of businesses in a community. Licensing information is usually available at the city or county clerks’ offices. Businesses that are regulated at the local level usually include building contractors, daycares, restaurants (health inspection), and businesses are subject to local zoning rules and regulations as well.