April 11, 2011 Objective: Students will compare and contrast different ways to protect their business idea.

Homework Please turn in assignment 8.3 at this time.

8.3 Activity

Business License If a business is going to operate within the law, it will be necessary for you to obtain a license or permit in the city or county in which you will be doing business. Each location is different, some valuable resources about business licenses include: – City or County Clerk’s office – Local Chamber of Commerce Sometimes cities have restrictions on home based business or, zoning about home based businesses which may not permit you to have a business license to operate out of your home. Your business license must be posted wherever you are operating, even if you go to a trade show your license should be on display.

Application The business license application is fairly simple and requires general information such as: – Business name and address – Owner name and contact information – Organization information (wholesale, manufacturing, retail service) – Type of legal structure – Nature of the business – Expected number of employees – Federal employer ID (FEIN) and State sales tax no. (resale) – Expected gross income

Nebraska If you are starting a new business in Nebraska, you may need to register with the Nebraska Department of Revenue. – Registration is required if you will have employees – Intend to engage in retail sales – Renting/leasing tangible personal property – Will be providing services which are subject to sales tax. A company that has no employees and simply provides a service may not need to register.

Assignment 8.4 Considering the notes from BOTH 8.3 and 8.4 create a 250 word essay containing 3 examples of how YOU PLAN to protect and legally operate your business. There are many examples discussed in these chapters, what areas pertain to your business model?