How to Start a Business in New Hampshire
New Hampshire is a great place to start a business, offering a variety of advantages to entrepreneurs. Located in the New England region of the United States, New Hampshire is known for its beautiful landscape, including mountains, lakes, and rivers. It is also home to a vibrant business community, with a wide range of industries, from technology to tourism. Starting a business in New Hampshire can provide entrepreneurs with access to a talented workforce, low taxes, and a supportive business environment.
Steps to Starting a Business in New Hampshire
Choose a Business Structure
When starting a business in New Hampshire, the first step is to decide on a business structure. The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and corporation. Each structure has its own advantages and disadvantages, so it is important to do research and consult with a lawyer or accountant to determine which is best for your business. Sole proprietorships are the simplest and least expensive to set up, but they offer the least amount of protection for the business owner. Partnerships are similar to sole proprietorships, but with two or more owners. LLCs and corporations offer more protection for the business owners, but they also require more paperwork and cost more to set up.
Register Your Business Name
Once you have chosen a business structure, the next step is to register your business name. In New Hampshire, you must register your business name with the Secretary of State. You can do this online or in person. When registering your business name, you must choose a name that is not already in use and that is not too similar to another business name. You must also include the type of business structure you have chosen in the name. For example, if you have chosen to form an LLC, the name must include “LLC” or “Limited Liability Company”.
Obtain Licenses and Permits
After registering your business name, you must obtain the necessary licenses and permits. Depending on the type of business you are starting, you may need to obtain a variety of licenses and permits. For example, if you are starting a restaurant, you will need a food service license, a liquor license, and a health permit. You may also need to obtain a business license, a zoning permit, and a sales tax permit. It is important to research the licenses and permits that are required for your business and to apply for them as soon as possible.
Open a Business Bank Account
Once you have obtained the necessary licenses and permits, the next step is to open a business bank account. This is important because it will help you keep your personal and business finances separate. When opening a business bank account, you will need to provide the bank with your business name, business structure, and other information. You may also need to provide proof of your business licenses and permits.
File for Taxes
The final step in starting a business in New Hampshire is to file for taxes. You will need to register with the New Hampshire Department of Revenue Administration and obtain a tax identification number. You will also need to register for any taxes that are applicable to your business, such as income tax, sales tax, and payroll tax. Once you have registered for taxes, you will need to file tax returns on a regular basis. It is important to keep accurate records of your income and expenses so that you can easily prepare and file your tax returns.
Resources for Starting a Business in New Hampshire
New Hampshire Department of Business and Economic Affairs
The New Hampshire Department of Business and Economic Affairs (NHBEA) is the state's primary resource for business owners and entrepreneurs. The NHBEA provides a range of services, including business registration, licensing, and permits. They also offer guidance on taxes, labor laws, and other regulations. Additionally, the NHBEA provides resources for business owners to help them succeed, such as business planning tools, financing options, and access to capital. They also provide access to a network of mentors, advisors, and other professionals who can provide advice and assistance.
Small Business Administration
The Small Business Administration (SBA) is a federal agency that provides resources and support to small businesses. The SBA offers a variety of services, such as loan programs, business counseling, and access to capital. They also provide resources for business owners, such as business plans, marketing strategies, and financial management tools. Additionally, the SBA offers free online courses and workshops to help business owners learn the basics of starting and running a business.
New Hampshire Small Business Development Center
The New Hampshire Small Business Development Center (NH SBDC) is a network of local centers that provide assistance to small businesses. The NH SBDC provides a range of services, including business planning, financial management, marketing, and access to capital. They also offer workshops and seminars to help business owners learn the basics of starting and running a business. Additionally, the NH SBDC provides access to a network of mentors, advisors, and other professionals who can provide advice and assistance.
