Launch Your Business
The plan has come together. Now get ready to launch.
1. Pick your business location
For some, this will be quick and it will start at home. Others will need a storefront. Culpeper County Economic Development Office is here to help you find a suitable location for your business.
2. Choose a business structure
It is important to select a business structure that works for your business. It influences everything you do from day-to-day operations, to business/personal taxes, to personal asset liability. The SBA discusses common business structures but you can also meet with the local Central Virginia SBDC to decide what’s right for you.
3. Name your business
We often don’t think about our own name because frequently it has been with us since birth! But your business name is important. It reflects your brand identity and the services you offer. When picking a name you will want to think through protection of the brand: trademarks, domain names, social media pages and more. The SBA outlines a few areas to consider.
You will need to register your business with the State Corporation Commission. You will also need to send your contact info to the Culpeper Commissioner of the Revenue so you receive your required annual documents.
4. Get federal and state tax ID numbers
Your Employer Identification Number (EIN) is your federal tax ID. It is often needed to open a bank account, hire employees and pay federal taxes. Register through the IRS for your EIN.
5. Apply for licenses and permits
Culpeper County does not have a business license. However, businesses located in the Town of Culpeper will need to register for a business license.
Depending on your business, you may be required to have a federal license or permit. Learn more through the SBA.
6. Open a bank account
It is vital to keep your personal and business finances separate. A local banker can assist you with types of bank accounts available for commercial users.
- Insurance: Businesses have a variety of insurance types available to protect the business from liability. The SBA walks through common insurance types and things to consider.
- Small, Women or Minority-Owned (SWAM) Certification: State agencies are required to support Virginia-based SWAM businesses as part of their regular procurement. Learn more about certification at the Department of Small Business and Supplier Diversity.
- Doing business with the government:
The local Central Virginia SBDC holds regular sessions on how to procure government contracts.