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You will need licenses and permits from local, state, and federal governments in order to run your firewood processor business efficiently. They permit you to cut trees on public land , and protect health and safety at work. It demonstrates that you are in compliance with all laws in your area of jurisdiction. If you do not have a permit, it is foolish to start a firewood business.
14. Find insurance coverage for your business
Insurance is among the most critical yet overlooked elements of starting and operating an effective business. Insurance safeguards you from unexpected or catastrophic incidents that could create a negative impact on your company. The right insurance policy will guard against property and bodily injury by covering equipment and other supplies in the event of equipment breakdown and pay compensation for employees’ injury at work. You are protected from client loss resulting from your work. The idea of operating a business without insurance is a risky business.
15. You must register your business in order to be eligible for the benefit of tax
Create an Employer Identification No. that your business can use to submit tax returns. Pick the year of your tax return. The company’s structure will determine the amount of tax to be paid.
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