Business Resources
Personal Credit History
As a small business owner, your personal credit and handling of checking accounts and loans affects your ability to borrow for the business and your terms with vendors. Know what is on your personal credit report by ordering a free credit report through Annual Credit Report.
Learn More Build and maintain Supports, Networks and Resources
Explore opportunities to connect within networks in your industry, local chambers and workshops. The State of Maine also offers a great “Business Answers Program” to aid you in feeling connected to resources during your business journey.
Learn More Set up an Accounting and Record Keeping System
Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your assets and liabilities, prepare your tax returns, and support items reported on you tax returns.
Learn More Obtain Business Licenses and Permits (Federal and State)
General licenses to operate a business are managed at the town/city level in Maine. Federally regulated industries will have additional requirements.
Learn More Obtain a Federal Employer Identification Number
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN. It is helpful to establish an EIN prior to starting a business bank account.
Learn More Use your Business Plan as a Living/Working Document
Maintain, update and revise your business plan on a routine basis. As operations, procedures, goals and SWOT (Strengths, Weaknesses, Opportunities, Threats) change, refer to and adjust your business plan.
Learn More Selecting a Business Name
If you plan to form your business entity as a corporation or limited liability company, Maine’s law will restrict you from using a name that another business entity is already using. Use the data base to see if a business is already using your name.
Learn More See an Accountant for Tax Help
You may be responsible for Sales Tax, Self-Employment Tax, Excise Tax, Income Tax and more. It is recommended you consult a tax representative or accountant in the early stages of starting your business. Here is a helpful video on small business taxes to get you started.
Learn More Selecting a Business Structure
Legal, liability and tax considerations enter into selecting a business structure. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute.
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