Wyoming Entrepreneur Blog

The Bank Said I need a "Tax ID" to open a bank account for my new business. What is it and Where Do I Get One?

Many times a bank will tell a new business they need a Tax ID. What the new business doesn’t know is there are different types of Tax ID‘s. Do they mean an Employer Identification Number (EIN #) or a Wyoming Sales Tax Number? What are the differences?
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number and is used to identify a business entity. This is normally what the bank means when they say “Tax ID”.

Do You Need an EIN?

You will need an EIN if you answer "Yes" to any of the following questions. For your convenience, clicking on the "Yes" option will take you directly to How to apply for an EIN
Do you have employees?
YES
NO
Do you operate your business as a corporation or a partnership?
YES
NO
Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
YES
NO
Do you withhold taxes on income, other than wages, paid to a non-resident alien?
YES
NO
Do you have a Keogh plan?
YES
NO
Are you involved with any of the following types of organizations?
• Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
• Estates
• Real estate mortgage investment conduits
• Non-profit organizations
• Farmers' cooperatives
• Plan administrators

The IRS website:http://www.irs.gov/businesses/small/article/0,,id=98350,00.html has all the information needed to determine if you will actually need this type of tax ID number.

Wyoming Sales/Use Tax License Number – This also can be referred to as a Tax ID #. This is normally not what the banker is referring to when he/she says you need a Tax ID . This ID# is needed for any person who meets the following definition of vendor and must license to collect and remit sales tax. Wyoming Statute (W.S.) 39-15-101(a)(xv) states:

"Vendor" means any person engaged in the business of selling at retail or wholesale tangible personal property, admissions, or services, which are subject to taxation under this article. "Vendor" includes a vehicle dealer as defined by W.S. 31-16-101(a)(xviii).
If there is any doubt who must have a Wyoming Sales Tax Identification Number you can call Education & Taxability Services with the Wyoming Department of Revenue:
Terri Lucero – Education/Taxability Manager
(307) 777-5293 (307) 777-5293
terri.lucero@wy.gov
The Education & Taxability section provides services to all taxpayers with written taxability determinations, seminar request, and educational information. Please direct any questions or concerns related to the above to dor_taxability@state.wy.us or by telephone at (307)777-2459 (307)777-2459

If you are still confused about Tax ID’s, please go to our website at www. WyomingEntrepreneur.biz and set up a free and confidential meeting with one of our professionals.

How many times do new business owners come to me AFTER paying for State and Federal Forms to start their businesses? I’m talking about fill-in blank, federal and state forms. These entrepreneurs want to make sure they are in compliance and doing everything necessary to correctly start their business. They search the internet and find sites that charge for State and Federal “free forms”. Sound like an oxymoron “charging for free forms”? It is!!!! So what should the fledgling business owner do?? As a general rule “FORMS ARE FREE”!!! How do you know which forms you need and where to find them? If you’re like me, I find it easier and more beneficial to have someone in the know, show and explain something to me rather than spending time “interpreting” information I haven’t a clue about. So where do you find that expert and how much is that going to add to your start-up costs? The answer is www.WyomingEntrepreneur.biz (The Wyoming Small Business Development Center) where business assistance is only a click and a call (307-382-0947) away. Our small business advisors are free and confidential. They offer a medley of expertise from business planning, e-commerce strategy, doing business with the government and YES – even which forms to file and how to obtain them for free! The next time you need information about starting and growing a business give us a click – www.wyen.biz .

WYOMING BUSINESS TIPS

A weekly look at Wyoming
business questions from the Wyoming Entrepreneur Network, a partnership of
business assistance programs at the University
of Wyoming.

Intellectual Property and Small Business

Karen Kitchens, Intellectual Property/Documents
Librarian, Wyoming State Library, karen.kitchens@wyo.gov

Knowledge and ideas have always been a powerful force in economic development.  As a small
business owner, Intellectual Property (IP) is a key consideration in your day-to-day business
decisions.  IP is an important component of the United States economy, and the U.S. is an acknowledged global leader in the creation of IP.  According to the Office of the United States Trade Representative, “Americans are the world’s leading innovators, and our ideas and intellectual property are a key ingredient to our competitiveness and prosperity.”[1]

Unfortunately, businesses often fail to protect their valuable IP because IP is not tangible property.  IP has no physical form.  Examples might be a method of doing business, an Internet domain name, or a company’s marketing material.  Often, this intangible property is more valuable than real or personal property. The commercial value of IP comes from the ability of its owner to control and exploit its use.  

The term “Intellectual Property” might sound a bit pompous.  But in reality, it is a very
good description for the proprietary interests of individuals and businesses, protected by the laws of IP.  The United States Patent and Trademark Office defines IP as, “Creations of the mind -
creative works or ideas embodied in a form that can be shared or can enable others to recreate, emulate, or manufacture them.”  Globalization of the world’s economies has significantly increased the need for information about IP.    

There are four ways to protect IP - patents, which pertain to pragmatic innovations; trademarks, which relate to commercial symbols; copyrights, which concerns artistic and literary works; and trade secrets, which consist of valuable business information that is not generally known and is subject to reasonable efforts to preserve confidentiality.  Some IP rights – copyrights and trademark rights are granted automatically upon creation or use of the IP assets without any action needed by the creator.  Other IP rights, such as patents, require action on the part of the creator in addition to considerable expense. 

This series will review the four types of IP rights and how each may affect your business.  For example, developing and protecting your IP assets and rights can give you an edge over the competition by discouraging unscrupulous competitors, developing new revenue sources, and increasing the
value of your company.  IP is a valuable business asset that must be managed and protected like any other asset.

 

For more information about the
services of Wyoming Entrepreneur, or to ask a question, call 1-800-348-5194,
e-mail wsbdc@uwyo.edu or write 1000 East University Avenue, Department 3922,
Laramie, WY 82071-3922. Additional help is available on our website www.wyomingentrepreneur.biz.

 The Wyoming
Entrepreneur partnership program is funded in part through a cooperative
agreement with the U.S.
Small Business Administration. Additional support is provided by the Wyoming Business Council and the University of Wyoming.

---

[1]Special
301 Report Finds Continued Progress But Significant Improvements Needed. 2004.
Office of the United States Trade Representative Archive. 30 May 2012 <http://www.ustr.gov/archive/Document_Library/Press_Releases/2004/May/Special_301_Report_Finds_Continued_Progress_But_Significant_Improvements_Needed.html>.

 

 

 

 

WYOMING BUSINESS TIPS

A weekly look at Wyoming business questions from the Wyoming Entrepreneur Network, a partnership of business assistance programs at the University of Wyoming.

By Anya Petersen-Frey, Regional
Director, MBA, PhD (abd), Senior Human Resource Professional

As an employer, I am frustrated by the concept that it is my job to make my employees "happy". 
I certainly want them to be pleased at work and have a vested interest in the business' success, but "happy " seems more of a personal thing, a bit touchy feely for the office.  Am I wrong to expect an employee to come in and want to do a good job?      Ann E.  Cheyenne

 

Alex Linley, founder of the Center for Applied Positive Psychology in England, said, "Happiness gets
trashed.  It's considered too pink and fluffy for the workplace."  Therefore, you are not alone in thinking this topic might be out of place in the office.  However, Linley points out it is often dependent on perception.  For example, she strives to help organizations become "strength-based".  This means that the employer seeks to buoy what people are doing right, rather what they
are doing wrong.

In the book, First, Break All The Rules, by Marcus Buckingham a survey found that only 17% of U.S. workers use their strengths at work.  Yet, the largest global companies such as Yahoo, Toyota, and Best Buy have strength-based cultures.  trengths, according to Linley, are the "pre-existing capacity for behaving, thinking, or feeling that is authentic and energizing to the user, and enables optimal functioning, development and performance."  It is believed that when employees use their strengths it will tend to create a sense of purpose, and "happiness" with their work.

So, what does this mean to you as a small employer? Start by defining the strengths needed in your business and then redefine roles (job descriptions) to better play to a person's strengths.  Perhaps have an employee partner with someone who compensates for his weaknesses.  Explore and evaluate your approach and continually refine the process.  Ask employees for input into their jobs and how they might see their strengths best utilized.

This is a process, not an immediate solution, so give it a little time.  In the long run, it can lead to "happier" employees and a more productive environment for you, the business owner, and lead to a better experience for your customers.

If you would like one on one advising on human resource issues please send Anya an
e-mail at apeter35@uwyo.edu or give her a call at 307-632-6141.

For more information about the
services of Wyoming Entrepreneur, or to ask a question, call 1-800-348-5194,
e-mail wsbdc@uwyo.edu or write 1000 East University Avenue, Department 3922,
Laramie, WY 82071-3922. Additional help is available on our website www.wyomingentrepreneur.biz.

 

The Wyoming
Entrepreneur partnership program is funded in part through a cooperative
agreement with the U.S.
Small Business Administration. Additional support is provided by the Wyoming Business Council and the University of Wyoming.

Where Do I Purchase Forms to Start my Business?

How many times do new business owners come to me AFTER paying for State and Federal Forms to start their businesses? I’m talking about fill-in blank, federal and state forms. These entrepreneurs want to make sure they are in compliance and doing everything necessary to correctly start their business. They search the internet and find sites that charge for State and Federal “free forms”. Sound like an oxymoron “charging for free forms”? It is!!!! So what should the fledgling business owner do?? As a general rule “FORMS ARE FREE”!!! How do you know which forms you need and where to find them? If you’re like me, I find it easier and more beneficial to have someone in the know, show and explain something to me rather than spending time “interpreting” information I haven’t a clue about. So where do you find that expert and how much is that going to add to your start-up costs? The answer is www.WyomingEntrepreneur.biz (The Wyoming Small Business Development Center) where business assistance is only a click and a call (307-382-0947) away. Our small business advisors are free and confidential. They offer a medley of expertise from business planning, e-commerce strategy, doing business with the government and YES – even which forms to file and how to obtain them for free! The next time you need information about starting and growing a business give us a click – www.wyen.biz .

Intellectual property and small business

WYOMING BUSINESS TIPS

A weekly look at Wyoming
business questions from the Wyoming Entrepreneur Network, a partnership of
business assistance programs at the University
of Wyoming.

Intellectual Property and Small Business

Karen Kitchens, Intellectual Property/Documents
Librarian, Wyoming State Library, karen.kitchens@wyo.gov

Knowledge and ideas have always been a powerful force in economic development.  As a small
business owner, Intellectual Property (IP) is a key consideration in your day-to-day business
decisions.  IP is an important component of the United States economy, and the U.S. is an acknowledged global leader in the creation of IP.  According to the Office of the United States Trade Representative, “Americans are the world’s leading innovators, and our ideas and intellectual property are a key ingredient to our competitiveness and prosperity.”[1]

Unfortunately, businesses often fail to protect their valuable IP because IP is not tangible property.  IP has no physical form.  Examples might be a method of doing business, an Internet domain name, or a company’s marketing material.  Often, this intangible property is more valuable than real or personal property. The commercial value of IP comes from the ability of its owner to control and exploit its use.  

The term “Intellectual Property” might sound a bit pompous.  But in reality, it is a very
good description for the proprietary interests of individuals and businesses, protected by the laws of IP.  The United States Patent and Trademark Office defines IP as, “Creations of the mind -
creative works or ideas embodied in a form that can be shared or can enable others to recreate, emulate, or manufacture them.”  Globalization of the world’s economies has significantly increased the need for information about IP.    

There are four ways to protect IP - patents, which pertain to pragmatic innovations; trademarks, which relate to commercial symbols; copyrights, which concerns artistic and literary works; and trade secrets, which consist of valuable business information that is not generally known and is subject to reasonable efforts to preserve confidentiality.  Some IP rights – copyrights and trademark rights are granted automatically upon creation or use of the IP assets without any action needed by the creator.  Other IP rights, such as patents, require action on the part of the creator in addition to considerable expense. 

This series will review the four types of IP rights and how each may affect your business.  For example, developing and protecting your IP assets and rights can give you an edge over the competition by discouraging unscrupulous competitors, developing new revenue sources, and increasing the
value of your company.  IP is a valuable business asset that must be managed and protected like any other asset.

 

For more information about the
services of Wyoming Entrepreneur, or to ask a question, call 1-800-348-5194,
e-mail wsbdc@uwyo.edu or write 1000 East University Avenue, Department 3922,
Laramie, WY 82071-3922. Additional help is available on our website www.wyomingentrepreneur.biz.

 The Wyoming
Entrepreneur partnership program is funded in part through a cooperative
agreement with the U.S.
Small Business Administration. Additional support is provided by the Wyoming Business Council and the University of Wyoming.

---

[1]Special
301 Report Finds Continued Progress But Significant Improvements Needed. 2004.
Office of the United States Trade Representative Archive. 30 May 2012 <http://www.ustr.gov/archive/Document_Library/Press_Releases/2004/May/Special_301_Report_Finds_Continued_Progress_But_Significant_Improvements_Needed.html>.

 

 

 

 

Workplace happiness

WYOMING BUSINESS TIPS

A weekly look at Wyoming business questions from the Wyoming Entrepreneur Network, a partnership of business assistance programs at the University of Wyoming.

By Anya Petersen-Frey, Regional
Director, MBA, PhD (abd), Senior Human Resource Professional

As an employer, I am frustrated by the concept that it is my job to make my employees "happy". 
I certainly want them to be pleased at work and have a vested interest in the business' success, but "happy " seems more of a personal thing, a bit touchy feely for the office.  Am I wrong to expect an employee to come in and want to do a good job?      Ann E.  Cheyenne

 

Alex Linley, founder of the Center for Applied Positive Psychology in England, said, "Happiness gets
trashed.  It's considered too pink and fluffy for the workplace."  Therefore, you are not alone in thinking this topic might be out of place in the office.  However, Linley points out it is often dependent on perception.  For example, she strives to help organizations become "strength-based".  This means that the employer seeks to buoy what people are doing right, rather what they
are doing wrong.

In the book, First, Break All The Rules, by Marcus Buckingham a survey found that only 17% of U.S. workers use their strengths at work.  Yet, the largest global companies such as Yahoo, Toyota, and Best Buy have strength-based cultures.  trengths, according to Linley, are the "pre-existing capacity for behaving, thinking, or feeling that is authentic and energizing to the user, and enables optimal functioning, development and performance."  It is believed that when employees use their strengths it will tend to create a sense of purpose, and "happiness" with their work.

So, what does this mean to you as a small employer? Start by defining the strengths needed in your business and then redefine roles (job descriptions) to better play to a person's strengths.  Perhaps have an employee partner with someone who compensates for his weaknesses.  Explore and evaluate your approach and continually refine the process.  Ask employees for input into their jobs and how they might see their strengths best utilized.

This is a process, not an immediate solution, so give it a little time.  In the long run, it can lead to "happier" employees and a more productive environment for you, the business owner, and lead to a better experience for your customers.

If you would like one on one advising on human resource issues please send Anya an
e-mail at apeter35@uwyo.edu or give her a call at 307-632-6141.

For more information about the
services of Wyoming Entrepreneur, or to ask a question, call 1-800-348-5194,
e-mail wsbdc@uwyo.edu or write 1000 East University Avenue, Department 3922,
Laramie, WY 82071-3922. Additional help is available on our website www.wyomingentrepreneur.biz.

 

The Wyoming
Entrepreneur partnership program is funded in part through a cooperative
agreement with the U.S.
Small Business Administration. Additional support is provided by the Wyoming Business Council and the University of Wyoming.