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Q.
What type of business is best for me, sole proprietorship,
corporation, etc.
A.
Look at the different types of ownership structures
at NOLO
- Law for All
for
the answers to those questions.
Q.
Do I need a Federal Employer Identification Number
(FEIN)?
A.
A FEIN is required if you pay wages to one or more
employees. To apply,
complete
Form
SS-4 (PDF 28k). Mail
or phone application to (512) 460-7843.
Q.
What is the difference between an employee and an
independent contractor?
A. IRS
Publication 15A (PDF 306k)
is the place to find
that answer.
Q.
What kind of records should I keep and how long
should I retain them?
A. IRS
Publication 583 (PDF 188k)
can answer that.
Q.
Do I need Workers Compensation Insurance (WCI) for
my employees?
A.
WCI is a requirement
if you have three or more employees.
If required,
you must also pay the New Mexico Workers Compensation
Fee.
The fee is $4 per employee per quarter.
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