Starting Your Own Business-What You Need To Know

I've received alot of questions lately about starting a new business so I did some basic research and found this on business.gov.

Here is a 10 step.guide for new employers.  I hope this helps.
 
The guide is specific to the US based on hiring regulations in the states.  If you live outside of the US check with your local governments to find out what you need to do.
 
Step 1: 
Obtain an Employer Identification Number (EIN)

Before hiring employees, you need to get an employment identification number (EIN) form the U.S. Internal Revenue Service.

Step 2: 
Set up Records for Withholding Taxes

The IRS states that you must keep records of employment taxes for at least four years.

Federal Income Tax Withholding (Form W-4)
Every employee must provide an employer with a signedwithholding exemption certificate (Form W-4) on or before the
date of employment. The employer must then submit Form W-4 to the IRS. 

Federal Wage and Tax Statement (Form W-2)
On an annual basis, employers must report to the federal government wages paid and taxes withheld for each employee.This report is filed using Form W-2, Wage and Tax Statement.Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation.

State Taxes
Depending on the state where your employees are located, you may be required to withhold state income taxes. Visit your state tax agency for further information.

Step 3: 
Employee Eligibility Verification (Form I-9)
Federal law requires employers to verify an employee's eligibility to work in the United States.
 
Step 4: 
Register with Your States' New Hire Reporting Program
The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 requires all employers to report newly hired and re-hired employees to a state directory within 20 days of theirhire or rehire date.

Step 5: 
Obtain Workers' Compensation Insurance
Businesses with employees are required to carry Workers' Compensation Insurance coverage through a commercial carrier, on a self-insured basis, or through the state Workers' Compensation Insurance program. Visit your state's Worker's Compensation Office for more information on your state's program

Step 6: 
Unemployment Insurance Tax Registration
Businesses with employees are required to pay unemployment insurance taxes under certain conditions. 


Step 7: 
Obtain Disability Insurance (If Required)
Some states require employers to provide partial wage replacement insurance coverage to their eligible employees for
non-work related sickness or injury.


Step 8: 
Post Required Notices
Employers are required by state and federal laws to prominently display certain posters in the workplace that inform employeesof their rights and employer responsibilities under labor laws. 

Step 9: 
File Your Taxes
If you are new employer, there are new federal and state tax filing requirements that apply to you.

Step 10: 
Get Organized and Keep Yourself Informed
To get more detailed information, including links to websites thatoffer more detail and access to the applicable forms, read "   "
 
*Information from Business.gov