How to Start a Business in USA Essay Example | Topics and Well Written Essays - 1250 words

How to soak up a Business in USA - Essay ExampleIn lodge to successfully action a concept of retail drugstore agate line, this paper strives to identify some basic steps which ar required before each such activity could be started in USA. This paper will butt against how to start a byplay in sugar, Illinois and also acts as a basic guideline for an soul who has yet to go through an actual implementation process. This paper is based on the research carried bring out to reveal the steps which are necessary to be taken when starting a retail pharmacy teleph atomic number 53 circuit in Chicago. Importance of intellectual property The importance of intellectual property (IP) should be accepted thoroughly by a start-up headache owner. IP is actually a legal concept and is sadly, ill misunderstood by many people who wish to start their own businesses and think that this concept hindquarters only be appropriately applied by those people who are legal experts. Every enterpris e, political party or business organization should pay attention to IP. IP can help the owners at all(prenominal) stage of business development from product development to product design, from service delivery to marketing, and from raising pecuniary resources to exporting or expanding your business abroad (World Intellectual Property Organization, n.d.). in order to maximize the benefits, business owners should know how to use the IP system. It is worth mentioning that in case IP being used belongs to others, hence rights have to be acquired to use it by obtaining a license so that forthcoming disputes and litigation could be avoided by the novice individual(a)s intent on establishing personal businesses. IP is also important to a business because it helps in copyright protection and get fair economic awards on grounds of a businesss individual creativity and product sales. Government requirements Retail pharmacy is recognized as one of the mainstream profitable businesses in entire USA. But, area requirements should be deeply understood and assessed before implementing and operating any business concept, According to Woodfield (2012), State of Illinois Business Portal suggests that before starting up a business in Chicago, certain metropolis, state, and federal requirements have to be fulfilled by an individual. Though he owner of a business has to get him/herself registered with the city, still there are also state and federal hoop to jump through before you can open your doors (Woodfield, 2012). However, the retail pharmacy business concept is exempted from obtaining Chicago city license. For that purpose, license from the Illinois Department of Financial and Professional Regulation is to be obtained by the owner (Cequea, 2012). First, a strategic and clear business plan has to explicitly written down to be shown in polar registration offices later on. As Chicago distinguishes itself by being the third most populous city in USA, so the business plan should also contain a map for showing the formal authorities as to how one wishes to make ones desired business concept condense out among the rest. Chicago area-attorney and accountant, among other official authority members, have to be consulted first by an individual who is novice to the Chicago business scene. Afterwards, Federal Employer Identification Number (FEIN) should be applied for in order to get the business registered with the state of Illinois. Then one must get registered with federal government for tax purposes. The government regulations