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Business Plan
1. What is a business plan?
Business Licensing and Registration
2. I recently filed a fictitious
name statement with the State of Missouri. Will I be notified if this
name is already being used?
3. I currently own a business, which is registered
with the state as QRS Enterprises, Inc. I will begin to operate another
business in the next few months. Do I need to register the new business
separately or can it operate under the umbrella of QRS Enterprises,
Inc?
4. What form of organization should I choose
for my business?
5. What steps should I take to become legally
registered in the State of Missouri?
Copyright
6. How do I obtain a copyright?
Cost of Services
7. What do your services cost?
Evaluating a Business Opportunity
8. I am a small business owner
offering secretarial and desktop publishing services. Recently, I
compiled a directory of names and addresses for a client. I delivered
the directory to the client, but would like to know who now owns the
list. Do I have the right to use the list and/or use it with other
clients?
9. I have been presented with a "business opportunity."
How do I know if it is legitimate?
Grants
10. Where can I get a grant to start
my business?
Insurance
11. My business is in my home.
My homeowners insurance covers my business, doesn't it?
12. How can I make sure my business is properly
insured?
13. What kind of insurance should I buy
for my business?
14. Whom should I contact for business
insurance?
15. Is Worker's Compensation Insurance required
in my business?
16. Is Unemployment Insurance required
for my business?
Loans
17. What should I know about applying
for a bank loan?
18. How do I go about getting a business
loan?
19. How do I get an SBA loan?
Market Research
20. Why is Market Research
Important?
Patents/Trademarks
21. How do I obtain a patent and/or
a trademark?
Start-up Costs
22. How much money will I
need to get started?
23. Where can I get money to get started?
Taxes
24. In the book put out by
the Missouri Department of Economic Development, "Starting a New Business
in Missouri," it is specifically mentioned that craft sellers must
charge the sales tax rate at the point of sale. Does this affect any
other types of businesses? What about multilevel marketing companies
or other home-based business owners who take their products to various
locations?
25. I have several questions about my taxes.
Where can I get assistance?
Personnel/HR
26. For how long do we need to store the application
files on people who applied for a job with our company but who were
not hired?
Business Research and Information
Development Group (BRIDG)
27. What is BRIDG?
28. What is the mission of BRIDG?
29. What are the functions of BRIDG?
30. Who is affiliated with BRIDG?
31. How is BRIDG funded?
32. What kinds of research is done by BRIDG?
33. How are BRIDG reports disseminated?
34. How can I stay up-to-date on BRIDG
research activities?
35. Who is eligible to submit a BRIDG application?
36. Describe the application process
for a BRIDG research project?
Selling to the Government (See the MO PTAC FAQ)
SBIR/STTR (See the MoFAST FAQ)
Frequently Asked Questions: Answered
1. What is a business plan?
Answer: A business plan is a formal, written
document that provides information about your company and its industry,
describes a marketing plan, details an operations plan, and projects
the financial needs of the business. It details where the company
is going and what the company intends to do. It provides direction
for you and communicates to others your business opportunity. Your
banker will use the business plan to learn more about your business
and to determine if your business qualifies for a loan.
A typical business plan is a typed document that contains
a cover page, table of contents, 10-15 pages of narrative and exhibits
as necessary. Three exhibits are mandatory. They include projections
of three years each for business income, cash flow and balance sheet.
Other exhibits, which are optional, may include pictures, contracts,
supplier estimates, equipment needs, inventory requirements, or whatever
else is important to tell your story.
For free information and assistance in preparing your
business plan, please contact your area Small Business Development Center.
(Also see: Business
Planning)
2. I recently filed a
fictitious name statement with the State of Missouri. Will I be notified
if this name is already being used?
Answer: Sole proprietorships and partnerships
are required to file a "fictitious name registration" with the Secretary
of State's Office; however, this registration does not afford the
business legal protection of their business name, e.g., there can
be multiple sole proprietorships/partnerships with the same business
name. Since there is no name protection, name availability checks
will not be done.
Limited Partnerships, Limited Liability Companies and
Corporations have legal protection of their business name when they
file their registration with the Missouri Secretary of State. Since
there can be no duplication of names for these types of entities,
you may want to check on the availability of your selected name either
through the Secretary
of State's web site or by calling (573) 751-3317.
3. I currently own
a business, which is registered with the state as QRS Enterprises, Inc.
I will begin to operate another business in the next few months. Do
I need to register the new business separately or can it operate under
the umbrella of QRS Enterprises, Inc?
Answer: It depends on how you advertise and market
the businesses. If you market a variety of services promoted as being
available from QRS Enterprises, Inc., then you can operate under the
umbrella of QRS Enterprises, Inc. However, if you want to promote
the businesses under different names, each one must be registered
under a different name. In the case of a corporation, say QRS Enterprises,
Inc., each subsidiary business would register a Fictitious Name and
would be QRS Enterprises, Inc., DBA Bob's Janitorial Supplies; QRS
Enterprises, Inc., DBA Janitor on the Run; etc. (DBA - means "doing
business as").
A sole proprietor who registers more than one business
must get a separate sales tax identification number for each business.
A Corporation needs separate sales tax identification numbers for
each DBA unless they are being operated from the same location.
Of course, some of this depends on whether the products/services
offered by the business are subject to sales tax. In the example cited
above, Bob's Janitorial Supplies would need a sales tax id number
since they make retail sales of products. Janitor on the run, however,
offers a Janitorial Service and would not collect sales tax from their
customers.
4. What form of organization
should I choose for my business?
Answer: Missouri law allows you to select one of
the following: sole proprietorship, partnership, limited liability company,
S-corporation, and C-corporation. Each of these organizations has it
own advantages and disadvantages. The key to selection revolves around
liability and taxation. For more information, contact your area Small
Business Development Center (SBDC). You can also consult with a
business attorney or certified public accountant for advice.
Here are some questions you need to ask your attorney
or accountant:
- How easy is it to set up and operate? Some forms of organization
are easier to set up and operate than others. This may be an important
factor if startup funds are limited.
- What are the tax advantages and disadvantages? Different forms
of organization are taxed differently and it is important for
you to understand how the business will be taxed.
- What is my personal responsibility for business liabilities,
debts and losses? If your business poses a risk of personal injury
or property damage, this is an important consideration. Protecting
your personal assets from claims against your business may be
an overriding factor in your selection of a business form of organization.
However, it won't eliminate all your risk, so good insurance planning
is critical.
(Also see: Licenses
and Registration Checklist and
Legal Structures, Licenses and Taxes)
5. What steps should
I take to become legally registered in the State of Missouri?
Answer: All businesses are subject to a number
of tax obligations, permit and license requirements, zoning restrictions,
and other laws at the city, county, state and federal levels. While
every business may not be subject to every requirement, it is important
to ask questions and carefully study the information provided. Many
requirements stem from the legal structure you choose, the type of
business you are starting, the estimated revenues of your business,
and the number of employees you will employ.
The City Clerk's office in City Hall is the first place
to call to learn the requirements of the city where you plan to operate.
Ask the City Clerk about obtaining a business license and the Zoning
Commissioner about zoning requirements for signs and the business
itself.
At the county level, registration is usually required
for business property tax purposes. You may also be required to obtain
a merchants/manufacturers license if you deal with tangible items.
The county courthouse - usually the Assessor's Office - is where you
seek information on registering your business.
On the state level, the MissouriBusiness.Net Call Center
(1-888-751-2863) will answer questions concerning Missouri's registration
and tax requirements. Describe the type of business you are starting
and you will receive information and appropriate registration forms
for your particular business.
On the federal level, the Internal Revenue Service (1-800-829-3676)
can send you information specific to the form of organization you have
chosen - specify either a sole proprietorship, partnership or corporation
when requesting information.
Business owners have numerous federal tax obligations.
The three main ones are income tax, self-employment taxes and employment
taxes. If you have employees, you must also be required to obtain
a Federal Employer Identification Number.
If you live in an area governed by a home association,
be sure to check their guidelines. Often, they are more restrictive
than those found in the city.
Take note that the above requirements also apply to representatives
of multi-level marketing companies. Each city or town may treat this
type of business differently. Be sure to inquire. Do not rely on information
from someone living in a different city or another state. Rules and
regulations vary.
(Also see: Licenses
and Registration Checklist and
"Legal Formation" in Doing Business
in Missouri)
6. How do I obtain a
copyright?
Answer: To get assistance with copyright information,
please contact:
Copyright Office
Library of Congress
Washington, D.C. 20559
Ph. 1-202-707-3000
You can also contact your area Small Business
Development Center for assistance.
(Also see: Copyrights, Patent
and Trademarks)
7. What do your services
cost?
Answer: Counseling
services are provided at no charge. There may be a nominal fee
for other services such as management assessments and evaluations
(SMART and fisCAL),
training seminars and workshops,
patent and trademark searches, printed publications and copies, and
business plan writing assistance.
MO PTAC charges for its
services. However, for the first year, most charges may be waived.
Contact your local procurement counselor
for a copy of the fee schedule.
8. I am a small business
owner offering secretarial and desktop publishing services. Recently,
I compiled a directory of names and addresses for a client. I delivered
the directory to the client, but would like to know who now owns the
list. Do I have the right to use the list and/or use it with other clients?
Answer: There are several factors that must be
considered in order to come up with an answer to this question. First,
you must determine this was a "work for hire." If it was, your client
could copyright the list and keep you from reusing it.
There are nine types of work that may be considered
"work for hire" by non-employees. They include:
- Contributions to a collective work such as magazines or newspapers
- Part of a motion picture or other audio/visual work
- A translation
- A supplementary work (forewords, charts, editorial notes, etc.)
- A compilation
- An instructional text
- A test
- Answer material for a test
- An atlas
A directory would most likely fall under the category of a compilation.
However, merely paying someone to do something does not constitute
a work for hire arrangement. You need a signed agreement (before the
work is started) that it is a "work for hire." In addition, a "work
for hire " must be copyrightable. According to the Copyright Handbook,
a "work must be the product of a minimal amount of creativity to be
protected by copyright. The selection and/or arrangement cannot be
so mechanical or routine as to require no creativity whatsoever."
While your directory may or may not be copyrightable, the mailing
list would not be and you may have the right to use it.
You may determine that you have the right to use the
list you have compiled for a client, but your client may feel differently.
Maintaining good client relations may be the prevailing factor in
your final decision.
If you have any question regarding "work for hire" agreements
or copyright protection, contact your area Small Business Development
Center for assistance.
9. I have been presented
with a "business opportunity." How do I know if it is legitimate?
Answer: An individual looking at a business opportunity
should ask the following questions before moving forward:
- Does this offer sound to good to be true?
- Am I being pressured to buy today?
- Can I afford to lose my investment?
- What do I really know about this individual or company?
- Does the Better Business Bureau have any reports on the company?
The Federal Trade Commission has developed these seven
basic precautions:
- Study the required disclosure statement and proposed contracts
carefully.
- Consult with an attorney or other professional advisors before
making a binding commitment.
- Be sure all promises made by the seller are written into the
contract.
- Talk with others who have already invested in the business.
- Investigate all earnings claims carefully. Earnings claims must
be in writing.
- Comparison-shop other franchise or business opportunities.
10. Where can I get a grant
to start my business?
Answer: Most startup companies will find it very
difficult, if not almost impossible, to qualify for grant dollars.
Grants are free dollars that do not have to be repaid and although
everyone would like to obtain one, they are not readily available
to business start-ups.
Three things that you should understand about grants:
1. Need - Grants are usually available to solve societal
problems or address societal opportunities. Improving the competitiveness
of industry, employing people with disabilities or recycling trash
are all issues that might receive grant funding because they address
special needs of society. Starting a retail or service business
or designing a retail product are not projects granting agencies
typically wish to support.
2. Responsiveness - The second fundamental
thing you need to know about grants is that the grant application
MUST be responsive to the needs of the granting agency. No one cares
that you need money to start a restaurant or photo studio. These
are businesses that are started every day without the assistance
of grants. You can't just do what you think is a good idea; you
must do what the granting agency thinks is a good idea. This requires
research into the granting agency to understand its needs and requirements.
3. Competition - The lure of free money has
a strong appeal and attracts many more applications than available
money. It is not unusual for granting agencies to receive 10 - 100
applications for every grant available. The successful applicant
is likely to be networked with the right people including political
entities, non-profit organizations and agency professionals.
If you are interested in learning more about available
grant programs and their specific requirements, please contact your area Small
Business Development Center for information and assistance.
(Also see: Grants/Loans/Capital)
11. My business
is in my home. My homeowners insurance covers my business, doesn't it?
Answer: Maybe, maybe not. It depends on your
policy. The standard policy gives you "$2,500 coverage for Personal
Property at the insured location used at any time or in any manner
for business purposes." What exactly does this mean? Let's look at
some definitions:
Personal Property
Personal property owned by you as an individual. Property that you
bought personally and you use in your business would fall under
this definition. Items purchased specifically for your business
and written off as a business expense on your tax filing might not
qualify.
Insured Location
This is the address shown on your policy. If you take any of this
property away from home (e.g. laptop computer, samples, and products
for sale) there may not be coverage.
Business
Business means any full or part-time trade, profession, occupation
or enterprise undertaken with the prospect of financial gain.
Often, a standard homeowner's policy gives only a
limited amount of coverage for property used for a business in the
home. Additionally, under the liability section of your homeowner's
policy any bodily injury or property damage arising out of your
business pursuits is specifically excluded.
(Also see: Home-Based Business Insurance)
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12. How can I make sure
my business is properly insured?
Answer: Talk to an insurance agent or broker
licensed to sell commercial (business) insurance. Agents that sell
personal insurance such as auto, home, boat, recreational vehicle,
retirement or health insurance may not be licensed to sell commercial
insurance. Your insurance representative should understand commercial
insurance and should take the time to learn about your particular
business needs. Be wary of any insurance representative that quotes
prices for insurance without first studying your specific needs and
business situation.
(Also see: Insurance)
13. What kind of
insurance should I buy for my business?
Answer: It depends on the business, what you
can afford, and what risks you are willing to accept. There are six
categories of insurance that you should review with your commercial
insurance representative: Commercial General Liability, Commercial
Auto, Property, Worker's Compensation, Bonding and Umbrella insurance.
With the exception of commercial general liability insurance, not
every category will apply to every business. However, commercial general
liability insurance is a "must have" for all businesses.
14. Whom should
I contact for business insurance?
Answer: You should contact a person licensed
to sell commercial insurance; either a commercial insurance broker
or a commercial insurance sales representative. They are licensed
by the State of Missouri to sell business insurance. A broker will
usually represent more than one insurance company whereas a sales
representative usually works for one company. When looking in the
Yellow Pages, look for companies that list commercial or business
insurance as one of their products. Those companies that list only
personal insurance such as auto, home, boat, life, recreational vehicle,
and health typically are not licensed to sell commercial insurance
and will not be able to help you.
15. Is Workers' Compensation
Insurance required for my business?
Answer: All businesses with five or more employees
(except agricultural or domestic labor) must provide workers' compensation
insurance to protect their workers in case of jobrelated injury, illness
or death. Construction companies with one or more employees are required
to carry this insurance. Companies can obtain this protection through
a private insurance carrier. Premiums are based on the risks associated
with each occupation and are determined by the State of Missouri.
Contact the Division of Workers' Compensation (1-800-775-2667)
for more information or consult with your attorney or insurance representative.
16. Is
Unemployment Insurance required for my business?
Answer: Most companies doing business in Missouri
are required to pay unemployment insurance to protect workers during
periods of unemployment. This applies to most businesses having one
or more workers on their payroll for 20 weeks during the calendar
year, and to businesses paying an individual employee $1,500 or more
in a given quarter.
Contact the Division of Employment Security (1-573-751-9889)
for more information.
17. What should I know
about applying for a bank loan?
Answer: There are five things that a commercial
loan officer will review with you in your initial visit:
- Equity (CASH) - you are expected to have at least 20%
of your own money (cash) invested in the project. Some lenders
may require 25-30% but the minimum you can be expected to contribute
is 20%. If your business project is estimated to cost $25,000,
the bank will request that you put at least $5,000 of your own
money into it if they are to consider lending you the remainder
of $20,000.
- Collateral - all lenders look for a secondary source
of loan repayment that is called collateral. You are expected
to pledge other household income sources or additional material
assets that are equal to or greater in value than the loan itself.
These assets must be free and clear of debt or you must have a
substantial equity (cash) investment in them such as would be
found in a house, land or heavy equipment. Your lender will discount
the value of your collateral assets, generally 20-50% of appraised
values, depending on their perceived risk in reselling them. If
you seek a $20,000 loan, expect to pledge assets with net cash
values of $25,000 or greater.
- Completed Business Plan - this is a formal document (usually
10-15 pages plus exhibits) that contains information about your
business and its industry, and includes a marketing plan, operations
plan and financial plan. Of particular importance to the lender
will be the financial projections for income, cash flow and the
balance sheet. These projections must cover a period of at least
three years each.
- Good Credit - described as having no bankruptcies in
your background. If the bankruptcy was the result of illness or
a financial problem that is considered to be beyond your control,
discuss it with your loan officer. There may be a way around it.
If it was the result of poor financial management, chances are
your lender will not be interested in making a loan.
- Good Character - described as paying your bills on time
and not being in the middle of a divorce which could have a dramatic
impact on your ability to repay financial obligations. Lenders
are always concerned about getting repaid and look for assurances
in your character that you will meet your obligations.
18. How do I go
about getting a business loan?
Answer: It starts with a business plan. Today,
a lender will not consider lending an individual money unless he or
she can prove in writing that they've done their research, developed
a plan of action and can demonstrate that they have the knowledge
and experience to operate a business. A well-written business plan
can make the difference between loan approval and disapproval. The
plan should have a table of contents, be typed, be easy to read, and
have the supporting documentation necessary for the lender to make
an informed decision. A business plan should be presented to the lender
by the business owner(s) in person so that the lender will have the
opportunity to review it and ask questions as necessary.
For business plan assistance, please contact your area Small
Business Development Center for help. They have a library of resources
available to help you and also provide free counseling services.
(Also see: Grants/Loans/Capital)
19. How do I get an SBA
loan?
Answer: You start with your local lending institution.
SBA does not make direct loans to individuals. SBA guarantees loans
made by banks and other private lenders. The guarantee lowers the
potential loss exposure for the lender, therefore enabling the lender
to make a business loan that otherwise might be considered too risky.
For more information about SBA programs, please contact
your area Small Business Development Center. You can also
call the SBA Answer Desk at (800) ASK-SBA or visit the SBA web site
at www.sba.gov
(Also see: Grants/Loans/Capital)
20. Why is market
research important?
Answer: You need to know everything there is
to know about your competition and your industry. Are they planning
a big promotion? Are they offering new products or services? Are they
thinking about lowering or raising prices? To stay ahead, it's essential
that you monitor everything that's happening in your business environment.
But you ask, "how?" Most busy small business owners don't have the
time or the resources to devote to sophisticated and expensive market
research.
Here are ten simple, inexpensive market research techniques
to try that work:
- Network
You can start by getting to know your competition and other business
owners in the community on a friendly, personal basis. For example,
meeting informally after hours works great for some. For others,
just walk into their business, identify yourself and start talking.
Sometimes you may need advice or want to give them a suggestion;
other times they may have a suggestion for you. Business people
appreciate the camaraderie and you'll be surprised at the many
problems you share in common. They'll also become good friends.
- Read the telephone book
Peruse the Yellow Pages and you'll quickly discover your competitors'
specialties. Armed with that knowledge, you may decide to target
a different market segment or go head-to-head with them.
- Ask a friend
Your competitors may not appreciate your visits to their business
to see what's new. Ask a friend to help out. They can observe
changes and also get on the mailing list.
- Call your competitors
Many competitors have a toll-free number. Use it to learn if the competitor
has a surplus of certain inventory or is offering specials on
certain items. Learn how they handle customer inquires.
- Attend conferences, trade shows and meetings
Why attend? Because your competitors, customers and suppliers
will be there. Trade shows give you a wonderful opportunity to
view your industry's products and services. They allow you to
meet your competitors in person and talk to them. While visiting
your competitors' booths you can pickup marketing materials, observe
how they interact with potential clients, and figure out what
you need to do better.
- Go to the library
Trade magazines, case studies, industry directories, credit reports,
statistical collections and computer services await you. Many
college libraries will allow you to use their resources also.
Your trade association is a good source of industry information.
Their library resources will allow you to profile competitors
and get a better understanding of your industry and the customers
it serves.
- Ask customers
Who knows the word on the street better than customers do? Just
ask them if they've ever used your competition, what their impressions
were, and why they're now shopping with you. You'll learn more
than you thought possible. (Don't forget your competition will
be doing the same thing).
- Ask your workers
Casual conversations with your employees can reveal all kinds
of tidbits. After all, they rub shoulders with distributors, suppliers,
sales people, customers and others who know your competition and
industry firsthand.
- Read
If you're not reading your local newspapers daily, you should
start. Scan all the sections, focusing on the business pages.
Frequently a local business will be profiled or mentioned as part
of a larger story. Also subscribe to trade journals and newsletters
pertaining to your business. They will highlight industry trends,
legal rulings and new developments. Chances are your competitors
use this information to make decisions, so should you.
- Foster relationships with non-competitors
Visit businesses similar to yours in non-competing markets. This
is a first class way to expand your knowledge and discover up-and-coming
trends. Try to foster a mentor in a different geographic area
that offers an opportunity to exchange ideas and information.
For more information on market research refer to the
Market Research Workbook.
21. How do I obtain a patent
and/or a trademark?
Answer: To get assistance with patents and trademarks,
please contact:
Central Missouri State University
Center for Technology and Small Business Development
Grinstead 014
Warrensburg, MO 64093
Ph. 660-543-4402
Fax 660-543-8159
E-mail:MAManley@hotmail.com
You can also contact your nearest Small
Business Development Center.
(Also see: Copyrights, Patent
and Trademarks)
22. How much money
will I need to get started?
Answer: Every business will be different but
if you expect to borrow money to get started, you will need at least
a 20% equity position (cash investment) in your business. (Some lenders
may require more). This equity position is best described as your
ownership in the business that is free and clear of debt.
In the pre-start-up phase, it's best if you don't spend
any of your own monies until the lender has approved you for a loan.
Lenders prefer that your equity investment be in the form of cash.
Although they will accept other forms of equity such as land, buildings,
and heavy equipment that become part of the business, they are usually
reluctant to give you equal value for the monies invested unless they
were involved in the purchasing decisions from the beginning. In addition
to your equity position, you will also be expected to have money in
collateral items (material assets that you own) with a dollar value
equal to or greater in value than the borrowed monies.
For example, if you determine through the business planning
process that your startup expenses will be $50,000, you can be expected
to demonstrate a cash contribution to the business of at least $10,000
(20%). In addition, you will be expected to pledge material assets
(collateral) with a net value of $40,000 or more to cover the remainder
of the loan in the event of default. The value lenders place on collateral
varies greatly and is always discounted so don't be surprised if you
are asked to pledge collateral you think is worth 1½ to 2 times
the amount of the loan. (Note: A house with an appraised value of
$100,000 and a $80,000 mortgage has a net value of $20,000. For collateral
purposes, a lender will usually discount a single-family residence
20%, placing a value on this collateral at $16,000).
23. Where can I get
money to get started?
Answer: There are a number of sources where you
can obtain monies to get started in a business but none of them will
come without some form of risk and expense. The primary source of
money will be from your own personal funds. This could be from a savings
account, insurance policy, retirement plan, home equity loan or some
other personal investment that can be easily converted to cash. Although
you may be reluctant to use these monies, especially if you think
you can find someone else's money to use, just remember that no one
is likely to lend you money if you don't put yourself at risk first.
Other sources of funds could include family and friends,
partners, credit cards, bank loans, finance companies, credit unions
(for personal loans only), investors, suppliers and customers. You
may also consider renting or leasing instead of buying, to reduce
heavy outlays of cash in the startup phase.
(Also see: "Financing Your Business" in Doing
Business in Missouri)
24. In the book
put out by the Missouri department of Economic Development, "Starting
a New business in Missouri," it is specifically mentioned that craft
sellers must charge the sales tax at the point of sale. Does this affect
any other types of businesses? What about multilevel marketing companies
or other home-based business owners who take their products to various
locations?
Answer: This pertains to anyone who sells at
retail in various locations. The idea is that the sales tax is collected
at the point of sale and includes any local sales taxes. So, if you
are located in Kansas City and sell from your home, you charge the
local sales tax rate. If you go to a show in Springfield and sell
at the show, you charge the sales tax rate for Springfield and report
those sales separately on your sales tax report. Frequently, vendors
at shows report their sales under an umbrella provided by the organizer
of the show. In the case of multilevel marketing companies, the parent
company may collect and submit sales tax for their distributors. This
varies between companies. Of course, if you are crossing state lines
you should have a sales tax license in each state and submit taxes
accordingly.
Copies of the document "Starting a New Business in Missouri"
are available online here
[618k].
25. I have several
questions about taxes. Where can I get assistance?
Answer: The tax laws and their applicability to
your business vary from business to business. This is an area that consultation
with a tax attorney or certified public accountant is highly recommended.
A good source for finding a tax attorney nearest you is The Missouri
Bar Referral Service, 326 Monroe Street, Jefferson City, MO, 65101,
at 1-573-636-3635.
(Also see: Taxes)
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26. For how long do
we need to store the application files on people who applied for a job
with our company but who were not hired?
Answer: There's no law that dictates how long
you must keep resumes on file, but there are several federal laws
that regulate record keeping for applications and resumes. According
to the Americans with Disabilities Act, the Rehabilitation Act and
Title Seven of the Civil Rights Act, you must keep applications and
resumes on file for at least a year. The Age Discrimination in Employment
Act states that you must keep the applications and resumes of applicants
who are covered by the Act for at least two years. To determine who's
covered by the Age Discrimination in Employment Act, you have to find
out an applicant's age. This can be tricky since you can't ask applicants
how old they are before you hire them. As a general precaution, you
may want to keep all applications and resumes for at least two years.
(Also see: Human Resource Issues)
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