The beginning of the new year will herald a few changes in the business world, and we believe it is your job to be on top of what is going on in your company.
We published a business resource guide for Columbia entrepreneurs in September, and the significant modifications to the process of acquiring a business license will effect more than 8,500 Columbia enterprises beginning on January 1, 2022.
These modifications are in accordance with the Business License Tax Standardization Act, which takes effect on September 23, 2020. The purpose of Act 176 is to standardize the business license application process across all taxation jurisdictions in the state, and the Columbia Chamber of Commerce feels that Act 176 will make the overall business license application process easier.
To give an example, the current ordinance makes use of more than 150 business codes, while the new legislation will reduce this number to only nine rate classes.
All of this is fantastic, but what does it all mean?
By the beginning of the year, all cities and municipalities must amend their business license ordinances to comply with this rule, which standardizes everything from business year periods, renewal dates, and application procedures to business license applications.
Despite the fact that changes in company procedures can seem overwhelming, there are numerous resources available to assist you in staying on track and ensuring that you do not skip any important steps.
Start here after you’ve finished reading the new legislation to find out exactly what the new legislation needs. Next your review of the requirements, proceed through the following seven steps. The Municipal Association was established in order to make this procedure easier for businesses.
For start-up companies
If you’re intending to start a business, fill out the business license application and submit a copy of the application to each city or town where your firm operates that requires a business license in order to do business there.
In the case of business renewals
The prior renewal deadline was April 1, but business owners now have until April 30 to submit an application for a license valid through 2022.
If you’re intending to start a company, fill out the business license and application and send a copy of the application to each city or town where your business operates that requires a business license in order to do business there.