West Virginia is ranked #11 for cost of doing business by CNBC in America’s Top States for Business 2018. With a 16% lower cost of living than the national average, your employees will reap the benefits of West Virginia living as well.
Kingwood, a close-knit community of approximately 3,000 people, is located in picturesque Preston County, West Virginia. Preston County offers ample opportunities for hunting, fishing, hiking, white water rafting and touring historic attractions. With our scenic beauty, friendly people, and affordable housing/low cost living, Kingwood is a great place to own a business.
If you are thinking of starting a business, it can be a daunting task. To assist you through the process, we’ve compiled a list of tips to help guide you on how to start a business in Kingwood.
The State of West Virginia offers a WV New Business Start Up Wizard on the WV One Stop Business Portal that will guide you through the necessary steps needed to determine the best legal structure, register your business with the state, register for a state tax ID number and register to pay state taxes.
To assist you through the process, we’ve compiled a list of steps needed to help guide you on starting a business in Kingwood.
One of the most important decisions in forming a new business is choosing a legal structure. Each type of business has its pros and cons, and your choice influences everything from daily operations, taxes, and how much of your personal assets are at risk. It is generally a best practice to study each in detail and compare against your business priorities.Links: WV Secretary of State - Business Structures
An Employer Identification Number (EIN), commonly known as a Federal Tax ID, acts as the unique identifying number for a business, similar to how a Social Security Number is used as a unique ID number for an individual. The IRS uses EINs to identify businesses for tax purposes. You will need a Tax ID (EIN) to open a business bank account, hire employees, etc. You may apply for an EIN in various ways, including applying online. This is a free service offered by the Internal Revenue Service, and you can receive your EIN immediately.Links: IRS - Apply for an EIN
After deciding on a business entity, the next step to start your new business is to register your business name.Links: Register Your Business Name
One of the primary requirements for starting a business in West Virginia is registering with the state. Registering a business with the Secretary of State is a step prior to obtaining your State Tax ID. Different from the Federal Tax ID, states have their own State Tax ID. This is a unique number assigned to a business or organization by the state where the business will be operating. It is primarily used for paying state taxes and hiring employees.Links: Register Your Business with the State WV State Tax New Business Registration Application
If your business will have employees, you will need to get Worker’s Compensation Insurance. In addition, general liability insurance may be required by the state. General liability coverage is designed to protect business owners from direct or indirect damages to another party. Depending on the type of business you will be opening, there may be other insurance required.Links: Business Insurance Requirements
A City License has to be obtained at City Hall for anyone doing business in the City of Kingwood. To receive your city license, you will need a copy of your WV Business Registration and, if applicable, any Contractor License. For more information call Kingwood City Hall at 304-329-1225, or complete the Application for City License and return to City Hall at 313 Tunnelton Street, Kingwood.
If your proposed business is physically within city limits, you will need to verify that the location conforms to local zoning requirements. Neighborhoods are generally zoned for either commercial or residential use. Zoning ordinances can restrict or entirely ban specific kinds of businesses from operating in an area. Please check with the city to determine zoning requirements for your proposed location.
In addition, if you need to make renovations to your location, you will need to apply for a building permit. Building permits are required on all inside/outside projects. A copy of the Ordinance can be obtained at City Hall. The fee for a building permit is based on the cost of the project. Contractors performing work inside City limits must have a City and WV State license. Fines can be given for failure to obtain a permit. All building permits must go before City Council. Applications need to be turned in by noon on the Friday preceding the Council meeting. Please allow up to 2 weeks for approval.Links: Application for City License