Resources for My Business
Creating a diverse and inclusive infrastructure community
Welcome to the
Resource Center!
Here you will find guidance to help your business to become contract ready. We’ve outlined some of the most critical things your business will need in order to qualify and bid for contracts (from (Employer Identification Number) EIN numbers to understanding business certification).
What this guide is
This guide has all the information your business needs in one place to understand the Bipartisan Infrastructure Law and how you can find resources to help your business thrive. You will find links to federal and state resources and guidance. Please note that Build Up Local is not responsible for any information on those sites. We are here just to provide you with resources readily available.
This Guide is NOT
Build Up Local does not provide business certification services. We’re happy to help you get connected to certification resources, or help answer any questions you may have about certification. Additionally, we do not provide or have oversight into any of the contracts, legal assistance, tax preparation, any financial resources directly to businesses such as grants, loans, or have the ability at this time to provide them. If you are seeking additional advice regarding the certification process, please contact the National Minority Supplier Diversity Council.
The Basics - Starting Your Business to be Contract Ready
The Bipartisan Infrastructure Law creates several new opportunities for business owners to bid on contracts, build their professional network and to grow and scale their businesses. If you’re just getting started or even thinking about getting started on your business journey, take a moment to read through this guide to learn more about what you can expect as you start your business and get contract ready.
Employer Identification Number:
First, you will need to make sure you have an Employer Identification Number, which is issued by the Internal Revenue Services (IRS) for the purpose of tax administration. An EIN is required for business bank, loan and credit accounts as well as state and federal tax filing. To check the status of your EIN or to apply for an EIN, visit the IRS website.
You may already have an EIN. If you need to make changes to your EIN, your requirements will depend on your business structure and the type of change needed. Check with the IRS to determine exactly whether you need to change or replace your EIN.
Be aware of common EIN scams.
Scammers attempt to trick business owners into applying for an EIN number through fraudulent websites.
The only agency that administers EIN number is the IRS and you should never pay to apply for an EIN number.
Determining Your Business Structure:
There are benefits and drawbacks to certain business structures depending on what type of business you’re running, what state you live in and how much business you do. Take the time to review different business structures and determine what works best for your business.
Register Your Business:
Next, check to make sure you’ve registered your business. Registering with federal, state and local agencies protects your business by making it a distinct legal entity. How and where you need to register depends on your business structure and business location.
- Register Your Business with Federal Agencies
For most businesses, this is a fairly straightforward process, all you will need to do is file to get a federal tax ID, which your EIN will serve as. However, if you want to
trademark your business, brand or product name, file with the
United States Patent and Trademark office once you’ve formed your business.
- Register Your Business with State Agencies:
- If your business is a limited liability company (LLC), corporation, partnership, or nonprofit corporation, you'll likely need to register with any state where you conduct business activities. Typically, you’re considered to be conducting business activities in a state when:
- Does your business have a physical presence in the state?
- Do you often have in-person meetings with clients in the state?
- Does a significant portion of your company’s revenue come from the state?
- Do any of your employees work in the state?
- Some states allow you to register online, and some states make you file paper documents in person or through the mail.
- Most states require you to register with the Secretary of State’s office, a Business Bureau, or a Business Agency.
- You can look up your state here
Finances & Taxes:
Take the time to review and take stock of your financial health and taxes. There are many financial and time commitments involved with contracting and certifying your business and you’ll want to be in the best position financially before you proceed.
Federal Taxes:
Your EIN number will also be your federal tax ID that you’ll use for paying federal taxes, paying and hiring employees, opening a business bank account and to apply for permits and licensing. Learn more about federal tax obligations by visiting the
IRS website.
State Taxes:
The need for a state tax ID number ties directly to whether your business must pay state taxes. Did you know that 7 states don’t collect sales tax, and that only 2 impose tax income from dividends? There are also more than 12,000 state and local tax jurisdictions across all 50 states. That’s at least 240 per state.
State taxes are complex, confusing and often cause headaches for business owners who often serve as their business’s accountant. To know whether you need a state tax ID, research and understand your state's laws regarding income taxes and employment taxes, the two most common forms of state taxes for small businesses.
The process to get a state tax ID number is similar to getting a federal tax ID number, but it will vary by state. You'll have to check with your state government for specific steps. You can look up your state revenue offices here.
Opening A Business Bank Account:
If you’re ready to start spending and accepting money as a business, it’s time to open a business bank account! It’s a best practice to keep your business and personal finances separate, it’ll help you to avoid overdraft fees, missed bill payments and keep track of business spending. A business bank account helps you stay legally compliant and protected. It also provides benefits to your customers and employees.
As you consult with different banks, make sure you find an account with low fees and good benefits.
Consider the following as you search:
- Introductory fees
- Interest rates for checking and savings accounts
- Transaction fees
- Early termination fees
- Minimum account balance fees
- Interest rates for lines of credit
Before you run to the bank to open your account, don’t forget to gather some important documents, including your EIN number (or social security number if you're a sole proprietor), your business formation documents, ownership agreements, and business license.
Additional Resources For Your Business:
- Small Business Administration Business Guide: Starting a business involves planning, making key financial decisions, and completing a series of legal activities. Review the SBA’s 10 Step Guide for starting a business
- The Minority Business Development Agency: The U.S. Department of Commerce, Minority Business Development Agency (MBDA) is the only federal agency solely dedicated to the growth and global competitiveness of minority business enterprises. Dating back to the Nixon Administration, the MBDA relied on annual appropriations set by Congress for operations. The Bipartisan Infrastructure Law changed that when it codified the MBDA into a permanent agency with a Senate appointed Under Secretary of Commerce, additional funding and more authority.
- The National Minority Supplier Development Council
- The National Urban League
- Public Private Strategies Institute