As a business owner, you will be responsible for paying a variety of local, regional and national taxes. These can include income tax, much like employees pay on their income, plus additional payroll taxes, business licences and permits, sales and use taxes, and self-employment taxes.

The taxes you pay can depend on your line of business, the type of business entity you create, the tax designation you choose and where your business is based. Taxes will differ based on the country and region you are in and can be complicated, so it is wise to consult an accountant and business lawyer to ensure that you are adhering to all relevant laws.