CHECKLIST FOR STARTING A NEW BUSINESS
This article is a summary of the various issues you will want to consider when starting a new business.
Please see my related article for some important questions you will want to address when deciding to start a new business>
1-Selecting a pegal structure: Sole Proprietorship; Partnership (General or Limited); Limited Liability Company; Regular C Corproation; S Corporation.
2-Obtaining an Employer ID Number (EIN) with the IRS.
3-Obtaining a State Tax ID Number with the state.
4-Registering your business with the state: State, City, & Local Licenses and Permits.
5-Filing and Paying Federal and State Business Taxes: Income; Corporate; Self-Employment; Payroll; Excise; Estimated Tax
6-Hiring Employees & Independent Contractors (Form I-9, W-4, State New Hire Reporting)
7-Setting up an account to pay IRS taxes online (EFTPS) System and State Taxes.
8-Insurance for your business (various types on insurance depending on your particular business needs).
9-Setting up a recordkeeping system, Properly recording business transactions; keeping business records.
11-Employee Fringe Benefit Plans.
12-Business Bank and Crecit Cards.
13-Partnership and or Corporation Agreements.
14-Selecting suppliers and vendors.
15-Preparaing financial statements.
16-Obtaining financing; Taking Out Loans
17-Tax, Nontax, and Legal issues to consider.
As you can see, careful planning and preparation is important to get your new business up and running smoothly on day one.
CALL NOW 561-746-1926 or 561-339-8102 if you have any questions or concerns or would like to schedule a FREE, Confidential, No-Obligation Tax-Saving Consultation.