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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.

10-Retirement Plans.

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.