Start-up Considerations

When I started my business, below resources was very helpful. I would like to share with you.

  • IRS Pub. 583, Starting a Business and Keeping RecordsChecklist for Creating a Business Entity
    1. Consult an accountant. Compare the tax aspects of entities.
    2. Choose a business entity.
    3. Consult an attorney regarding federal and state laws governing creation, ownership and operation of the entity.
    4. Draft and execute agreement among principals. Target the business start date.
    5. File with state for certificate of assumed name (DBA).
    6. Obtain a federal employer identification number (EIN).
    7. File incorporation, limited liability company (LLC) or partnership documents with state. For corporation electing Subchapter S status, file IRS Form 2553.
    8. Obtain state tax identification numbers. File required documents with state unemployment and sales tax authorities.
    9. Obtain required city/county/local business licenses/permits.
    10. Establish a business checking account.
    11. Fund the entity. Corporations issue stock certificates.
    12. Conduct necessary corporate or other organizational meetings. Elect board of directors.
    13. Establish books (accounting records) for the new entity. Close books of previous entity if changing the form of business.
    14. Send notification of the business name and business start date to customers, vendors, bankers, etc.
    15. Consult with an insurance professional to obtain business liability and workers’ compensation coverage.
    16. Review wills and estate plans of the owners.
    17. Hire employees.
    18. Set up records/files of documents mentioned above and any other applicable business records, such as corporate minutes.
    19. Start business operations.

    Caution: Unforeseen consequences can occur when a business is purchased or the name or type of entity is changed.

  • Score Free Small Business Advice. (Score is the nation’s largest network of volunteer, expert business mentors who help small business starters.)