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
- Consult an accountant. Compare the tax aspects of entities.
- Choose a business entity.
- Consult an attorney regarding federal and state laws governing creation, ownership and operation of the entity.
- Draft and execute agreement among principals. Target the business start date.
- File with state for certificate of assumed name (DBA).
- Obtain a federal employer identification number (EIN).
- File incorporation, limited liability company (LLC) or partnership documents with state. For corporation electing Subchapter S status, file IRS Form 2553.
- Obtain state tax identification numbers. File required documents with state unemployment and sales tax authorities.
- Obtain required city/county/local business licenses/permits.
- Establish a business checking account.
- Fund the entity. Corporations issue stock certificates.
- Conduct necessary corporate or other organizational meetings. Elect board of directors.
- Establish books (accounting records) for the new entity. Close books of previous entity if changing the form of business.
- Send notification of the business name and business start date to customers, vendors, bankers, etc.
- Consult with an insurance professional to obtain business liability and workers’ compensation coverage.
- Review wills and estate plans of the owners.
- Hire employees.
- Set up records/files of documents mentioned above and any other applicable business records, such as corporate minutes.
- 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 https://www.score.org/ is the nation’s largest network of volunteer, expert business mentors who help small business starters.)