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Business
Startup Checklist MyNewCompany.com™ is
dedicated to helping you start your small business
as quickly and easily as possible.
In this section, we've listed the specific steps
required to start your business in any State. Once
you've formulated your business
idea and know where you'll obtain
the money to fund your new startup, the next step
is following our instructions for starting your
business right the first time!
Tip: This page is "printer-friendly",
you can print it out for later reference.
| NOTE: This is a general startup checklist. Clients
who utilize MyNewCompany.com's Incorporation and
LLC Formation services receive access to a detailed,
state-specific checklist that includes links to state-specific
forms and applications as well as specific information
on doing business in your state.
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You basically
have 4 choices when selecting a legal structure.
Click Here for a detailed
explanation of all 4.
Business Naming Resources:
If you haven't already, prepare at least a preliminary
business plan.
If you are setup as a
Corporation or an LLC (or a sole proprietorship with
employees), apply for a Federal Employer Identification
Number (FEIN) from the IRS. A FEIN will
be necessary to open a bank account or process payroll.
TIP: If you use our incorporation
or LLC formation services we can prepare
this form for you and help you obtain it instantly
over the phone.
Select a bank and open the company bank account.
TIP: Contact the bank prior to opening
the account to see what their specific requirements
are to open a business checking account; some banks'
requirements are fairly simple whereas some banks' requirements
are extremely complex.
5. Lease Office, Warehouse or
Retail Space (if not home-based) Depending
on your type of business (retail, office or warehouse),
arrange for office space to be leased.
Contacting a commercial realtor in your area can
be helpful. Also, make sure to arrange for
utilities and office furniture.
A.
Federal Permits
Depending on the type of business you are in, you
may need a Federal license or permit.
Most
businesses do NOT require a Federal license or
permit. However,
if you are engaged in one of the following activities,
you should contact the
responsible Federal agency to determine the requirements
for doing business:
B. State Licenses
Some occupations and professions require a State license or
permit. Laws
vary from State to State, however, if you are engaged in one of the following
professions, you should contact the responsible state agency to determine the
requirements for your business:
- building contractors
- banks
- insurance carriers
- physicians
- appraisers
- accountants
- barbers
- real estate agents
- auctioneers
- private investigators
- private security guards
- funeral directors
- bill collectors
- cosmetologists
State Licenses and Permits based on products
sold.
Some state licensing requirements are
based on the product sold. Contact your state licensing authorities to determine
the licensing requirements of your business. For example, most states require
special licenses to sell:
- liquor
- lottery tickets
- gasoline
- firearms
TIP: Most people engaged in the types of business
that require a special State License or Permit are already aware of the
requirements (i.e. an accountant is familiar with the licensing requirements for
accountants).
C. Sales Tax Permit
If your company sells physical products within the
state where it does business, you may have to collect and pay sales tax. This is
usually accomplished by obtaining a State Seller’s Permit or Resale
Permit.
TIP: many service businesses that do not sell a physical, tangible
product are NOT required to collect sales tax, ask the State taxation agency for
details/clarification.
TIP: Sales tax permit forms can be obtained from our partner here.
If you intend to hire yourself or others as a full
or part-time employee of your company, then
you may have to register with the appropriate State
Agencies or obtain Workers Compensation Insurance or
Unemployment Insurance (or both).
TIP: View our "Employees
& Payroll" section for help with hiring
employees and processing payroll.
Setup your Accounting and Record-keeping system and
learn about the taxes your new company is responsible
for paying.
Company documents generally are required to
be kept for 3 years, including: a list of all owners and
addresses, copies of all formation documents, financial
statements, annual reports, amendments or changes to
the company. All Tax and Corporate Filings
should be kept for at least 3 years.
TIP: View our "Accounting
& Financial Management" section for help
with setting up an accounting system and purchasing
accounting software.
There are many types of insurance for businesses
but they are usually packaged as “General Business Insurance”
or a “Business Owner’s Policy”. This can
cover everything from product liability to company vehicles.
A decent policy can run as little as $300/year and offers
a great extra level of protection.
TIP: Click here
to view our preferred provider of business insurance
online.
Prepare the business as if someone needed to take
it over and run it for you. This means have a method
to process orders, pay bills, pay employees, pay taxes,
maintain your permits, etc. Basically, try to make the
operational aspect of the business as automated and
efficient as possible so you can concentrate on growing
your business.
TIP: View our "Manage
Your Company" section for help with
systemizing and automating your business.
Order business cards, letterhead and promotional
materials for your business. A professionally
created logo can make your business look professional
and established.
TIP: View our "Business
Identity" section for help with naming, logos,
trademarks and more.
Now that you've set-up the company for success, you
need to get the word out. Create a marketing plan for
your products and services that targets your ideal customer.
TIP: View our "Marketing
& Sales" section for help for more
information.
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