Most businesses start out small. The checklist below provides the basic steps for starting a business after you've decided on it's structure and operating agreement AND register your business. The list is not all inclusive. Your specific type of business could require other steps.
The Small Business Administration (www.sba.gov), Internal Revenue Service (www.irs.gov), and the organization SCORE (www.score.org) all offer free help to new small business owners with starting a business but this list includes the most important steps a lot of first time entrepreneurs who start business on their own overlook.
1. Consult a tax advisor, even if you are just thinking about starting a business. There are many decisions to make in starting a business such as choosing a business structure, tax year and accounting method.
2. Apply for a federal Employer Identification Number (EIN). You may need it for a variety of reasons, including some that are not tax-related, such as opening a bank account.
3. Keep good business records of
income and expenses. Save all receipts.
4. If you plan to have employees,
make sure you understand all the requirements and forms that you need to submit
when hiring employees.
3. Pay estimated federal and state taxes four times a year. Your tax advisor can help you determine how much to set aside ahead of time for your payment.
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