Prepare a Business Plan
* Clearly state your business goals * Determine how the business will be funded (self, loans, investors, etc.) * Explain operating procedures * Develop a marketing plan
Choose Your Team
* Select an accountant to determine the tax consequences of the various types of entities (corporations, LLCs, partnerships) and decide which entity will best suit your business needs from a tax perspective * Your attorney will explain liability issues that exist with the chosen entity and complete the actual entity formation, along with any related documents (preparing the corporate book, shareholders agreements, partnership agreements, etc.)
Put Your Accountant to Work
* Obtain a Federal Tax ID number (EIN) * If you chose an S Corporation, the corporation must elect to become an S Corporation within 75 days * Establish an accounting system, payroll services, etc.
Open a Business Account
* Banks will need to see the Articles of Incorporation (Organization if LLC) and EIN to open an account
Obtain Business Licenses
* Check to see if any licenses are required by local, state or federal government and apply
Get Business Insurance
* Speak to an insurance professional about coverage that is appropriate for your business
Open Your Doors and Watch All Your Hard Work Pay Off!
Best of luck to you!