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Business Start Up Action Items

February 2019 | admin

Thinking of starting a business? Here are critical items you should address:

Establish a Banking Relationship

  • Financing needs
  • Operating Account Set up
  • Check deposit system
  • Credit card processing access

Get Legal

  • File EIN application for business identification number
  • Select choice of entity and file appropriate federal and state forms
  • Set up state Unemployment account
  • Create state specific online account for future tax filings (sales, excise)
  • Complete a Sales & Use Tax exemption Certificate if applicable
  • Review your Real Estate Lease
  • Create an HR handbook
  • Don’t forget your personal items such as updating Wills, Power of Attorney, and Health Care Proxy

Get fully insured – common/ needed policies include:

  • Building
  • Employee practices
  • Liability
  • Malpractice
  • Workers Comp
  • Business interruption
  • Cyber
  • Life
  • Disability
  • Health

Hire a Payroll company

  • Make sure your payroll service will file and remit all applicable payroll taxes on your behalf as well as quarterly reports

Set up your Bookkeeping

  • Depending on your industry we are still supporters of QuickBooks
  • Tailor your Chart of Accounts to the business’s specific needs

Other matters

  • Establish new contracts with Vendors