Business Start Up Action Items
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