New Business Checklist: STEP 1

Tuesday December 30th, 2003

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Item	Next Step
1	YOU MUST FIRST prepare a WRITTEN business plan and financial statements. If you are feeling overwhelmed with the amount of work you will have to put into writing a business plan, you can start by using our free too, the Business Plan Writer. Consult your financial advisors (accountant, lawyer, etc.) before undertaking these, and have the plan and statement reviewed by your advisors after completion.
2	STOP! HAVE YOU FINISHED STEP 1? You must learn how very essential a business plan is for the success of your business.
3	Decide if your company will operate as a corporation , a partnership , a sole proprietorship or a non-profit organization.
4	Obtain incorporation papers from the Secretary of State. If your business is already incorporated in another state, contact the Secretary of State to get the proper application to do business in the new state.
5	Apply for a Federal Employer Identification Number (EIN) by filling out the Form SS-4. You may also call the local IRS TELE-TIN hotline service, or visit the IRS�s Web site: www.irs.gov.
6	Apply for a State Sales Tax Number if you plan to sell a taxable product or service.
7	Contact your state�s Department of Labor or Employment for unemployment insurance registration materials.
8	Contact the Workers?Compensation Commission to determine what�s required for compliance with the Workers?Compensation Act (this is not necessary for a sole proprietorship without employees).
9	Contact the local municipal office (town clerk, county clerk, etc.) to find out if there are any local registration or license requirements.f
10	If you plan to operate your business from your home, check with the local code enforcement office to ensure compliance with all local requirements.
11	Contact the Bureau of Labor Standards office to find out what is necessary for compliance with the Occupational Safety and Health Act (OSHA).
12	Contact your state�s Department of Taxation/Revenue to request the proper paperwork for registration, and to receive instructions on withholding and paying state income taxes, sales tax, excise tax, etc.