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Pre Start-up Checklist

The following are activities that need to be completed or considered,
but not necessarily in the order they are presented here.

Getting Started

  1. Select a business idea and evaluate feasibility.
  2. Conduct market research, develop a marketing strategy, and prepare a marketing plan.
  3. Develop and write a business plan.
  4. Consider a legal structure - sole proprietorship, partnership, corporation
  5. As necessary, determine your company’s Board of Directors and Officers.
  6. Set up Bylaws and a system of Minutes for your Corporation.
  7. Create Logo, order Corporate Stationery and Business Cards.
  8. Order a set of Corporate Records and a Corporate Seal at a commercial stationer.
  9. Post Your Business License visibly at your business location.
  10. Determine your initial needs for office equipment, furniture and initial office supplies and forms.
  11. Consider the differences between your purchase and lease options, and whether secondhand materials are available. Proceed to best obtain what is needed.
  12. Identify and move into your Facility (paying with Company Checks).
  13. Set up your phones, desks, computers, and initial equipment.
  14. Determine business insurance needs.

Accounting and Finance

  1. Prepare cash flow projections - revenues and expenses.
  2. Determine financial needs to start and operate your business.
  3. Identify financing sources - self, friends and family, equity, debt.
  4. Choose Your Fiscal Year.
  5. On first date of Corporation, transfer Assets as well as Liabilities to your bank accounts (from what was your sole proprietorship or previous partnership, or from your personal possessions).
  6. As necessary, transfer seed money into account to tide you over until money starts coming into the business (keep proper transfer documentation).
  7. Determine a method of record keeping and implement it.

Regulation, Law and Tax Matters
  1. Select a name and register your business with appropriate local, state and federal agencies.
  2. Name Your Business - 1) publish your fictitious name (DBA - “Doing Business As”) through a general circulation newspaper, 2) contact your local county courthouse / city hall and file fictitious name statement.
  3. Pick your bank and open your Corporate Bank Accounts: both a savings account and checking account; bring a copy of your DBA receipt for the bank.
  4. Check with the City or County Clerk’s Office or the Better Business Bureau to see if your business may be required to obtain a special local or state license
  5. Consult with or appoint an attorney familiar with starting businesses.
  6. If forming a Partnership, create a legal Partnership Agreement, use income tax Form 1065 and set up taxation for each partner.
  7. If Incorporating, File for Incorporation (C Corp, S Corp, LLC) with the IRS and apply for your Certificate of Incorporation with your State and County, as necessary.
  8. For Corporations, obtain from the IRS Federal Tax Deposit Coupons and use Income Tax Form 1120 or 1120S.
  9. Determine whether any initial Trademark, Copyright or Patent Issues need to be addressed for your Business.
  10. Check to see if your state requires Worker’s Compensation Filings
  11. Contact the IRS Office in your area to get squared away on Social Security Withholding Tax, Business Reporting and Corporations Tax.
  12. Check to see if you need to file with the state as an income tax (payroll tax) withholding agent.
  13. Apply for state sales tax identification number
  14. If you plan to take on employees, apply for Employer Identification Number with the IRS (Call 1-800-829-1040 for Form SS-4). Note: filing must be within
    seven days after the first payment of wages.
  15. If you take on employees, have each employee in employment for wages apply for an employees' identification account number (use IRS Form SS-5) by the seventh day of their employment.
  16. If products are to be sold at retail, obtain a Seller’s Permit Number through your state’s Department of Revenue and check to see if you need to file with the state as a sales tax collecting agent.
  17. If you will be purchasing raw materials for eventual resale, obtain a Resale Certificate to avoid the payment of sales tax.