Business Start-Up Checklist printable pdf download

Business Start-up Checklist

You’ve decided to start a business. This is both an exciting and demanding time. The checklist below is

meant to help new business owners by providing a list of the most common start-up steps. Depending on

your particular industry, additional steps may be required for your particular business.

Since you are on the Business Filings website, we are assuming that you are either already in the process

of forming a corporation, limited liability company (LLC), or nonprofit, or are evaluating whether to form

your business. Therefore, this checklist begins with incorporation.

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Incorporate your business or form your LLC with the state. Forming a business as a corporation

or LLC helps to protect the owners’ personal assets from the debts and liabilities of the business. There

are also other advantages of forming a corporation or LLC, including certain tax advantages and

establishing credibility for your new business with potential customers, vendor, employees, and partners.

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Prepare a business plan, if you have not done so already. Business plans define the Who, What,

When, Where, and How of your business and the products and/or services you plan to provide. Business

plans clearly outline the goals of the business, explain the operating procedures, detail the competition,

include a marketing plan, and explain the company’s current and desired funding. If your company plans

to seek funding either in the form of a traditional loan or from venture capitalists, a thorough business

plan will be required for the application process.

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Select an accountant and attorney. Many small business owners turn to accountants and

attorneys for advice when starting out, as well as through the life of the business. Many people seek

referrals from friends, family members, or other small business owners in order to find an attorney and/or

accountant. You may want to search for professionals who have worked with other small business

owners, possibly in your same industry, and are familiar with the unique business situations small

business owners often face.

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Obtain the federal tax identification number (also called employer identification number or

EIN) for your business from the Internal Revenue Service (IRS). The EIN is like a social security number

for a business, and is required for corporations and LLCs that will have employees. The IRS uses this

number to identify your business for all taxation matters. Business Filings can assist you with the

preparation of IRS Form SS-4 for you to obtain an EIN or can obtain the EIN on behalf of your business.

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Obtain the state tax identification number for your business (if applicable). Some states

require businesses to also have a state tax identification number. To learn if your state has this

requirement, contact your state’s taxation department.

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Open a business bank account. It is very important for corporations and LLCs to keep the

finances of the business separate from those of the owners. To open a business bank account, most banks

require information on the company, such as its formation date and type of business, and names and

addresses of its owners. Some banks require corporations to provide a resolution from the board of

directors or LLC members/managers authorizing the opening of the business bank account. In New York,

a corporate or LLC seal is often required. It is advisable to contact the bank about their business bank

account requirements prior to trying to open an account. That way, you will come prepared with all the

necessary items.

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Apply for business loans (if applicable). Not all small business owners have enough of their own

capital to start a business, and many seek outside funding from sources such as banks or through Small

Business Administration (SBA) loan programs.

Business Start-Up Checklist

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