|
| |
Business Start Up Checklist
The following list
contains most of the items that could be needed to start up a business.
Depending on the type of business entity some of these items may or may not
apply to each case. This list is intended to provide you with a summary of
some of the items that may be needed to start a business entity; however, the
list will not provide each and every step required to properly establish a
business entity and start up a business. We highly recommend that you call us or
seek professional help to assist you in this matter.
What is first?
-
Identify the
form of business entity that suits your requirements. The entity you select
will impact several issues including taxation, liability, reporting, and
others. We provided a comparison chart herein for your quick reference.
Should you need more information please call us.
-
Obtain a
State charter or file for an assumed name if required. If you need
assistance to incorporate in the State of Texas, our firm can help you to
register your business entity and obtain a charter within 24 hours.
The average cost for incorporating depends on the type of entity.
-
Upon
receiving your charter or assumed name, you should identify your fiscal
year. Sole proprietors must use calendar year; other entities can use
calendar or fiscal year. Selecting a fiscal year other than calendar year
may affect your financial and tax reporting.
-
Obtain an
Employer Identification Number from the IRS using form SS-4. You may click
this link to download and fill-in the form online. SS-4
in English or SS-4 in Spanish The forms will
require Acrobat
Reader which can be downloaded for free.
-
Select the
accounting system you will use to record and process your business
accounting records. Several accounting software can provide you with all you
need for organizing your books for a very competitive prices (about
$150-$200). If you need assistance in setting up your accounting system and
payroll, we can set up the system for you and train you to use such system.
-
Establish a
bank account. Banks will require certain documents to establish a business
checking account including your Employer Identification Number (EIN), the
article of incorporation, by-laws, board resolution, and other business
documents. When ordering checks, consider the compatibility of the checks with
your software.
-
If your
business entity is a Corporation, you will be required to accomplish certain
activities including holding an organizational meeting to:
-
Adopt the Bylaws
-
Select the Board of
Directors
-
Issue and distribute
shares certificates
-
Select officers and
managers
-
Record minutes and
address any immediate issues
-
If your
business entity is an LLC, the tasks you are required to accomplish in the
organization meeting include:
-
Adopt an
operation agreement
-
Distribute the membership certificates
-
Select
members and managers
-
Address any immediate issues
-
Record minutes
-
If the entity is a C-Corporation and elects to become an S-Corporation, such an
election should be done using IRS Form 2553
If you need help with any of these matters, we will be glad to assist you.
|
