Do you have a great idea or concept for a new business? Or, do you hold a specific skill or are you an expert in a particular industry and wish to turn this into your own small business?
Most small business owners are embarking for the first time and are uncertain about how and where to begin.
First time business owners have questions about how to set-up a legal business entity, where to do it, where to find the paperwork, what fees can be expected, and which structure is best for their situation. And, let us not overlook the naming of your business!
Once you company is incorporated, you will need to file for a federal tax ID number. This is required to open your business bank account. You will also need this documentation for items such as payroll, sales and use, filing quarterly tax returns, providing your W9 to potential clients, and the lis goes on.
There is a ton of paperwork and financial records that must be kept. Do you fully understand all of those requirements? You may need to file for a sales and use tax ID in some states; file for an unemployment insurance number; file for a
And, the specific insurance coverages vary widely and can be specific to your structure, your industry, your state, and a number of other factors. You do not want to be either under or over-insured. You must be aware of the standard and the expected coverage minimums for your industry and your geographic location. And, we are not simply referring to commercial general liability insurance. You may need unemployment insurance and workers’ compensation insurance.
If you intend to hire employees or contract work to independent contractors, you must have the proper human resources paperwork, policies, and processes in place to protect yourself as well as your company.
Are you intending to conduct business across state lines? If so, there may be additional considerations related to filing foreign entity paperwork in each state. This can be tricky and guidance should be sought.
Some additional considerations include: a website, telephone lines, social media accounts, quality assurance program, ongoing training or professional development program.
The abundance of information and requirements can be overwhelming even to the most seasoned small business owner. Focus on your business and your clients! Allow us to handle the set-up and ensure that you and your business are protected.