Business Checklist: How to set up a business

Setting up business is so super important! We need to make sure you’re on the right path!

Biz 101 Checklist

Here is a superficial business checklist to get you on the path to getting your business set up properly!

Choose a name – Make sure you’re not violating any Federal or State trademarks, as well as ensuring your name is available. Don’t want to get kicked out of business for a mere issue with name. (See Business Bites episode 62: Choosing a biz name, trademarks and more.)
Choose a structure (Sole Proprietor, LLC, Corp) – You can choose from Sole Proprietor, LLC, C Corp, S corp and Partnership structures. Choose the one that fits your plan – not just what everyone else is doing! (See Business Bites episode 31: Business Entities 101 for Entrepreneurs.)
Make the appropriate tax elections with the IRS (if applicable) – You could be saving more money on your Income Taxes through special elections – be sure you’re doing it! (See Business Bites episode 69: 5 Quick ways taxes can save you money.)
Get your sales tax permit – Remit your sales taxes if applicable and be sure you know WHAT products and/or services to charge on. Careful if you’re doing all inclusive collections without breaking out sales tax; that may be a state law no-no! (See A brief explanation of sales tax on digital goods and Sales tax, VAT tax & your business.)
Get other appropriate license and permits for your jurisdiction – Don’t get shut down for simply not getting the right licenses and permits for shooting. Licenses can include extra business licenses on top of your formation.
Set up your EIN and Employer account (if applicable) – Make sure you’re in line with the IRS and State law requirements – get these down!
Use the right contracts to protect your business – Are you using the right business forms for your business? You need to make sure you have a contract for EVERY independent contractors, clients and anyone else you do business with! (Contracts can be found here!)
Get the right insurance – There are many types to choose from – get 3-5 quotes from various businesses PER type of policy!
Set up your budget and retirement savings – Every business needs a budget and appropriate retirement savings. Get these accounts set up! (See Business Bites episode 14: 6 Budget areas small biz owners foget to include.)
Get an appropriate price list – Make sure you’re actually pricing for success – don’t just fly by the seat of your pants!