Congratulations on Your New Business!
You're officially formed! Here is your essential checklist for what to do next to ensure a strong and compliant start.
Apply for an EIN
If not included in your package, obtain your Employer Identification Number from the IRS. It's essential for opening a bank account, filing taxes, and hiring employees.
Open a Business Bank Account
Keep your personal and business finances separate. This is crucial for liability protection and simplified accounting. You'll need your formation documents and EIN.
Set Up an Accounting System
Use software like QuickBooks, Wave, or Xero to track income and expenses from day one. This will make tax time significantly easier.
Hold Your First Organizational Meeting
For corporations, this is a legal requirement. For LLCs, it's a best practice. Document initial resolutions, appoint officers/managers, and issue stock/membership certificates.
Understand Annual Reporting
Your state requires you to file an annual or biennial report to stay in good standing. Mark this date on your calendar! Our Compliance Monitoring service handles this for you.
Check for Business Licenses & Permits
Beyond formation, your business may need federal, state, county, or city-specific licenses to operate legally. Research what applies to your industry and location.
Consult with a Tax Professional
A tax advisor can help you understand your federal, state, and local tax obligations, including sales tax and estimated quarterly taxes.
Secure Your Online Presence
Register a domain name for your business website and claim your business name on all relevant social media platforms.
Get Business Insurance
Depending on your industry, you may need general liability, professional liability (errors and omissions), or commercial property insurance.
Develop a Business Plan
If you haven't already, create a formal business plan. It will guide your strategy and is essential if you plan to seek funding.
Register for State Payroll Taxes
If you plan to hire employees, you must register with your state's labor department for unemployment insurance and withholding taxes.
Understand Employer Responsibilities
Familiarize yourself with requirements for workers' compensation insurance, I-9 eligibility verification, and workplace posters.
Disclaimer
This checklist is for informational purposes only and does not constitute legal, financial, or tax advice. We strongly recommend consulting with qualified professionals, such as an attorney and a certified public accountant (CPA), to address your specific business needs.