New Business Checklist:
- Decide business type – (see ‘S-Corp Flow Chart’)
- Organize or Incorporate with S.O.S.
- Obtain a Federal Tax ID
- File Form 2553 when required
- Open business bank account
- File common business registration with S.O.S
- Register with revenue dept. for SUI #/Withholding # if there will be payroll
- Obtain any industry business license
- Take out Industrial Insurance Policy
- Set-up payroll when required
- Set-up accounting records/QuickBooks
Ongoing Considerations:
- Periodic filing of sales/use tax returns
- Be sure to use exemption certificate when possible
- Pay estimated taxes – payroll can be a useful way of doing this
- Keep all business income and expenses isolated to business accounts only
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