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New Business Checklist: STEP 1
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Posted On: Tuesday December 30th, 2003 at 12:00am EST
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Item
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Next Step
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1
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YOU MUST FIRST prepare a WRITTEN business plan and financial statements. If you are
feeling overwhelmed with the amount of work you will have to put into writing a business
plan, you can start by using our free too, the
Business Plan Writer. Consult your financial advisors (accountant, lawyer, etc.) before undertaking
these, and have the plan and statement reviewed by your advisors after completion.
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2
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STOP! HAVE YOU FINISHED STEP 1? You must learn how very essential a
business plan is for the
success of your business.
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3
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Decide if your company will operate as a
corporation
, a partnership
, a sole proprietorship
or a non-profit organization.
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4
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Obtain incorporation papers from the Secretary of State. If your business is
already incorporated in another state, contact
the Secretary of State to get the proper application to do business in the new state.
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5
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Apply for a Federal
Employer Identification Number (EIN) by filling out the Form SS-4. You may also call
the local IRS TELE-TIN hotline service, or visit the IRS’s Web site:
www.irs.gov.
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6
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Apply for a State Sales Tax Number if you plan to sell a taxable product or service.
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7
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Contact your state’s Department of Labor or Employment for unemployment insurance registration materials.
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8
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Contact the Workers?Compensation Commission to determine what’s required for
compliance with the Workers?Compensation Act (this is not necessary for a sole
proprietorship without employees).
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9
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Contact the local municipal office (town clerk, county clerk, etc.) to find out
if there are any local registration or license requirements.f
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10
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If you plan to operate your business from your home, check with the local code
enforcement office to ensure compliance with all local requirements.
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11
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Contact the Bureau of Labor Standards office to find out what is necessary for
compliance with the Occupational Safety and Health Act (OSHA).
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12
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Contact your state’s Department of Taxation/Revenue to request the proper
paperwork for registration, and to receive instructions on withholding and paying
state income taxes, sales tax, excise tax, etc.
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