Decide paid or unpaid (When choosing an unpaid intern, be mindful that there are certain criteria your business must meet to hire unpaid interns.If you’re going to hire someone, make sure you’ve covered your bases. This can result in some pretty serious financial consequences. Many business owners accidently misclassify their employees as independent contractors. HIRING EMPLOYEES OR INDEPENDENT CONTRACTORSĭid you know there are many factors to determine whether you’re actually hiring an independent contractor or an employee? The earlier you decide which path you plan to take, the better. Sales Tax Exemption Certificate, if you sell products.Complete bill of sale for publicly trades stock.You can use a binder for easy reference to these documents. Keep all of your business documents together.Identify local rules and compliance issues.Business Insurance (General liability, products and completed operations, “key man” or life insurance, board of directors, business interruption, worker’s compensation and property are some examples of insurance you may consider).File Articles of Organization with the Secretary of State.Sign all documents and place in a minute book.Issue Stock (make sure consideration paid).Contact the state tax board for information about state taxes and obtaining a state tax number.Have a discussion with your CPA to make sure you know what you need for tax time.Create bylaws, waivers, annual meetings, and offers to purchase stocks.
Register your Corporation with the Secretary of State, if applicable. File S-Corp paperwork (IRS Form 2553) with IRS, if you want to be an LLC and treated as an S-Corp for tax purposes. Identify an agent for service of process. Create bylaws, if applicable (Corporations). Note: in Colorado, the filing fee for a single member LLC is $50. Register your LLC with the Secretary of State, if applicable. Complete a thorough business name search of the web, Secretary of State website. You should research each legal structure thoroughly and consult a tax accountant and/or attorney prior to making your decision. Each legal structure offers organizational options with different tax and liability issues. Choosing Business Structure –There are many forms of legal structure you may choose for your business. I have seen too many businesses have to change all their signs, websites, marketing campaigns, and everything else because they didn’t do a thorough name search. This is not only essential for marketing and branding, but it is also so VERY important to do an extensive name search before you start. If you need early reviews or assistance by people you don’t know well, get them to sign a Non-Disclosure agreement. Your business plan holds the keys to your kingdom, so you don’t want it in the hands of competitors. Some banks and investors will want to see this, if you plan to raise capital, open a business bank account, etc. For example, do you want a family member to take it over when you’re gone? What happens when one partner or both want out of a partnership? Is your goal to sell the business for a profit, merge with a bigger company, grow to have employees? If you can identify, the answers to these questions before you begin – you will be ahead of the game.īusiness Plan. Think about your goals for how you want things to end before you start your business. After all, who doesn’t love lists? Here’s to crossing off your to-do list. This tool is meant to offer a helpful starting point. Just like many things in life and business, in the legal world, there is no such thing as reaching the finish line. You may also want to revisit many of these sections in this checklist because as your business evolves, what you need to do may change. This list is not exhaustive by any means, but it is a starting point on your business journey. Consider having a conversation with an attorney to prioritize and strategize on your goals. Please don’t freak out about how much information is on this checklist. There are a lot of elements to starting a new business venture. Your business is unique and it may require some additional legal advice. This checklist is a starting point for beginning (or continuing) your new business. 
This checklist is ideal for entrepreneurs, people forming a small company, or a new business venture where the ownership will be divided by no more than a few people. Summit Law Solutions created this checklist to help you start on the right path with your legal affairs.
Ideally, you want to protect everything you have created to the best of your ability.
Maybe you just have an idea, a side gig, or you’ve taken a big leap to create your dream job. We know that you will be working hard to get your business launched. Starting a business can be overwhelming, scary, and exciting.
0 kommentar(er)
