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After retaining your financial advisor (attorney, CPA, etc.), you’ll want to run through the following checklist to ensure that you hit every necessary step in the formation process when you create a business entity.
- Compare the tax aspects of various business entities.
- Choose a business entity.
- Consult an attorney regarding federal and state laws governing creation, ownership and operation of the entity.
- Draft and execute the agreement among the principals.
- File with the state the certificate of assumed name (DBA) (if applicable).
- Obtain a federal employer identification number (EIN).
- Obtain state tax identification numbers. File the required documents with the state unemployment and sales tax authorities.
- Obtain required city/county/local business licenses/permits.
- Establish a business checking account.
- Fund the entity.
- Conduct necessary corporate or other organizational meetings. Elect board of directors.
- Establish books (accounting records) for the new entity.
- Consult with an insurance professional to obtain liability and workers’ compensation coverage.
- Review wills and estate plans of the owners.
- Hire employees.