If you want to form a business, there are some things you need to do. Making sure you complete the tasks you're responsible for in order helps your business come together quickly and in accordance with the law.
With every business startup, there is a list of items that needs to be completed. For example, choosing a name and legal structure is a step you can't forget, or your business won't have anything to be known by.
Here are a few other things to remember to do.
- Choose your legal structure
There are four main structures you can choose from including a sole proprietorship, limited liability company, S-corporation or corporation and partnership.
- Name your business
You should search the web to make sure no one has your business name and that the domain name is open for purchase before you select the name you want to use permanently.
- Write a business plan
You'll want to have a business plan ready before you talk to a bank about funding or reach out to investors.
- Get a Federal Employer Identification Number
This is used if you need to pay employees and is required to open a bank account.
- Create separate banking accounts for the business's transactions
This is when you need the FEIN. Open the bank account in your company's name.
- Get the right licenses and permits before opening your doors
Of course, you must have the right licenses and permits before you ever open your business. Failing to do so could get you shut down and ruin your plans before you start.
Your attorney can help you go through these steps, so you have everything you need on opening day. Our website has more information.