Are you looking to start your own business? Below is a quick checklist of things you will need to do when starting your own small business. This is a starting point as there may be other steps required for the business type you select.
1. Apply for your Employer Identification Number (EIN) with the Internal Revenue Service – this can be done online at http://www.irs.gov/
2. Select a business structure. You can choose to be a Sole Proprietor, an LLC, a Partnership, a Corporation, or an S-Corporation.
3. Choose your tax year. For most business types this will simply be a calendar year ending on December 31st.
4. Register with your State and possibly your City or County.
5. If you are starting off with employees make sure you have them fill out the form I-9 and the form W-4.
6. Make sure you file all required tax returns and pay all required taxes!
Often times new business owners find all of these steps to be overwhelming or will accidently miss a step. Often times it will be in your best interest to hire a CPA or lawyer to help you in this set up process. If you should be in need of help with starting your new business feel free to contact us at http://www.huddlestontax.com/.