Checklist for Partnership - Start-up Issues for New Business

Checklist for Partnership: Start-up Issues for New Business

Below is a checklist of actions that should be considered for the organization and operations of your partnership.

• Determine partnership name
• Record Partners names, ID#'s, record of ownership
• Set up partnership agreements
• Set up buy/sell - change in partnership interest agreements
• Do assumed (fictitious) business name registration
• Apply for required operating permits, licenses, bonds, etc.
• Register for Federal SS-4 Tax ID#
• Register for State Income Tax ID#
• Register for State Sales Tax ID#
• Register for State Unemployment, Withholding Tax ID#
• Establish appropriate accounting methods (tax year, cash vs. accrual, etc.)
• Set up acceptable bookkeeping system
• Establish appropriate travel and entertainment procedures and record keeping reports
• Set up bank / checking accounts
• Contact insurance company regarding various coverages needed (business liability, key person insurance, medical, buy/sell, errors and omissions, workers comp)
• If Employees will be hired: Consider a personnel manual
• If Employees will be hired: Have W-4's, I-9 forms, state employee registration forms ready
• If Subcontractors will be used: Consider subcontractor agreement
• If Subcontractors will be used: Have W-9 forms ready
• Establish association with loan officer
• Establish association with attorney
• Set up tax filing calendar of due dates
• Plan for estimated tax payment filings for partners
• Consider a business pension plan
• Consider any necessary tradename registration

Notes:

Reference: Practice Enhancers, Able & Co.