Checklist for Corporations - Start-up Issues for New Business

Checklist for Corporations
Start-up Issues for New Business
Below is a checklist of actions that should be considered for the organization and operations of your corporation.
♦ Determine Corporation Name
♦ Determine Corporation Directors
♦ Determine Corporation Officers
♦ Apply for state corporate charter
♦ Adopt bylaws, seals
♦ Set up issued and outstanding stock
♦ Establish appropriate 'Minutes'
♦ Set up shareholder agreements (if more than one active owner)
♦ Set up buy/sell stock redemption agreement
♦ Arrange for any asset / liability transfers to corporation
♦ Consider plan to establish section 1244 Small Business Stock
♦ Do necessary assumed (fictitious) business name registration
♦ Apply for required operating permits, licenses, bonds, etc.
♦ Apply for Subchapter S, if applicable
♦ Request transfer of existing state experience rates (if incorporating existing business)
♦ 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, inventory valuation, depreciation, etc.)
♦ Set up acceptable bookkeeping system (including auto use, home office, rental, etc.)
♦ Establish appropriate travel and entertainment procedures and record keeping reports
♦ Consider various fringe benefit plans (health insurance, life insurance, etc.)
♦ Set up bank / checking accounts
♦ Contact insurance company regarding various coverages needed (business liability, key person, 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

Notes:

Reference: Practice Enhancers, Able & Co.