Checklist for Sole Proprietor - Start-up Issues for New Business

Checklist for Sole Proprietor
Start-up Issues for New Business

Below is a checklist of actions that should be considered for the organization and operations of your sole proprietorship.
♦  Do assumed (fictitious) business name registration
♦  Consider tradename registration
♦  Apply for required operating permits, licenses, bonds
♦  Register for Federal SS-4 Tax ID #
♦  State ID# registration
♦  Register for State Sales tax number
♦  Register for State Unemployment, Withholding, Tax ID #
♦  Set-up bookkeeping systems for income/expenses, auto use, home office, equip. purchase, etc.
♦  Set-up bank / checking accounts
♦  Contact insurance company re. coverages (business liability, workers' comp, errors & omissions, disability, medical)
♦  If employees will be hired, order payroll deposit coupons and consider a personnel manual
♦  If subcontractors will be used,  have W-9 forms and consider a subcontractor agreement
♦  Establish association with loan officer
♦  Establish association with attorney
♦ Set up tax filing calendar of due dates (yearly, quarterly) 
♦  Consider putting spouse and children on payroll 
♦  Arrange for estimated tax payment filings 
♦ Consider a business pension / Profit Sharing plan (IRA, SEP, KEOGH)

Notes:

Reference:  Practice Enhancers, Able & Co.