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Business Start Up Action Items

  • February 2019 | by Abbott Pratt & Associates

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    Thinking of starting a business? Here are critical items you should address:

    Establish a Banking Relationship

    • Financing needs
    • Operating Account Set up
    • Check deposit system
    • Credit card processing access

    Get Legal

    • File EIN application for business identification number
    • Select choice of entity and file appropriate federal and state forms
    • Set up state Unemployment account
    • Create state specific online account for future tax filings (sales, excise)
    • Complete a Sales & Use Tax exemption Certificate if applicable
    • Review your Real Estate Lease
    • Create an HR handbook
    • Don’t forget your personal items such as updating Wills, Power of Attorney, and Health Care Proxy

    Get fully insured – common/ needed policies include:

    • Building
    • Employee practices
    • Liability
    • Malpractice
    • Workers Comp
    • Business interruption
    • Cyber
    • Life
    • Disability
    • Health

    Hire a Payroll company

    • Make sure your payroll service will file and remit all applicable payroll taxes on your behalf as well as quarterly reports

    Set up your Bookkeeping

    • Depending on your industry we are still supporters of QuickBooks
    • Tailor your Chart of Accounts to the business’s specific needs

    Other matters

    • Establish new contracts with Vendors

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