Have you recently decided to take the plunge and go into business for yourself? Congratulations! Have you made yourself a New Business Setup Checklist? There are several important factors that must be done in order to make sure that your business is up and running efficiently and legally. Microsoft has created a New Business Setup Checklist list that can be download for free on this page. It is also easily editable to make it work best for your new business.
Using the New Business Setup Checklist
Once you download the New Business Setup Checklist document, open it up in Microsoft Word(Windows or Macintosh). The items that come pre populated in the Establish a retirement plan template are the company name, where you will replace that with your new business name and a place to add a logo. Before you begin the process of the New Business Setup Checklist you will insert your company information which includes:
- Company Name
- Telephone Number
- Fax Number
- Date Business Started
- Number of Owners
Once you fill that information out it will give you the checklist to mark off and answer as you get them completed. It can be edited but contains this information when you first open the New Business Setup Checklist:
- Choose type of business entity. Business entity type: [Sole Proprietorship/LLC/Corporation]
- Select end of fiscal year. Fiscal year-end: December 31
- Apply for IRS Employer Identification Number (EIN), if applicable.
- Register with state as a business.
- Obtain county and city business licenses.
- If corporation, file letters of incorporation. If partnership, create and sign partnership agreement.
- Purchase insurance plan(s).
- Create company Web site. Web site address:
- Choose an accounting method: [Cash/Accrual]
- Select and purchase accounting software.
- Install and set up accounting software.
- Open a business banking account.
- Obtain a business credit card.
- Consider contracting with payroll processing firm and/or record-keeping firm.
- Establish a salary agreement for each owner.
- Establish a retirement plan.
So, as you can see, it is a convenient list included in this template to make sure all the business factors are completed along with the information needed to keep and hold on to for your records. This comes in especially handy when multiple owners are involved. So download the New Business Setup Checklist today and take advantage of this to make sure your new business gets off to a smooth start.
Download: New Business Setup Checklist