Checklist for a Small Business

This is an outline of things to consider when starting a business and then when operating a business.  As I blog about an item, it will be linked to the post.  However, posts may not be in the order of this outline.

  • THINKING ABOUT A BUSINESS?
  1. research
  2. business plan
  3. budget
  4. financing
  5. business vs. hobby
  6. accounting basics
  • STARTING A BUSINESS
  1. choosing an accountant/tax preparer
  2. decide on type of entity
  3. sole proprietor?
  4. general partnership?
  5. LLC’s
  6. Sub chapter S corporation?
  7. Corporation?
  8. obtaining an EIN (employer’s identification number)
  9. registering with state and local authorities
  10. set up a bank account
  11. decide on method to “keep books”
  12. cash vs accrual
  13. chart of accounts
  • OPERATING A BUSINESS – sales tax
  1. selling retail
  2. buying wholesale
  3. services
  • OPERATING A BUSINESS – employees
  1. laws and regulations
  2. payroll withholdings
  3. payroll taxes
  4. fringe benefits
  5. retirement plans
  6. health insurance
  • OPERATING A BUSINESS – automobiles
  1. lease vs buy
  2. standard mileage vs operating expenses
  3. depreciation
  4. personal use
  • OPERATING A BUSINESS – capital assets
  1. capital assets defined
  2. depreciation
  3. section 179
  4. inventory
  • OPERATING A BUSINESS – miscellaneous
  1. meal and entertainment
  2. records
  3. accounting software

This checklist is a starting place, but check with your professional.  This says it all.