Business Startup Checklist

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Business Startup Checklist

This list is provided as a convenience to the visitors of this website. It is not necessarily a conclusive list. Please consult your own counsel and advisors for your specific needs. It includes access to specific forms available in the Adobe Acrobat PDF format. If you do not have the current Acrobat Reader software, you may obtain it FREE from Adobe's website. A good alternative is Foxit Reader The download is less than 2 MB, it installs in a flash and occupies less than 4 MB of disk space. And it opens PDF files in a flash also.


Action Item Desctiption X Who
Did
BUSINESS STRUCTURE Sole Proprietorship (Report business on personal tax return) [  ] _____
Partnership (Partnership agreement recommended) [  ] _____
C Corporation [  ] _____
S Corporation (Available for certain circumstances) [  ] _____
Limited Liability Company [  ] _____




STARTING A BUSINESS AND KEEPING RECORDS Adobe Acrobat IRS Publication 583 - Starting a Business and Keeping Records [  ] _____




FEDERAL ID NUMBER Adobe Acrobat SS-4 Application for Federal Identification Number [  ] _____




S CORPORATION ELECTION Adobe Acrobat Form 2553 Election by a Small Business Corporation. The Election form must be filed with the Internal Revenue Service by the due date for S Corporations. [  ] _____




SEP-SIMPLIFIED EMPLOYEE PENSION Adobe Acrobat Form 5305-SEP Simplified Employee Pension - Individual Retirement Accounts Contribution Agreement [  ] _____




INDUSTRY OR REGULATORY FILING Many areas of business have unique requirements that require applications - qualifying and registrations. (After visiting the following tax form pages, click your browser's Back button to return to this page.)
 
[  ] _____




SALES TAX NUMBER Must apply to each appropriate state. [  ] _____




BUSINESS LICENSE County [  ] _____
City [  ] _____




ESTIMATED TAX PAYMENTS Personal and Business [  ] _____




PAYROLL MATTERS Employee Transactions Processing [  ] _____
Payroll Tax Deposits for State and Federal [  ] _____
Payroll Tax Returns for State and Federal [  ] _____
Workers Compensation (Tennessee Forms) [  ] _____
Form I-18 Election of Non-Coverage By Sub-Contractor [  ] _____
Click for Employee vs. Independent Contractor (20 Questions) [  ] _____
(After visiting the following payroll forms pages, click your browser's Back button to return to this page.)
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CHOOSING BUSINESS PERSONNEL Management and operations employees
Legal Council
[  ]
[  ]
_____
_____
Certified Public Accountant [  ] _____




CHOOSING COMPUTER SOFTWARE Industry-Specific Needs
General Accounting Needs
[  ]
[  ]
_____
_____
Word Processing [  ] _____
Electronic Spreadsheet [  ] _____




CHOOSING BANK ACCOUNTS Number of Bank Accounts
Account Types
[  ]
[  ]
_____
_____
Check Type [  ] _____
Deposit Book Type [  ] _____


The Tennessee Department of Revenue provides Business Owner New Account Checklist containing specific information for Tennessee business owners.