Startup Checklist

Look through this business startup checklist to know what you should do first when setting up your own company.
Startup Checklist

First of all, select a name and legal structure (choose one of these: sole proprietorship; partnership; Limited Liability Company (LLC); corporation or s-corporation). Then you should write a business plan. Get your Federal Employer Identification Number (FEIN).

In case you are starting a Corporation, LLC or Partnership (or a sole proprietorship with employees), apply for a Federal Employer Identification Number (FEIN) from the IRS. This number will be necessary to open a bank account or process payroll.

You should open the company bank account. But contact the bank before opening the account to check what their specific requirements are to open a business checking account; some banks' requirements are fairly simple whereas some banks' requirements are extremely complex.

Next step is to lease office, warehouse and/or parking place. Contacting a commercial realtor in your area can be helpful. Arrange the utilities and office furniture.

Get all the licenses and permits. For ground transportation business, you will need a Federal license or permit. You should contact the Federal agency to determine the requirements for doing business: http://www.dot.gov. To get licenses in maritime industry, go here http://www.fmc.gov (Federal Maritime Commission).

The majority of cities or counties require you to obtain a business license, even if you operate a home-based business. It is a license granting the company the authority to do business in that city/county.

You will also need to hire employees. When hiring yourself or others as a full or part-time employee of your company, you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both).

Checklist >>