How To Start A Business

13 Steps to Starting a business

  1. Create a business plan – a business plan is like a road map, it shows you where you are in relation to where you want to be.
  2. Choose a Business Structure, i.e.: Corporation, S-Corp, Limited Liability Company (LLC), Partnership, etc.
  3. Choose a business Name
  4. File Business Entity Structure with Secretary of State (SOS) in the State the Corporate Office is located.
  5. File Statement of Information - will list officers of company
  6. Apply for Federal ID Number- Click here
  7. Apply for your State ID Number - every State requires a business to have a State ID number once you have 1 employee. Use our Resources, State Tax Info to apply for one.
  8. File Fictious Business Name (FBN), if any, with county, you will need FEIN and SOS Business ID
  9. Apply for City License, based on City requirements, you will need FEIN, SOS Business Id, and FBN county filing proof
  10. Open Bank account, you will need FEIN, SOS Business filing copy, statement of information, FBN filing proof and City License.
  11. Control your finances – Do not intermingle your business transactions with your personal ones.
  12. Review your Insurance – Identity your insurance needs, such as property, liability, errors and omissions.  Consult with an insurance broker.
  13. Keep good records – Retain bookkeeping and payroll services if your skills are not sufficient to keep accurate records.  Typically for 4 or 5 years, depending on the documents.