Starting a Business

Introduction

The following is a capture of some useful getting started tips and related resources to help get your new business up and running.

Getting Started

1. Study the following web sites for context: Business - a government site for business information, My New Company - pay a fee and have someone else to setup your business for you, and Startup Nation - another resource worth checking out.
2. Follow this checklist as a basic guide.
3. Write a business plan. Here is an outline.
4. Check out the IRS Online Classroom which has a collection of online training videos. They are dry and filmed just like those wonderful driver education videos of years past but can answer a few tax questions along with use cases and examples.

Limited Liability Company (LLC) Quick Steps

Since I am based in Colorado, here are the steps I went through to establish my company as an LLC in the State of Colorado.

1. Read the new business checklist or this checklist as found on the Colorado state web sites.
2. Register your new business (cost is $50). Tip: There is no need to apply for an Federal Employer ID Number (FEIN) a.k.a. Employer ID Number (EIN) when you create an LLC but if you want to learn more check out the IRS EIN document.
3. Setup your business accounts (i.e. checking and savings) for your business with your favorite bank. All you need is your drivers license and the bank will search for your newly created business via the state web site.
4. Dust off your recycling bin and prepare yourself for a new form of snail mail spam.

Other Considerations

• Delaware Division of Corporations - Probably the best state to create an LLC. Here are some reasons why: Why Incorporate in Delaware? and How to Start, Maintain, and Dissolve a Delaware LLC.
• Delaware S Corp - Reasons for not setting your business up as an LLC should you want investment money.
• More on LLCs - More discussion on LCCs.

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