Develop a BUSINESS PLAN and FINANCIAL PLAN (determine capital requirements; equipment and inventory needs).
Establish a banking relationship. (Set-up checking account after obtaining a Federal Employer Identification Number from the IRS, form SS-4.)
Select an accountant and attorney.
Determine the legal structure of your business, choose a business name, and register with the appropriate agencies.
Negotiate leases and other contracts. MUST BE WRITTEN!
If your business will have employees, open federal, state and local wage withholding and payroll tax accounts.
Obtain the appropriate state/local licenses and permits for your type of business, including business and occupational licenses and occupancy permits, and sales tax licenses.
Obtain information about state and federal unemployment tax and file appropriate forms. File a "Report to Determine Liability Status" with the Missouri Department of Labor.
Obtain information on wage withholding and payroll taxes, including social security, Medicare and income taxes.
Keep in all employees' personnel files a completed and signed W-4 Form and I-9 Form.
Obtain worker's compensation insurance for your employees.
Establish clear personnel policies to address such issues as working hours, compensation and fringe benefits.
Missouri Small Business Development Center | lobina@faroor.com | 816.364.4105
