Starting a Business – 10 Requirements

1.      Create a short Business Plan to understand if your business adds value, generates revenue, and is financially viable.

2.      Select a business name and domain name. Check availability with your Secretary of State office and an internet hosting service.

3.      Choose a business entity type: Sole proprietor, LLC (limited liability corporation), or a C-Corporation. Apply through your Secretary of State.

4.      Create Bylaws or an Operating Agreement to organize, structure, and outline your business decision making processes. (not required for a sole proprietorship)

5.      Get an EIN (employer identification number) or Federal Tax ID number from the IRS.

6.      Register with your State Department of Revenue for income tax and sales tax reporting. File for a Retail Merchant Certificate if you are buying materials for resale.

7.      If you plan to hire employees, you will need to register with the State Department of Workforce Development or Employment Office.

8.      Establish a separate business banking account for the business.

9.      Create a bookkeeping system to track your investment, sales revenue, and business expenses. This will be required to file your taxes.

10.  Get business insurance for property, liability, and workers' compensation.