Checklist for a Small Business

This is an outline of things to consider when starting a business and then when operating a business.  As I blog about an item, it will be linked to the post.  However, posts may not be in the order of this outline.

  • THINKING ABOUT A BUSINESS?
  1. research
  2. business plan
  3. budget
  4. financing
  5. business vs. hobby
  6. accounting basics
  • STARTING A BUSINESS
  1. choosing an accountant/tax preparer
  2. decide on type of entity
  3. sole proprietor?
  4. general partnership?
  5. LLC?
  6. Sub chapter S corporation?
  7. Corporation?
  8. obtaining an EIN (employer’s identification number)
  9. registering with state and local authorities
  10. set up a bank account
  11. decide on method to “keep books”
  12. cash vs accrual
  13. chart of accounts
  • OPERATING A BUSINESS – sales tax
  1. selling retail
  2. buying wholesale
  3. services
  • OPERATING A BUSINESS – employees
  1. laws and regulations
  2. payroll withholdings
  3. payroll taxes
  4. fringe benefits
  5. retirement plans
  6. health insurance
  • OPERATING A BUSINESS – automobiles
  1. lease vs buy
  2. standard mileage vs operating expenses
  3. depreciation
  4. personal use
  • OPERATING A BUSINESS – capital assets
  1. capital assets defined
  2. depreciation
  3. section 179
  4. inventory
  • OPERATING A BUSINESS – miscellaneous
  1. meal and entertainment
  2. records
  3. accounting software

5 responses

  1. I can’t even wait to read everything that you write. I am woefully ignorant about these matters, but never knew where to learn. I so appreciate you for sharing! Thank you!

  2. Connie, this is going to be a wonderful resource. I went to the school of hard knocks when it came to this business stuff back in the day, and learned a LOT, but how nice is it for people to have something like this available now! Congrats!

  3. I’m really excited to read what you’ll have coming about these topics. I’m learning daily, but most days I’m learning the hard way. A little tired of that; I think your resource and lovely writing style will change my trend of learning at the school of hard knocks!

  4. I am just starting my new business. I owned a beauty salon 38 years ago and sold it at a profit, but it’s been a long time. Now I’m 65 and just started on Social Security. My son owns his own business as a web site developer and programmer with a BS in programming communications and business. It’s really scary, even with his help and my two friends who will be assisting me. Your new endeavor is exciting and perfectly timed. I hope to open Jan. 1, 2012. We will grow together. Nancy P. nepwrite@yahoo.com

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