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Most businesses
start out small. The checklist below provides the basic steps
you should follow to start a business. The list should not
be construed as all-inclusive. Other steps may be appropriate
for your specific type of business. This list can also be
found on the IRS website. |
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Select
a business structure. Consulting SBA's Small
Business Startup Kit may help you decide which structure
works best for your business.
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Determine
if you need to apply for an Employer Identification Number
(EIN).
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Write
a business plan and investigate business financing and
marketing.
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Start
your tax year, choose your accounting method, and keep
records. Get business tips and consultation services by
contacting a small business expert.
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Learn
about the types of federal business taxes.
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Consult
Publication 557, Tax-exempt Status for Your Organization
if you are a nonprofit organization.
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Learn
your social security reporting instructions before hiring
any employees.
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Learn
about workplace requirements for small businesses with
the Department of Labor's Small Business Handbook, which
addresses workplace requirements for small businesses.
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If
you have employees:
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Prepare
to meet federal employment tax requirements by reading
IRS Publication 15, Circular E, Employer's Tax Guide
and Publication 15-A, Employer's Supplemental Tax
Guide, or Publication 51, Circular A, Agricultural
Employer's Tax Guide.
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Ask
employees to complete withholding certificates (Form
W-4, Employee's Withholding Allowance Certificate),
and Form W-5, Earned Income Credit Advance Payment.
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Comply
with state and federal regulations regarding the
protection of employees. For information on state
labor laws, work force availability, prevailing
wages, unemployment insurance, unionization, benefits
packages, and employment services contact your state
government.
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Investigate
the federal minimum wage, overtime, and child labor
laws from the U.S. Department of Labor, Wage, and
Hour Division.
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Review
the federal health and safety standards employers
must provide for the protection of employees as
specified by the Occupational Safety and Health
Administration (OSHA). Many states have similar
standards. For a particular state's information,
contact your state government or go to OSHA's list
of approved state plans.
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Check
your State Board of Workers' Compensation to see
if you need workers' compensation insurance by contacting
your state government.
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Complete
Immigration and Naturalization Service Employment
Eligibility Verification Form I-9 for every employee,
citizen and non-citizen alike. If you have any questions,
contact the U.S. Immigration and Naturalization
Service. |
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