New Business Checklist

If you are considering or have already purchased or started a new business, the following checklist can be very helpful to make sure you are covering all the critical bases. Please contact us if you have any questions about the checklist or if we can assist you with any of the steps

____Determine the appropriate type of business entity

____File the necessary entity formation forms with the Secretary of State

____Purchase a corporate book and prepare bylaws and minutes

____Enter into a buy/sell agreement with partners

____Apply for an employer identification number with the IRS

____File for an S-election with the IRS (if needed)

____Apply for sales tax permit with the state comptroller

____Register as an employer with the Texas Workforce Commission

____Register your DBA name with the Texas Secretary of State

____Register your DBA name with the counties in which you operate

____Open a bank account to be used exclusively for the business

____Open a credit card account to be used exclusively for the business

____Set up a filing system for receipts (by year, then by vendor)

____Obtain a mileage log for tracking business mileage

____Determine level of bookkeeping that must be done in-house

____Hire an accountant to prepare your financial statements and tax filings