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ST-06 Start-up Checklist                SCORE Chapter 570

BUSINESS START-UP
CHECKLIST

 

1.  Consider the business organization structure

2.  Select a name and file a fictitious name application.

3.  File for an Employer Identification Number (EIN) with the IRS.

4.  File for Sales Tax Identification Number with the Pennsylvania Dept. of Revenue.

5.  Open a separate bank account for the business.

6.  Establish a record keeping system.

7.  Determine a location for your business and secure the appropriate zoning.

8.  Register your business with the local municipality. 

9.  Be aware of special licenses required depending on the type of business.

10. Determine what insurance/ bonding you need.

11. Set up a business phone line.

12. Determine a start-up cost, project sales and operating expenses.

13. Identify potential number of customers (Income).

14. Determine how you will market your business.

15. Read trade journals and industry related material to research your business.

 

16. Prepare a business plan.

 

Start-up License & Tax Requirements

 

For all start-up Businesses:

• Check with your Township for a Business License

• Check for zoning restrictions, and, if needed, Police and Fire Permits.

 

If your business will have Employees:

1. Obtain an Employer Identification Number (EIN) from the IRS. Ask for their new business start-up kit "Taxpayers Starting in Business" (pub. 583), and "Tax Guide for Small Business" (pub. 334). Call IRS at 1-800-829-1040.

2. Obtain a Pennsylvania State Employer Identification Number and a Business Information Kit.

3. Workers Compensation Insurance is required! Call your insurance agent.

4. Before Workers Comp Insurance is issued, an Injury and Illness plan may be required.

 

If you will sell tangible products or Services:

• A Sales Tax license is required when you sell taxable items. It is also needed to purchase items for resale without paying tax.

 

If your business will have a fictitious name:

• A factitious name registration is required when your business name is anything other than your last name, with a few exceptions. A complete explanation and a registration form is available from your counselor.

 

If your business will handle food:

• Building, equipment plans and your premises must be approved by the Bucks County Board of Health. Home preparation is usually not permitted.

 

If you plan to use Independent Contractors:

• The Independent contractor regulations are quite involved. Your counselor can provide you with two sheets of regulations as interpreted by the IRS and Worker Comp Insurance Companies and form SS-8 is available from the IRS office.

 

Insurance:

      • Insurance is not always a requirement for a Small Business BUT it is one or the most important protection you can provide for your investment. SCORE urges that you consider your insurance needs carefully.