Starting a business can seem daunting – endless things to do, so many hats to wear! Branding, Strategies, Structure, Hiring, Marketing – the list can be overwhelming, but DON’T let that stop you, your DREAM is worth it! Streamline your startup process and create a new business checklist. Take that off the tasks you need to tackle and WRITE IT DOWN! A sequential checklist and knowing the order in which to tackle tasks can expedite your success.
Here are some of the most important steps to take when starting a business.
#1 Search your proposed name and logo (if designed) for any conflict, likeliness or trademark issues. This is not just searching your state! Kendrick Law Groupcan file and register your trademarks to ensure protection!
#2 Choose your form of business. Your future business goals will determine which is best for you. Get advice from your attorney and accountant. You do not have to go it alone; a team of advisors can support and ensure you are avoiding potential pitfalls.
#3 Kendrick Law Group can register your business with the Florida Secretary of State’s office and help develop and define your operations with tailored Operating and Incorporation documents.
#4 Maintain your record at Florida Secretary of State’s Office to avoid delinquency and higher filing fees. This will require filing an annual report with the state. If Kendrick Law Group is your Registered Agent (which we recommend); we will monitor and ensure annual reporting is filed properly.
#5 Based on location, you may need additional City and County business licensure. This application discloses matter of business and alerts whether sales tax is necessary. General rule, if you are selling any products; you must collect and pay sales tax. Discuss this with your accountant!
#6 Do you have a financial and business plan? Every successful business needs one!
Obtain your federal tax identification number (EIN) from the IRS.
Create a business plan, budget, cash flow projections, and determine working capital needs.
Contact your accountant for bookkeeping and account management.
Establish a business bank account and credit card.
Establish business credit.
Understand the tax implication of the entity you are using for your business.
Obtain your wage withholding account number from the Florida Department of Revenue.
Check that you have all of the federal, state and local tax information and forms.
Get all proper insurance coverage; some recommendations are liability, property protection, workers comp (cyber security and an umbrella policy). Your insurance agent is an important part of your team.
Working with an attorney from the inception of your business helps you determine what form of business to choose, how to execute your plan and how to protect your dream. Every business is unique, whether you are looking at starting a solo business, a partnership, a joint venture, non-profit or a franchise. The business attorneys at the Kendrick Law Group can assist you in taking the steps to make your dream real. Call 407-641-5847 for a complimentary consultation today.