Small Business Owner Checklist

Small Business Owner Checklist

Small business owner checklist is like a to-do-list to start an own small or home based business by putting ideas and money into practice. The below mentioned is the checklist of key steps that are necessary for each and every small business.

Apply for EIN if Applicable – EIN (Employer Identification Number) is also well known by Federal Tax Identification Number which is basically used to determine a business entity. One can apply for EIN online also free of cost.

Choosing a Business Structure – Before starting a small business one requires choosing a business structure that determines which return form for income tax has to be filled in future. The various types of business are corporation, proprietorship, S corporation, Partnership and LLC (Limited Liability Company).

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Selecting The Tax Year – One needs to build taxable income on behalf of the tax year and then requires filing the return as per that. Tax year is a yearly accounting time for maintaining records, reporting expenses and income. The tax year one can select are mentioned below:

Calendar Year – It consists of twelve consecutive months starting from 1st January and finishes on 31st December.

Financial or Fiscal Year – It consists of twelve consecutive months finishing on very last day of any month excluding December.

Make Business Plan – One needs to write a small business plan including market analysis, executive summary, business overview and operation plans for running a successful business.

Choosing the right bank – It is a fundamental need to choose an appropriate bank or other financial institution that can assist one in the need of cash for managing the business.

Meet Lawful Requirements – For operating a small business one requires to fulfill the various official requirements of local community and country including awareness of rules and regulations of patents, trademarks and copyrights.

Various other checklists one might need to consider are Planning of Insurance, Marketing Plan, Set up Product and Services Price, Hiring of Employees and Develop Daily Managerial Plan etc.

This checklist can be of great help when it comes to taking important business decisions.

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