Starting a Business Checklist

Thinking of starting a business? This handy checklist can help you stay organized as you start your journey, from vision to reality:

General Information

▢ 1. Has relevant personal information been gathered for all participants in this business?

▢ 2. Has financial situation been assessed?

• Income
• Expenses
• Assets
• Liabilities

▢ 3. Has professional team been assembled?

• Accountant
• Attorney
• Insurance agent

Notes:

Getting Started

▢ 1. Have the necessary licensees been secured?

▢ 2. Has start date been determined?

▢ 3. Has location been secured?

▢ 4. Will equipment be purchased or leased?

▢ 5. Have employees been hired?

▢ 6. Have supplies been contracted?

▢ 7. Has a name for the business been chosen and researched for availability?

▢ 8. Has the business plan been developed?

• Description of the business
• Market identified
• Operating costs
• Profit expectations

▢ 9. Has the type of organization been decided upon?

• Sole proprietorship?
• Partnership
• Corporation (C or S)
• Limited Liability Company

▢ 10. Has a checking account or other bank account been opened? Who has signature authority?

Notes:

Financing

▢ 1. Has capital been raised?

• Available savings
• Traditional lenders
• Second mortgage/home equity line of credit
• Sell assets
• Borrow from friends/relatives
• Partnerships
• Investors

▢ 2. Has financial data been collected?

• Budget
• Start-up costs
• Cash requirements
• Break-even forecast

Notes:

Insurance Planning

▢ 1. Have the insurance needs of business owner been reviewed?

• Health
• Life
• Disability
• Property, casualty, and liability
• Auto

▢ 2. Have business insurance needs been considered?

• Business liability insurance
• Group life, health, and disability for employees
• Key employee life and disability insurance

Notes:

Retirement Planning

▢ 1. Will business owner alone participate in a  retirement plan

• Individual 401(k)/Profit-sharing
• Defined benefit
• SEP-IRA
• IRA

▢ 2. Will employees participate in a retirement plan? (May be required if business owner participates in a plan)

• 401(k)
• Defined benefit
• Profit-sharing
• SEP-IRA
• SIMPLE IRA
• SIMPLE 401(k)
• Payroll deduction IRA

Notes:

Estate Planning

▢ 1. Have business succession needs been considered?

• Buy-sell agreement & necessary funding
• Sell business
• Transfer business with lifetime gifts

Notes:

Tax Planning

▢ 1. Have tax advantages/disadvantages of different business entities been reviewed with accountant?

▢ 2. Have tax issues unique to business owners been considered?

• Deduction & credits
• Taxable income
• Employee fringe benefits
• Record keeping

Notes:

Checklist prepared by Broadridge, copyright 2023.