Checklist for Sole Proprietor - RMS Accounting

Checklist for Sole Proprietor - RMS Accounting

2319 N Andrews Avenue Ft. Lauderdale, FL 33311 (800) 382-1040 rmsaccounting.com Checklist for Sole Proprietor Below is a checklist of actions that sh...

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2319 N Andrews Avenue Ft. Lauderdale, FL 33311 (800) 382-1040 rmsaccounting.com

Checklist for Sole Proprietor Below is a checklist of actions that should be considered for the 2000 organization and operations of your sole proprietorship.

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Do assumed (fictitious) business name registration Consider tradename registration Apply for required operating permits, licenses, bonds Register for Federal SS-4 Tax ID # State ID# registration Register for State Sales tax number Register for State Unemployment, Withholding, Tax ID # Set-up bookkeeping systems for income/expenses, auto use, home office, equip. purchase, etc. Set-up bank / checking accounts Contact insurance company re. coverages (business liability, workers' comp, errors & omissions, disability, medical) If employees will be hired, order payroll deposit coupons and consider a personnel manual If subcontractors will be used, have W-9 forms and consider a subcontractor agreement Establish association with loan officer Establish association with attorney Set up tax filing calendar of due dates (yearly, quarterly) Consider putting spouse and children on payroll Arrange for estimated tax payment filings Consider a business pension / PS plan (IRA, SEP, KEOGH)

Notes:

_____________________________________________________________________________________________ © Copyright 2001 RMS Accounting, Inc. All rights reserved.

2319 N Andrews Avenue Ft. Lauderdale, FL 33311 (800) 382-1040 rmsaccounting.com

Checklist for Partnership Below is a checklist of actions that should be considered for the 2000 organization and operations of your partnership.

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Determine partnership name Record Partners names, ID#'s, record of ownership Set up partnership agreements Set up buy/sell - change in partnership interest agreements Do assumed (fictitious) business name registration Apply for required operating permits, licenses, bonds, etc. Register for Federal SS-4 Tax ID# Register for State Income Tax ID# Register for State Sales Tax ID# Register for State Unemployment, Withholding Tax ID# Establish appropriate accounting methods (tax year, cash vs. accrual, etc.) Set up acceptable bookkeeping system Establish appropriate travel and entertainment procedures and record keeping reports Set up bank / checking accounts Contact insurance company regarding various coverages needed (business liability, key person insurance, medical, buy/sell, errors and omissions, workers comp) If Employees will be hired: Consider a personnel manual If Employees will be hired: Have W-4's, I-9 forms, state employee registration forms ready If Subcontractors will be used: Consider subcontractor agreement If Subcontractors will be used: Have W-9 forms ready Establish association with loan officer Establish association with attorney

_____________________________________________________________________________________________ © Copyright 2001 RMS Accounting, Inc. All rights reserved.

2319 N Andrews Avenue Ft. Lauderdale, FL 33311 (800) 382-1040 rmsaccounting.com

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Set up tax filing calendar of due dates Plan for estimated tax payment filings for partners Consider a business pension plan Consider any necessary tradename registration

Notes:

_____________________________________________________________________________________________ © Copyright 2001 RMS Accounting, Inc. All rights reserved.

2319 N Andrews Avenue Ft. Lauderdale, FL 33311 (800) 382-1040 rmsaccounting.com

Checklist for Corporations Below is a checklist of actions that should be considered for the 2000 organization and operations of your corporation.

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Determine Corporation Name Determine Corporation Directors Determine Corporation Officers Apply for state corporate charter Adopt bylaws, seals Set up issued and outstanding stock Establish appropriate 'Minutes' Set up shareholder agreements (if more than one active owner) Set up buy/sell stock redemption agreement Arrange for any asset / liability transfers to corporation Consider plan to establish section 1244 Small Business Stock Do necessary assumed (fictitious) business name registration Apply for required operating permits, licenses, bonds, etc. Apply for Subchapter S, if applicable Request transfer of existing state experience rates (if incorporating existing business) Register for Federal SS-4 Tax ID# Register for State Income Tax ID# Register for State Sales Tax ID# Register for State Unemployment, Withholding Tax ID# Establish appropriate accounting methods (tax year, cash vs. accrual, inventory valuation, depreciation, etc.) Set up acceptable bookkeeping system (including auto use, home office, rental, etc.)

_____________________________________________________________________________________________ © Copyright 2001 RMS Accounting, Inc. All rights reserved.

2319 N Andrews Avenue Ft. Lauderdale, FL 33311 (800) 382-1040 rmsaccounting.com

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Establish appropriate travel and entertainment procedures and record keeping reports Consider various fringe benefit plans (health insurance, life insurance, etc.) Set up bank / checking accounts Contact insurance company regarding various coverages needed (business liability, key person, medical, buy/sell, errors and omissions, workers comp) If Employees will be hired: Consider a personnel manual If Employees will be hired: Have W-4's, I-9 forms, state employee registration forms ready

Notes:

_____________________________________________________________________________________________ © Copyright 2001 RMS Accounting, Inc. All rights reserved.