Common Questions and Answers

Checklist for starting a business


Most businesses start out small. The checklist below provides the basic steps for starting a business. The list is not all inclusive. Your specific type of business could require other steps. The Small Business Administration (www.sba.gov, Internal Revenue Service (www.irs.gov), and the organization SCORE (www.score.org) all offer free help to new small business owners with starting a business.
  • Apply for a federal Employer Identification Number (EIN). You may need it for a variety of reasons, including some that are not tax-related, such as opening a bank account.
  • Consult a tax advisor, even if you are just thinking about starting a business. There are many decisions to make in starting a business such as choosing a business structure, tax year and accounting method.
  • Pay estimated federal and state taxes four times a year. Your tax advisor can help you determine how much to set aside ahead of time for your payment.
  • Keep good business records of income and expenses. Save all receipts.
  • If you plan to have employees, make sure you understand all the requirements and forms that you need to submit when hiring employees.

Provided by:
IRS This information provides a brief overview from the Internal Revenue Service of issues and decisions involved in owning a small business and avoiding common pitfalls.

5 Reasons to Monitor Your Business

Business owner

  • 24/7 monitoring of your company's Experian credit score
  • Automatic email alerts of any unusual activity in your company's credit report that might indicate fraud
  • Unlimited access to your company's most up-to-date credit report and score
  • Dark Web Surveillance
  • Business Fraud Resolution Support

Related questions

What is an Employer Identification Number (EIN)?

How to choose a tax advisor for your business

What are the common forms of businesses, and what structure makes the most sense for your new small business?

What are a business owner's requirements for paying estimated tax?

Do you have more questions regarding Experian business credit reports? Return to the home page of BusinessCreditFacts.com for more commonly asked business credit questions, additional resources, and special offers to help you manage and grow a business.

You may also view our full list of frequently asked questions by visiting this page.
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