Checklist for Corporations

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

 q   Determine Corporation Name

q   Determine Corporation Directors

q   Determine Corporation Officers

q   Apply for state corporate charter

q   Adopt bylaws, seals

q   Set up issued and outstanding stock

q   Establish appropriate 'Minutes'

q   Set up shareholder agreements (if more than one active owner)

q   Set up buy/sell stock redemption agreement

q   Arrange for any asset / liability transfers to corporation

q   Consider plan to establish section 1244 Small Business Stock

q   Do necessary assumed (fictitious) business name registration

q   Apply for required operating permits, licenses, bonds, etc.

q   Apply for Subchapter S, if applicable

q   Request transfer of existing state experience rates (if incorporating existing business)

q   Register for Federal SS-4 Tax ID#

q   Register for State Income Tax ID#

q   Register for State Sales Tax ID#

q   Register for State Unemployment, Withholding Tax ID#

q   Establish appropriate accounting methods (tax year, cash vs. accrual, inventory valuation,           depreciation, etc.)

q   Set up acceptable bookkeeping system (including auto use, home office, rental, etc.)

q   Establish appropriate travel and entertainment procedures and record keeping reports

q   Consider various fringe benefit plans (health insurance, life insurance, etc.)

q   Set up bank / checking accounts

q   Contact insurance company regarding various coverages needed (business liability, key person, medical, buy/sell, errors and omissions, workers comp)

q   If Employees will be hired: Consider a personnel manual

q   If Employees will be hired: Have W-4's, I-9 forms, state employee registration forms ready

Notes: