Checklist for Sole Proprietor

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

 q   Do assumed (fictitious) business name registration

q   Consider tradename registration

q   Apply for required operating permits, licenses, bonds

q   Register for Federal SS-4 Tax ID #

q   State ID# registration

q   Register for State Sales tax number

q   Register for State Unemployment, Withholding, Tax ID #

q   Set-up bookkeeping systems for income/expenses, auto use, home office, equip. purchase, etc.

q   Set-up bank / checking accounts

q   Contact insurance company re. coverages (business liability, workers' comp, errors & omissions, disability, medical)

q   If employees will be hired, order payroll deposit coupons and consider a personnel manual

q   If subcontractors will be used,  have W-9 forms and consider a subcontractor agreement

q   Establish association with loan officer

q   Establish association with attorney

q   Set up tax filing calendar of due dates (yearly, quarterly)

q   Consider putting spouse and children on payroll

q   Arrange for estimated tax payment filings

q   Consider a business pension / PS plan (IRA, SEP, KEOGH)

Notes: