Tax Talk & Business Tips 

Starting a new business? Follow this simple, step-by-step checklist to handle registrations, taxes, banking, accounting, payroll, and insurance so you can launch with confidence.

Starting a New Business: A Simple Checklist for Getting Set Up

Starting a new business is exciting—but it can also feel like a whirlwind. Between getting customers, setting up operations, and juggling finances, it’s easy to feel overwhelmed. To help you stay organized, here’s a straightforward checklist of the key steps every new business owner should tackle early on.

1. Register Your Business

Start by registering your business with your state. This officially establishes your business as a legal entity and ensures your name is protected. Structuring as a business also adds a level of liability protection. Depending on your structure (LLC, S Corp, etc.), the process and fees may vary. 

2. Apply for an EIN

An Employer Identification Number (EIN) is like a Social Security number for your business. You’ll need it for things like opening a bank account, filing taxes, or hiring employees. You can apply for one directly through the IRS website—it’s quick and free. LINK to IRS Site.

3. Set Up State Accounts

If you plan to have employees, you’ll need to open state income tax (SIT) and state unemployment tax (SUT) accounts. These accounts allow you to withhold and remit payroll taxes properly.

4. Register for Sales Tax (If Needed)

If your business sells products or certain taxable services, you’ll likely need a sales tax account with your state. Be sure to check your state’s specific rules—requirements can vary depending on what and where you sell.

5. Apply for a Local Business License

Most cities and counties require a local business license before you can operate. This helps your local government track and support businesses in the community.

6. Open Business Bank Accounts

Set up a dedicated business checking account (and savings if needed). Keeping your personal and business funds separate is critical—it protects you legally and makes bookkeeping much easier.

Tip: If you need to contribute personal funds to get started, transfer the money into your business account and spend from there. Avoid mixing personal and business expenses.

7. Keep Track of Receipts

Even small purchases can add up—and you’ll thank yourself later at tax time. Keep digital or physical copies of all receipts and invoices related to your business.

8. Set Up an Accounting System

Getting organized early will save you countless headaches down the road. A system like QuickBooks Online can help you track income, expenses, and profitability all in one place. Certus can help you set this up and save you money over retail prices.

9. Hire an Accounting Firm

Partnering with an accounting firm ensures you’re set up correctly from the start. Certus Accounting & Tax Services can help keep you remain compliant throughout the year—not just at tax time. Having up-to-date financials will help you make critical financial decisions for your business. Certus can help with bookkeeping, tax filings, payroll. and tax planning. We recommend choosing a firm early and engaging 30 - 60 days before opening.

10. Choose a Payroll Processor

If you have employees (or plan to), you’ll need a reliable payroll system to handle paychecks, tax withholdings, and reporting. Many business owners use Gusto, ADP, or QuickBooks Payroll for simplicity. Certus can help you get started.

11. Get the Right Insurance

Two types of coverage most new businesses need:

• Workers’ Compensation Insurance – Required in most states if you have employees.

• General Liability Insurance – Protects you from claims like property damage or customer injury.

It’s smart to talk to an insurance broker early—they can help you understand what coverage is required or recommended for your industry. We have a preferred partner we can introduce you to.

Final Thoughts

Starting a new business takes effort, but setting things up properly from day one will make everything easier later. Stay organized, keep your finances clean, and don’t be afraid to lean on professionals for help—that’s how successful businesses are built.

Reach out today to connect with our Business Development Manager. She will discuss your needs with you and help set you up with the services that make sense for you.