Opening a New Business

There are many things to think about when first opening your business; customers, hiring employees, location, business plan, just to name a few. Besides the obvious items, there are a few other important items that you should have crossed off your list.

• Register with the IRS – Get your new business registered with the IRS. There are a few different options on the type of business you’re setting up which effect the way you are taxed on certain things. Check with your CPA or business advisor on what would work best for you and your situation.
• Register for a withholding tax permit with the State of Iowa
• Register for an Unemployment account with Iowa Workforce Development – You’ll probably have to wait until you have at least $3,000 in wages paid to employees before you are allowed to register for an Unemployment account
• Setup a bank account for your business. This will separate your personal assets from your company’s, which helps with personal asset protection and makes it much easier for accounting and tax filing needs.
• Find a CPA or business advisor. Not only will they help you get signed up with the IRS, they’ve helped out many business owners in your situation and you’ll be able to lean on them from their years of experience. Need help finding a CPA or business advisor? Just ask us, we have a few that we recommend.
• Get the appropriate business insurance. You may not be offering health insurance right away, but you do need to think about general liability insurance and workers compensation insurance when first setting up your business.
• Do you need to sign up for permits or a license? Depending on the type of business you are starting, you may need to get signed up with local authorities or the state for specific permits or licenses to operate legally.