How to Start a Corporation Checklist

Run this how to start a corporation checklist when you want to start a new business. It will guide you through the various necessary steps to get you up and running!

Introduction to How to Start a Corporation Checklist:

Prepare a business plan

Purchase your domain name

Corporation vs LLC

Obtain your EIN

Contact the state taxation department

Research any specialist licenses you may need

Plan your legal and accounting set up

Open a business bank account

Purchase business insurance

Find office space

Set up your operating processes

Create your business identity

Create your website

Build your marketing plan

Go!

Sources:

Related Checklists:

Introduction to How to Start a Corporation Checklist:

Process Street - How to Start a Corporation Checklist

Starting a new business is a brave step toward creating something valuable to others.

With this how to start a corporation checklist, we at Process Street hope to be able to provide a clear set of necessary steps to guide you.

There are links throughout to different useful resources and tools to help make the process as smooth as possible.

Use the form fields provided to record information.

Watch this video below to ease into the process.

MJ Gottlieb - The Startup Entrepreneur Guide to Starting a Business

Prepare a business plan

Creating a business plan is a crucial part of understanding what your business is going to be like, where it needs to go, and how it is going to get there.

Here are 3 links to give you some context on writing a business plan:

You can use the following form fields to help you prepare the basics.

Product/service description

Business goals

Market overview

Competitor analysis

Current funding situation

Projected financials

Three year roadmap

Buyer persona

Watch the following video from Business Wales to get a quick overview.

Business Wales - How to Write a Business Plan

Purchase your domain name

When you have the name of your business decided, purchase a domain name from GoDaddy or Google Domains.

Read one of these articles from Moz or GoDaddy about important considerations when choosing a domain name.

Corporation vs LLC

Choosing your business structure depends largely on what goals your business has.

In the US, you have 3 principal options:

LLC
S-Corp
C-Corp

An LLC is a joint partnership where the owners are taxed on their dividends. A C-corporation works differently; it exists as a separate entity and pays tax on its profits. If you're the owner of a C-Corp, you risk being taxed twice: once on company profits and once on personal gains.

The S-Corp exists in the middle and is structured similarly to a C-Corp while avoiding the double taxation. It is worth researching which of these options would be best for your business.

Read these articles for a deeper explanation:

Obtain your EIN

An EIN is an Employer Identification Number. This is also known as the Federal Tax Identification Number, and is a very important number to have if you're setting up a business!

You can get an EIN from the IRS - and you can register for it online right now.

Click here to apply for your EIN.

Contact the state taxation department

Some states will require you to get a state tax identification number too.

Contact your state taxation department to enquire about the laws in your state and begin your application process.

Find the right email address and use our email widget below.

Research any specialist licenses you may need

Certain industries have more regulations than others.

If you are hoping to run a bar, or any venue which will be serving alcohol, you will need the necessary personal and property licenses to allow you to operate.

Investigate your industry and find out what licenses you need to acquire.

Plan your legal and accounting set up

You have a number of options when approaching your legal and accounting requirements.

Some businesses will use local professionals to help them manage their legal or accountancy needs.

Others may use the services of larger companies - either to do this work for them or to assist.

For legal assistance, you could use a company like LegalZoom or RocketLawyer.

For accounting, you can use software like Quickbooks or Mint.

Alternatively, you can look at some of our Process Street accounting guides to help you:

Open a business bank account

When you open your business account, take the time to shop around for a good deal.

Some banks may offer easier access to credit in return for your services, while others may have very user-friendly web portals which you feel more comfortable using.

There are a lot of things to consider. Here's an article outlining 6 mistakes that small businesses often make - read it and avoid them.

Purchase business insurance

Purchasing business insurance is a whole process in itself.

This could be a complicated or simple process depending on the industry in which you're working.

Read this extensive guide from WikiHow to you through the different steps.

Find office space

When you're starting off, you're presented with a number of options.

You could go for traditional office space - however, this can prove expensive for a business before it has gained substantial revenue.

A cheaper alternative would be to use a coworking space. WeWork is one of the largest networks of coworking spaces. They are cheaper than traditional offices and the utilities and wifi are maintained by the organization. This is also a useful way to build a professional network.

Many startups avoid committing to office space in their early life. If it is feasible, consider working from home and organizing your team remotely to save on extra costs.

Set up your operating processes

Decide on how your organization is going to operate.

Think about the services or products you provide and envision the best ways these can be provided.

Process Street can help you map and follow your internal processes. For instance, if you're going to be utilizing outbound sales strategies, you may wish to look at some of our sales templates:

You can use these checklists directly or as inspiration to build custom templates to suit your business needs.

Create your business identity

Deciding upon your business identity involves crafting the right public image to fit your product or services.

This could include a logo, colors, font, and more. For advice and guidance, read one of our articles about how we rebranded Process Street with the help of a designer.

Create your website

Creating a website for your company is easier than most people think.

You may be a tech wizard and need no help with this. If that's the case, go forth and build!

However, for those who aren't developers, you have two main choices.

You can build a website using an existing platform which will be affordable and serve most basic needs, or you can hire someone to create you a custom website.

Some platforms which provide simple ways to create a website are:

If you want to hire a freelancer, you can either hire locally or through an online marketplace. Two options are:

Upwork - Generally lower prices but with a large choice of potential developers.
Crew - Higher prices with a smaller curated group of developers to choose from.