Business Start-Up Checklist
[or how to be in business in less than 60 minutes]
NOTE: The following information is intended to provide general guidance for setting up a new business in Northern Colorado. Specific types of businesses, occupations and localities may require additional licenses, permits or applications. In addition, we encourage all prospective business owners to seek competent tax and legal advice regarding the type of entity to select and related matters pertinent to their particular industry and occupation.
You can form your new business entity online with the Colorado Secretary of State at: Click here
For additional documents such as corporate bylaws or LLC regulations, you should consult with your attorney.
After forming your business entity with the Colorado Secretary of State, complete and file Form CR 0100 with the Colorado Department of Revenue to register as a new business, particularly if you will be collecting sales tax or withholding Colorado income tax from employee wages. A fillable pdf form can be found at: Click here.
Next, you will need to obtain an Employer Identification Number (EIN) from the IRS. This can also be done in a matter of minutes online at: Click here
Once you have your EIN, you will then be able to open a bank account for your new business.
After opening the bank account, you will need to register with the Electronic Federal Tax Payment System (EFTPS) in order to deposit payroll taxes and income taxes with the IRS. To initiate the process, go to Click here.
Corporate officers and LLC members (owners) are allowed to reject coverage under the workers compensation system, thereby reducing the business’ insurance premiums. This can be accomplished by filing Form WC43 with the CDLE. Form WC43 can be obtained online at: Click here
Starting a new business can be thrilling and daunting at the same time. We hope this step-by-step checklist helps make the process more seamless.