Right Start 10 Steps to get you started in the right direction Presented by Geoffrey W. Goudy, CPA, LLC 401 W. Mountain Ave, Ste 101 Fort Collins, CO 80521.

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Presentation transcript:

Right Start 10 Steps to get you started in the right direction Presented by Geoffrey W. Goudy, CPA, LLC 401 W. Mountain Ave, Ste 101 Fort Collins, CO (970)

1. Entity Type Selection Entity Selection Questions – See List Business Entity Options – See Table Business Entity Progression – See Flow Chart Online vs. Legal Assistance

2. Business Registration & Permits State of Colorado Secretary of State (organization or incorporation) Department of Revenue (trade name, business taxes) Larimer County-Information Center Sales/Use Tax Permits and Inspections City of Fort Collins / City of Loveland Sales/Use Tax Permits and Inspections

3. Identification Numbers Internal Revenue Service – online application (Form SS-4) Colorado Department of Revenue – in Ft. Collins (Form CR 100) Colorado Department of Labor & Employment (via Form CR 100)

4. Separate Affairs / Identity Bank Accounts Credit Card Accounts Lending Arrangements Insurance Requirements

5. Bookkeeping Software Off-The-Shelf Industry Specific Qualified Accountant/Bookkeeper

6. Sales - Tax Periodic Filing (monthly, quarterly or annually) Sales Tax: Ship - within city; within county; within state; out of state; out of country Customer pickup or purchased on-site Sale at customer site or seller delivers Use Tax

7. Personnel - Taxes Annual and Quarterly Filing Requirements Weekly, Monthly or Quarterly Tax Deposit requirement Federal Withholding Taxes (FWH, FICA, Medicare) State Withholding Tax (SWH) Unemployment Taxes – FUTA & SUTA Payroll Service (compute, report, payment)

8. Other Tax Filings 1099-MISC Tax filing – January 31 st Required if greater than $600 per recipient Personal Property Declaration Tax filing – April 15 th Not required if total is under $2,500

9. Document, Document, Document Record Retention Filing Systems

10. Segregate Accounting Functions Banking Activities Transaction Approvals

Right Start Questions and Answers

Other Resources SBDC Counseling and Classes for Start-ups: Business Planning For Success Financial Management Series Taxes and Recordkeeping QuickBooks Classes Sales, Advertising and Marketing Other: check SBDC website

Other Resources Ft. Collins and Colorado Business Resource Guides State and Federal Regulations Info Sheet Other websites and RMA Industry Standards – Starting Your Business

Other Resources Colorado Dept. of Revenue - Sales Tax Class Colorado Business Hotlines Colorado Business Assistance Center (BAC) in Denver – (303) Colorado Business Resource Center in Greeley – (970) Accountants, attorneys, mentors, advisors Focus Groups