It’s pretty rare that someone comes to us at Hannah Grimes and confidently declares themselves a business owner. Most of the clients we work with get started because they love what they do (or make) and they want to provide high quality products and services to their communities. They didn’t launch a small business to keep books, create marketing campaigns, and write up standard operating procedures.
If this sounds like you, here’s a simple checklist that outlines all the things you need to do in order to become an “official” business. Use it to make sure you don’t miss anything big!
Confirm Your Business Name is Available
If you live in NH, you can check with the Department of State. You can search for all of your potential business names and any similar sounding names that might exist. This should help you avoid any legal or brand clarity issues down the road.
Choose Your Business Structure
There are a number of business structures to choose from. If it feels overwhelming, schedule a free coaching session with one of HGC’s legal coaches to figure out which option is right for launching your small business.
If you decide on a sole proprietorship or partnership, register your business name as “trade name” with the NH Secretary of State.
If you decide on an LLC or corporation, you’ll need to register your business with the NH Secretary of State.
Pro tip: If you spend money to get your formation documents prepared, then keep those receipts, they are business expenses.
Obtain an EIN
If you operate as a corporation or partnership or plan to hire employees, you’ll need to get an Employer Identification Number (EIN). If you aren’t sure if this applies to you, schedule a free coaching session with one of HGC’s legal coaches to talk it through. You can get your EIN here.
Obtain a UEI
If you are planning to contract with or apply for grants from the federal government, you’ll need a Unique Entity Identifier (UEI). You can get your UEI by following the directions in this Quick Start Guide.
Purchase Insurance
You may or may not need to obtain insurance. Schedule a free coaching session with one of HGC’s insurance coaches to help you figure it out. If you do decide to purchase insurance, be sure to do your research and get at least two bids. Don’t forget to keep your receipts, it’s a business expense!
Open a Business Bank Account
Set up your bookkeeping plan using our bookkeeping checklist or meet with one of HGC’s bookkeeping coaches. Be sure to mark important dates on your calendar including annual report and tax deadlines for your state and tax deadlines for federal taxes.
