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After Incorporating

Incorporating your business is really only the first step of starting a business. After a business is legally organized, there’s a list of things you’ll need to do before opening for business.

I like to look at it like this, incorporating is like having a baby. Your articles of incorporation is like a birth certificate for your business. And, just as if you had a baby, there are a few things you’ll need to do. First, you’ll get him/her a Social Security number. (A corporation gets an Employer Identification Number, or EIN.) Next, you’ll open a bank account and deposit all that money the grandparents gave the little bundle of joy. (You’ll actually be depositing the money you gave to the corporation for your stock.)

In this chapter, we’ll discuss some of the more important things you’ll need to do after incorporating.

By the way, if you’ve never started a business before, you may want to take a look at the “Smart Start” Series of books. There’s one for each state, and they cover everything you need to know about starting a new business in a particular state—things like permits, licenses, business taxes, insurance, employees, payroll and unemployment taxes, workers comp. etc. It’s listed in the brochure at the back of the book if you’re interested.

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