Setting up your business checklist

So, you quit that job and decided to start that business. Congrats! Now let's make sure you don’t accidentally fall into the seventh circle of business law hell.

Here’s what you’re gonna do:

1) Go to secretaryofstate.com, find your state and navigate to business filings.

2) Make an account. Every state is different, but in Arizona and Colorado, it is fairly simple to do.

3) File your LLC. In Arizona and Colorado, this is straightforward:

• Pick the type of company you want to form

• Profit Corporation, Non-Profit Corporation, or Limited Liability Company (LLC) (you probably want an LLC, but depending on your needs you might want a Corporation structure).

4) Pick a name (this does NOT protect your brand name. That will come after you get your LLC set up).

5) List the members (who own at least 20% of the LLC, it can be multiple people)

6) Choose whether you want Manager or Member-managed (I’d choose manager-managed so that you can add members without having them control the business).

6) Pay the fee and wait for confirmation.

7) Get your EIN from the IRS at https://sa.www4.irs.gov/applyein/

8) You need this to open a bank account.

9) Open a business bank account.

10) Choose a local bank if possible. They are more likely to work with you for tailored business needs

11) Keep your business money separate from your personal money. You can fund your LLC, but don’t pay for your personal expenses

12) Draft an operating agreement: a document that governs how your LLC is run. If you're going into business with a partner, this becomes even more critical.

For more help, book a consult!

For more info, download the free guide: The Creative Troublemaker’s Guide to the Legal Underworld