First-Year Business Owner Checklist

Starting a business is exciting but requires careful planning and organization to ensure financial and tax compliance. Here's a step-by-step checklist to guide you through your first year of business ownership. Sign up for a New Small Business Consult on our website to help you start your business quickly, efficiently, ensure compliance (saving time & money), and receive discounted ongoing support.

Download This Checklist

Get a printable PDF version for easy reference

Download PDF

1. Business Formation and Legal Setup

Choose a Business Structure: Sole proprietorship, LLC, partnership, corporation, etc.
Register Your Business Name
Obtain an EIN (Employer Identification Number)
Open a Business Bank Account

2. Licensing and Permits

Research federal, state, and local licenses or permits required for your industry
Keep documentation for annual renewals and compliance

3. Accounting and Record keeping

Set Up an Accounting System: Use software (QuickBooks, Xero, etc.) or hire a professional (We offer specialized Growth Book Keeping plans for businesses with Revenues under $50,000)
Track Expenses: Categorize receipts and invoices for easy tax preparation
Monitor Cash Flow: Regularly review income and expenses to maintain financial health
Retain Business Records: Store records for at least 3–7 years (depending on requirements)

4. Tax Compliance

Understand Your Tax Obligations: Income tax (quarterly estimates may be required), self-employment tax (if applicable), sales tax (if selling goods or services in taxable industries), payroll tax (if you hire employees)
Register for State Tax Accounts: Contact your state's tax office
Set Tax Deadlines: Use a calendar to track due dates for tax filings and payments
Hire a Tax Professional: JET TAX SERVICE CORP can help ensure compliance and maximize deductions

5. Business Insurance

Obtain necessary coverage: General liability, professional liability, workers' compensation, etc.

6. Marketing and Branding

Develop a marketing plan and define your target audience
Create a website and establish a presence on social media
Network and promote your services/products

7. Employment and HR

Understand labor laws and establish HR policies
If hiring, file necessary employee paperwork (W-4, I-9, etc.)
Set up payroll and ensure proper tax withholding

8. Financial Growth and Planning

Set short- and long-term business goals
Consider business loans or lines of credit if needed for growth
Regularly review financial statements to adjust strategies

9. Stay Educated

Our team at Jet Tax Service Corp will keep you informed about changes in tax laws and regulations

Need Help With Your Taxes or Business?

Our experienced team is here to assist you with all your tax and business needs.