Starting a Business

Thinking of starting your own business? There are many legal and financial implications to owning a business, and the smartest move you can make is educating yourself. To get you started, here is a list of important steps you may need to take, along with basic descriptions of different business structures (entities) you can choose from in Colorado.
Some important steps include:
• Decide on the legal structure of your business (type of business entity), then register it and the tradename you choose with the appropriate state and/or federal agencies. (If you plan to open a business checking account you must have a tradename registration.)
• If your business will have employees, you must open federal, state, and local wage withholding and payroll tax accounts.
• If your business will be selling, renting or leasing tangible personal property, you need to obtain state and local sales tax licenses.
• Find out the personal and business tax implications of starting your own business.
• Develop a business plan and financial plan to guide your business.
• Protect your ideas, products, symbols, and logos through proper registration and maintenance.

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