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Right Start

Right Start. “ 10 Steps to get you started in the right direction” Presented by Geoffrey W. Goudy, CPA, LLC 401 W. Mountain Ave, Ste 101 Fort Collins, CO 80521 (970) 472-9000 ggoudy@cspotcount.com. 1. Entity Type Selection. Entity Selection Questions – See List

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Right Start

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  1. Right Start “10 Steps to get you started in the right direction” Presented by Geoffrey W. Goudy, CPA, LLC 401 W. Mountain Ave, Ste 101 Fort Collins, CO 80521 (970) 472-9000 ggoudy@cspotcount.com

  2. 1. Entity Type Selection • Entity Selection Questions – See List • Business Entity Options – See Table • Business Entity Progression – See Flow Chart • Online vs. Legal Assistance

  3. 2. Business Registration & Permits • State of Colorado • Secretary of State (organization or incorporation) • Department of Revenue (trade name, business taxes) • Larimer County-Information Center • Sales/Use Tax • Permits and Inspections • City of Fort Collins / City of Loveland • Sales/Use Tax • Permits and Inspections

  4. 3. Identification Numbers • Internal Revenue Service – online application (Form SS-4) • Colorado Department of Revenue – in Ft. Collins (Form CR 100) • Colorado Department of Labor & Employment (via Form CR 100)

  5. 4. Separate Affairs / Identity • Bank Accounts • Credit Card Accounts • Lending Arrangements • Insurance Requirements

  6. 5. Bookkeeping Software • Off-The-Shelf • Industry Specific • Qualified Accountant/Bookkeeper

  7. 6. Sales - Tax • Periodic Filing (monthly, quarterly or annually) • Sales Tax: • Ship - within city; within county; within state; out of state; out of country • Customer pickup or purchased on-site • Sale at customer site or seller delivers • Use Tax

  8. 7. Personnel - Taxes • Annual and Quarterly Filing Requirements • Weekly, Monthly or Quarterly Tax Deposit requirement • Federal Withholding Taxes (FWH, FICA, Medicare) • State Withholding Tax (SWH) • Unemployment Taxes – FUTA & SUTA • Payroll Service (compute, report, payment)

  9. 8. Other Tax Filings • 1099-MISC • Tax filing – January 31st • Required if greater than $600 per recipient • Personal Property Declaration • Tax filing – April 15th • Not required if total is under $2,500

  10. 9. Document, Document, Document • Record Retention • Filing Systems

  11. 10. Segregate Accounting Functions • Banking Activities • Transaction Approvals

  12. Right Start Questions and Answers

  13. Other Resources • SBDC Counseling and Classes for Start-ups: www.sbdc-larimer.com • Business Planning For Success • Financial Management Series • Taxes and Recordkeeping • QuickBooks Classes • Sales, Advertising and Marketing • Other: check SBDC website

  14. Other Resources • Ft. Collins and Colorado Business Resource Guides • State and Federal Regulations Info Sheet • Other websites • www.bizstats.com and RMA Industry Standards • www.sba.gov – “Starting Your Business”

  15. Other Resources • Colorado Dept. of Revenue - Sales Tax Class • Colorado Business Hotlines • Colorado Business Assistance Center (BAC) in Denver – (303) 592-5920 • Colorado Business Resource Center in Greeley – (970) 351-1054 • Accountants, attorneys, mentors, advisors • Focus Groups

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