New business setup checklist
To set up a new business, choose a structure, form the LLC or corporation, get an EIN, open a business bank account, register for the state taxes you'll owe, and set up bookkeeping from day one. Then plan for taxes, because no one withholds them for you. This checklist covers each step in order.
Updated November 2026 · By Pankil Kumar, Managing Partner
Structure and name
Formation
Money
Taxes and permits
Books
Which step trips people up most?
Mixing money. Paying business costs from a personal card, or personal costs from the business account, makes bookkeeping slow and weakens the liability protection of an LLC. Open the business account before your first sale.
The other common miss is taxes. As a new owner nobody withholds anything, so the first April surprises people. Set aside a share of every payment in a separate account, and pay quarterly estimates. Our 1099 tax calculator shows how much.
Can you do this for me?
Yes. Our LLC formation service forms the entity in any state, gets the EIN, sets up your books and checks whether an S-Corp election fits.
Sources
General information, not tax advice for your situation.
Starting a business?
We form the LLC, get the EIN and set up your books.
See our LLC formation serviceDo I need an LLC to start a business?
No. You can start as a sole proprietor. An LLC adds liability protection and can elect S-Corp tax treatment later.
Is an EIN free?
Yes. Get it directly from the IRS website. Sites that charge for it are just filing the free form for you.
When should I set up bookkeeping?
Before your first sale. Catching up later costs more than starting clean.
Tell us what's messy. We'll tell you what it takes.
Tell us what you need and get a fixed price before any work starts. No pressure and no contract.