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Looking to form a new company, here are the steps you need to take:
- Form “C” Corporation
- File SS-4 for corporation identification number or go online to www.irs.gov
- Identify corp. officers and review with Jack “who is what”?
- Issue stock
- Open bank accounts (general acct, payroll acct, sales tax acct, petty cash acct)
- Bank signature care signer- be careful who is on the account
- If necessary, file for state sales tax number
- Get insurance, i.e. worker’s comp., liability, building, etc., life insurance on manager of primary officer if not Jack
- Have employees complete new W-4’s and State withholding forms.
- Get background checks on new employees for criminal record
- When answering the telephone be sure to use new company’s name.
- Put utilities in the new corporations name
- New company logo, letterhead, invoices, etc
- Register vehicles in new corporation
- Establish employee handbook (rate of pay, vacation time, benefits such as 401K, health insurance, etc.) Expectations/Rules for termination
- *DON’T PAY ANY OF THE OLD CORPORATION’S DEBITS. DIRECT ALL CALLS TO YOUR REPRESENTATIVE AT EQUITY SEARCH.
- Contact all vendors and make them aware that new mgt/owners are in place. All accounts go under corp name.
- Empire empowerment zone- find out if the new location is in on