COVID-19 STIMULUS REGULATION UPDATES

Looking to form a new company, here are the steps you need to take:

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