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Life Event Checklist

Starting a Business Checklist

Starting a business means more than having a good idea. Use this checklist to review the legal setup, money systems, taxes, insurance, records, digital security and continuity pieces that can help turn the idea into an organized operation.

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Business requirements vary by location, industry, ownership structure and activity. This page provides general educational and organizational guidance, not individualized legal, tax, accounting or insurance advice.

Build the Business Around the Work

Set up the systems before they become problems.

Separate the business, organize the money and protect access from the beginning.

1
Legal Setup Choose and document an appropriate business structure.
2
Money & Taxes Separate business finances and create reliable records.
3
Protection Review insurance, contracts, security and business risks.
4
Continuity Know what happens if you cannot run the business temporarily.
From Idea to Operating System

A business becomes easier to manage when the basics are organized early.

Banking, bookkeeping, taxes, insurance, contracts and digital access can feel secondary when you are focused on finding customers. But those systems become harder to untangle once transactions begin piling up.

Use this checklist to identify what is already in place, what deserves another review and what needs action before the business grows.

Keep personal and business systems separate where appropriate.

Clear separation can make bookkeeping, tax preparation, insurance reviews and day-to-day decision-making much easier.

Your Business Setup Review

See what is ready and what still needs attention.

Mark each item Ready, Review, Action Needed or Not Applicable.

0 Ready
0 Review
0 Action Needed
0 Not Applicable
Checklist Progress 0 of 0 reviewed
Ready
Review
Action Needed
Not Applicable
Starting a Business Checklist

Build the structure around the business you want to run.

Not every business needs the same licenses, insurance or legal setup. Use Not Applicable where appropriate and focus on the items that fit your location, industry and ownership structure.

Business Structure

Decide how the business will legally operate.

Review the business structure Consider the legal, tax and administrative differences among the structures available to your business.
Register the business where required Complete appropriate state, local or other registration requirements that apply to the business.
Review business name requirements Confirm whether the operating name needs registration, filing or other approval.
Keep formation documents organized Store formation, registration and ownership records where they can be located easily.

Tax & Identification

Set up the identifiers and tax records the business may need.

Review whether an EIN is needed Determine whether the business needs an employer identification number for tax, banking or employment purposes.
Review state and local tax registration Check whether sales tax, payroll tax or other registrations apply to the business.
Create a tax-document system Keep receipts, tax forms, payment records and important filings organized throughout the year.
Review estimated tax obligations Understand whether the business owner may need to make periodic tax payments rather than relying on payroll withholding.

Business Banking

Keep business money easier to track and document.

Open an appropriate business bank account Keep business income and expenses separate from personal transactions where appropriate.
Review business payment methods Decide how customers will pay and how those transactions will be recorded.
Review how business credit will be used If cards or credit lines are used, keep the purpose, limits and repayment plan clear.
Review who has account access Limit access appropriately and know how account access would be handled during an emergency.

Bookkeeping & Records

Create a system before transactions become difficult to reconstruct.

Choose a bookkeeping system Use a consistent method for tracking income, expenses and financial activity.
Create a receipt and expense-record system Store receipts and supporting records consistently instead of trying to rebuild them later.
Create a regular reconciliation routine Review business accounts against bookkeeping records on a consistent schedule.
Review whether professional accounting help is needed More complex businesses may benefit from bookkeeping, accounting or tax support.

Startup Money & Cash Reserve

Know what the business needs before revenue becomes dependable.

Estimate startup costs Include equipment, registration, software, insurance, inventory, marketing and other initial expenses.
Estimate monthly operating expenses Know the recurring cost of keeping the business open even during slower periods.
Review a business cash reserve Consider how the business would handle uneven revenue, unexpected expenses or delayed payments.
Protect the household emergency fund Avoid treating all personal emergency savings as unlimited startup capital without considering household needs.

Licenses & Permits

Check what the business needs to operate legally.

Review industry-specific licenses Certain professions and activities require specialized licensing or certification.
Review local permits Check city, county or municipal requirements that may apply to the location or activity.
Review home-business rules if applicable Home-based businesses may be subject to lease, association, zoning or local operating restrictions.
Track renewal dates Create a reminder system for licenses, permits, registrations and other recurring requirements.

Business Insurance

Review the risks the business creates or takes on.

Review general liability coverage Consider whether the business needs protection for certain claims involving injury, property damage or business operations.
Review professional liability coverage where relevant Service-based or professional businesses may have risks that differ from general liability exposures.
Review business property coverage Consider equipment, inventory, furnishings and other property the business depends on.
Review personal policy limitations Do not assume a personal homeowners, renters or auto policy automatically covers business activity.

Contracts & Agreements

Put important expectations in writing where appropriate.

Review customer agreements Make pricing, scope, payment expectations, timing and responsibilities clear.
Review vendor and supplier agreements Understand pricing, renewal, cancellation and service obligations before relying on a vendor.
Review owner or partner agreements where applicable Clarify ownership, responsibilities, decision-making and what happens if an owner leaves.
Create a system for signed agreements Keep final contracts and important amendments organized and easy to retrieve.

Payments & Invoicing

Know how money moves from customer to business records.

Set clear payment terms Define when payment is due and what methods the business accepts.
Create an invoicing system Use a consistent process for sending, numbering and tracking invoices.
Create a process for unpaid invoices Know when and how overdue accounts will be followed up.
Review payment-processing costs Understand transaction fees, payout timing, chargeback rules and other important terms.

Digital Business Setup

Keep the business identity separate and under your control.

Secure the business domain Register important domain names through an account the business controls.
Create a business email system Keep important business communication separate from personal accounts where practical.
Review website and account ownership Make sure the business—not only an outside contractor—controls important domains, hosting and key accounts.
Review account-recovery information Keep recovery email addresses, phone numbers and administrator access current.

Security & Backups

Protect the accounts and information the business relies on.

Use strong, unique passwords Avoid reusing important business passwords across services.
Enable multi-factor authentication where available Protect email, banking, domain, accounting and administrator accounts with an additional authentication layer.
Create a backup system Back up important business documents and data so one device failure does not stop the operation.
Review access permissions Give employees, contractors and vendors only the access they need.

Business Records

Create one reliable home for important business documents.

Organize formation and registration records Keep business filings and ownership documentation together.
Organize tax records Keep filings, notices, payment records and supporting documents in a consistent system.
Organize insurance records Keep policies, declarations pages and claims contacts available when needed.
Create a records-retention routine Decide how important financial, legal, tax and operational records will be stored and reviewed.

Business Continuity

Plan for what happens if normal operations are interrupted.

Identify critical business functions Know which tasks, systems and accounts must keep working for the business to operate.
Review emergency access If appropriate, make sure a trusted person can locate essential business information if you are unavailable.
Review how the business would handle an interruption Consider outages, illness, equipment failure, supplier disruption or another event that stops normal work.
Review succession or ownership continuity where relevant Businesses with partners, employees, family involvement or valuable assets may need a clearer continuity plan.

Personal & Business Separation

Keep the household from disappearing inside the business.

Separate personal and business transactions Use clear systems so business activity does not become mixed into ordinary household spending.
Keep personal emergency savings visible Know what portion of household savings should remain available for personal emergencies.
Review how the business affects personal insurance A home-based business, business-use vehicle or changing income may affect existing personal coverage.

Ownership & Estate Planning

A business can become an important household asset.

Review ownership records Make sure current ownership interests and governing documents are clear.
Review estate documents where appropriate Consider how the business fits into wills, trusts or other estate planning arrangements.
Review decision-making authority Consider who could handle important business matters if the owner became unable to act.

Annual Business Review

Keep the setup current as the business changes.

Review registrations and renewals Check licenses, permits, filings and recurring compliance obligations.
Review insurance annually Update coverage as revenue, property, employees, vehicles or business activities change.
Review digital access and security Remove old access, update recovery information and review backup systems.
Review the business's impact on the household Check whether income, savings, insurance, taxes or personal financial plans need adjustment.
Build for the Business You Actually Run

Four habits make the business easier to manage.

Separate It

Keep business money, records and accounts distinct from everyday household activity where appropriate.

Document It

Reliable bookkeeping, contracts and organized records become more valuable as activity grows.

Protect It

Insurance, secure accounts and backups help protect the work already invested in the business.

Review It

The setup that works on day one may need to change as revenue, risks, employees or ownership evolve.

Your Priorities

See what needs action before the business gets busier.

Items marked Action Needed appear first. Review items stay separate so you can work through them without losing track.

Action Needed

These are the business setup items you marked as needing action.

  • No items marked Action Needed yet.

Review

These are the items you want to check more closely.

  • No items marked Review yet.
Keep Sensitive Business Details Private

Track the task—not the confidential information.

Do not enter bank account numbers, EINs, tax identification numbers, passwords, payment credentials, customer information or other confidential business details into this checklist.

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Related Have These Now Resources

Connect the business to the rest of your preparedness plan.

Business & Self-Employment

Review the broader systems, records, risks and responsibilities involved in running a business.

Review Business Readiness →

Money

Review emergency savings, banking, debt, taxes and the household financial foundation behind the business.

Review Your Money Foundation →

Digital Life & Security

Review passwords, account security, backups, recovery information and trusted digital access.

Review Digital Security →

Where Things Are Worksheet

Create a simple map showing where important household and business records can be located.

Map Important Records →
Build More Than the Business

A strong business needs systems behind the work.

Good records, clear finances, secure access and a continuity plan make the business easier to operate today and easier to protect as it grows.

Review Business Readiness →

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