Small Business Formation/Purchase Checklist

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You will find this list useful whether you are buying or selling a business.


PROFESSIONALS TO CONTACT:

( ) Attorney
( ) Accountant
( ) Insurance Agent
( ) Computer Consultants
( ) Financial Advisers or Local Banker
( ) Payroll Service Companies (Paychex, ADP, etc.)
( ) __________________________________________

ENTITY CHOICE & FORMATION

( ) Incorporation, Partnership, LLC,, LLP, etc.
( ) Fictitious Trade Name Registration
( ) Business Registration in Foreign States
( ) _________________________________________

TAX FILINGS, ELECTIONS & APPLICATIONS

( ) Federal Tax Identification Number
( ) State, City and/or Local Registration
( ) State Sales Tax License
( ) Unemployment Account registration
( ) Transfer of Predecessor U.C. Rate
( ) “S” Corp. Elections (Federal & State)
( ) Local Township Mercantile Licenses
( ) Local Business Privilege Licenses
( ) Local Professional or Occupational Licenses
( ) Liquor, Beer or Health Licenses
( ) Food Handling Certifications
( ) Parking or Sign Licenses or Permits
( ) Specialty Business Certifications if Applicable
( ) Food Stamp Licenses, Lottery transfers, etc.
( ) ________________________________________

PUBLIC AND PRIVATE UTILITIES & PROVIDERS

( ) Electric & Gas Companies
( ) Telephone Companies
( ) Cellular / Beeper Companies
( ) Water & Sewer Authorities
( ) UPS, Airborne and/or FedEx accounts
( ) Alarm Services or Monitors
( ) _________________________________________

INSURANCE COVERAGES (new or assigned policies)

( ) Workmen’s Compensation
( ) General and or Product Liability
( ) Fire/Contents Damage
( ) Business Interruption
( ) Inland Marine
( ) Theft, Cash Register Coverage
( ) Fidelity Insurance (Employee Theft, etc.)
( ) Plate Glass Coverage

BANK & CREDIT CARD COMPANIES

( ) Opening of Checking Accounts
( ) Establishing Credit Lines
( ) VISA, MasterCard Acceptance Applications
( ) American Express, Discover, etc. Acceptance
( ) ________________________________________

EMPLOYEE INFORMATION

( ) Introduction of Buyer by Seller
( ) New W-4's are usually must be completed
( ) New Employment Applications
( ) Fringe Benefits Package /Coverage Review
( ) Review of any Employment Contracts
( ) _________________________________________

AGREEMENTS, LEASES AND CONTRACTS

( ) Pension Plan Assignments if applicable
( ) Union Collective Bargaining Agreements
( ) Building Lease (New or Assignment of old)
( ) Software License Renewals or Transfers & Updates
( ) Transfer or Assignment of Vehicle or Equip. Leases
( ) Supply Agreements with Vendors
( ) Franchise or License Agreements
( ) Customer Contract Assignment if applicable
( ) Distributorship Approval if transferring
( ) Yellow Page Advertising Agreements
( ) Web Advertising Contracts/ Agreements
( ) Trade Publication Contracts
( ) Vehicle Titles and Title Transfer Registration
( ) Equipment Warranty Assignment if applicable
( ) Copyright, Trademark or Service Mark Assignments
( ) ____________________________________________

CUSTOMERS AND SUPPLIERS

( ) Establish Credit Lines with Suppliers
( ) Introduction by Seller
( ) Contract Printer with any change information
( ) _____________________________________________


MISCELLANEOUS ITEMS

( ) Post Office Notification
( ) Better Business Bureau Registration
( ) Chamber of Commerce Registration
( ) Trade Organization Registration
( ) E-mail or web site notification or creation
( ) Business Software Purchase (Quickbooks, MS Word, etc.)
( ) Keys, Combination Numbers, Alarm Codes, etc.
( ) Bulk Sale Compliance (if applicable)
( ) State Tax Clearing Certification by Seller if applicable
( ) Lien and Judgement Search

Compliments of:
Frank J. DiSantis and The Business Exchange Network
Inc. P.O. Box 43
Broomall, PA 19008
610-353-8244