OMSAI.com FAQ

The below is for Virginia, but its almost the same process for most states. Please check with your EA, CPA or Lawyer or call the State Government for their requirements and compliance requirements.

Please also see the attached file (newbusiness_checklist.doc at the end of this document.

(1)
(a) Federal Identification Number (SS-4). Check Name availability with the Secreatary of the State.

(b) Some people make sure the website name is also available.

(3) Partnership and operating agreements.

 (4) Review of Business Plan.

(5)Review of Initial Accounting System Setup.

(6) Others: Please open a seperate Business Checking account: Use only one business check card or credit card for all your business expenses. This will help in the year end tax filing etc. Don't combine personal and business activities. Please use the Business checking account to deposit all the income and for all expenses.

(7) If you have employees make sure you file all the reports to federal and state on time (940, 941, Unemployment reports, state withholding). We provide payroll services, please call us for more info.

(8) Report sales tax every month.

(9) Take business license from local county. There could be local county tax also.

(10) Pass through entities like LLC partnershps and S-corporation shareholders should pay quarterly estimated taxes if you expect to make profit.

(11) http://www.ongcc.com/faq/index.php?action=artikel&cat=32&id=143&artlang=en&highlight=compliance

(12) Please see the below attachment.

NOTES:

(1) If an S-Corporation and Election (Form 2553) must be filed within 75 days of forming the corporation.

(2) If buying an existing business need to report this along with your income tax return.
Form 8594 must be filled by both parties to the transaction.

(3) Corporate officers may not sign the Articles of Incorporation. The titles of office must either be deleted or replaced with Incorporator.

(4)

Other documents for C and S corporation

1. Corporate By laws.
2. Minutes of Directors Meetings.
3. Minutes of Shareholders Meetings.
4. Stock Agreement.

The below are just given as samples.

attached files: Formation_checklist.rtf, Minutes_of_Shareholders_meetings.rtf, Minutes_of_Directors_meetings.rtf, corporate_bylaws.rtf, stock_agreement.rtf