Starting a Business

Have you thought about starting your own business?

There is plenty to know and plan for. This web page will direct you to important state and federal resources so you won’t miss a step.

Items that will be covered:

10 Step Guide

Starting a business involves planning, making key financial decisions, and completing a series of legal activities.  This 10-step guide provided by the U.S. Small Business Administration is a great place to get started.

A Business Name

A major decision made when starting a business is the name. Once the name is selected, it is important to register with the Secretary of State and perform a name availability search. This will ensure that the business name is not currently in use. Registering your name with the Secretary of State will ensure it is solely yours and cannot be used by any other company in the state of Colorado.

MyBizColorado

By answering a few questions, the My Biz Colorado tool will determine which agencies will require registrations or account licenses for your particular business.

· How do I know if my business name is available to register? To check if your business name is available, which means it hasn’t already been filed and registered with the Secretary of State, enter it here.

· How do I determine my business type or structure? Let the U.S. Small Business Administration help you.

· How do I obtain a Federal Employer Identification Number (FEIN)? You can use a FEIN for all registrations required by state agencies. To obtain one, visit IRS Employer ID Numbers. Please note that if you don’t use a FEIN, you’ll need to use your Social Security Number.

· What are the state agencies that need information from me to start my business? We’ve consolidated the information required by five state agencies to start your business in Colorado.

Colorado Secretary of State

Starting a small business in Colorado is a multi-step process. This tutorial from the Secretary of State will take you through the following: Starting a Business in Colorado

· Determine the legal structure

· Check for your business name availability

· File the right forms

· Open a bank account 

· Obtain a federal tax I.D. number 

· Obtain a state sales tax license and wage withholding account 

· Obtain a business license

· Links to other resources

You can contact the Secretary of State’s office by phone or email.

Federal EIN

What is it?

· An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, and is used to identify a business entity.

Do you need one? 

· Check out the IRS website to determine if you need an EIN.

If you hire others to work for you, you may be required to withhold and remit taxes from your employee’s paychecks.  This IRS page will provide information on what is withheld, and your reporting requirements.

Check out this EIN video introduction  5 Things to know about the EIN