- choose accountant, and determine if company will operate on accrual or cash basis
- purchase accounting software (such as QuickBooks)
- engage a lawyer for company
- create offer letters for employees
- determine and arrange for employee benefits, such as health insurance
- create confidentiality, assignment of inventions and non-competition agreements with employees
- choose a payroll service (such as ADP or Paychex)
- create policies (such as vacation accrual and use policy, anti-discrimination policy) and employee handbook
- open bank account
- obtain credit card (consider AMEX for special cards for small businesses)
- obtain general liability insurance
- obtain Workers Compensation insurance
- create logo
- create website, and ensure that designed for search engine optimization (consider www.superwebomatic.com)
- establish Federal Express and UPS accounts
- establish courier accounts and relationships for local deliveries
- choose office space and sign lease agreement
- purchase or lease office furniture
- purchase or lease office equipment (PCs, servers, copy machines, scanners)
- obtain virtual phone system services, vanity 800 numbers, unlimited extensions and call forwarding (such as www.Grasshopper.com)
- create and purchase business cards
- create, host, manage and maintain servers and email accounts (and other IT needs)
- consider protecting any intellectual property (including trademarks, patents and trade secrets)
- consider public relations and marketing (such as press release, registering with local chamber of commerce and registering with online search engines) and creating brochures and other marketing collateral
- join trade organizations
Ask an expert!
Today’s Question — Friday, July 30
Must I pay all of my employees?
It is not unusual for start-up companies to have limited cash resources. It is also not unusual for entrepreneurs to entice employees to the company by offering stock compensation, instead of cash, until such time as the business can afford to pay regular salaries. However, it is advisable to consult with an employment lawyer in your state of operations to determine if this is permissible under the state’s wage statutes. In most cases, the lawyer will likely advise that each employee be paid an amount equal to applicable minimum wage amounts.
