Authored by: Jared C Erickson, MAcc. Jared has worked at CMP for 6 years in the Logan office. He specializes in new business setup and consultation. In addition, he provides accounting system support and tax planning for businesses.

If you’re starting business, then you’re probably very good at what you do. It’s a good idea to involve the accountant and the attorney in the initial planning stages of the business. They can give you some good advice before you start. It is likely worth your time and money to have professionals help you with these steps. That way you make sure the steps are completed correctly and this enables you to focus on what you do. The first step is to choose a professional team. An accountant is usually the first professional to consult with. They can be a great resource to help you analyze the new business opportunity. An Attorney can help with name registration, Articles, Bylaws, copyrights, trademarks, and other agreements or contracts.

1. With the help of a professional decide on the type of legal and tax entity you want. Legal entity formation might include: Sole-Proprietor, LLC, or Corporation. Taxation structure might include: Sole-Proprietor, Partnership (same as LLC), or S-Corporation.
   
2. Decide on a business name. Name options can be searched at: https://secure.utah.gov/bes/action/index for Utah and http://www.accessidaho.org/public/sos/corp/search.html?SearchFormstep=crit for Idaho.
   
3. An attorney can help you register the business name and/or file the Articles with your State.
   
4. Your CPA can assist you with the following:
   
   1. Obtain a Federal Employer Identification Number (EIN) for the business.
      
   2. If filing as an S-Corporation, file the S-election with the IRS.
      
   3. Register with your State to obtain any necessary payroll and/or sales accounts.
      
   4. Obtain any necessary Workers Compensation Insurance. This insurance coverage can be obtained through your State sponsored fund or through many local independent insurance agents.
      
   5. Obtain a City or County business license.
      
5. Open a business bank account.
   
6. Obtain any necessary occupational licenses with your State.
   
7. You CPA can help you decide on an accounting system. How will you keep track of your business income and expenses?
   
8. If required your CPA can help you decide on a payroll system. How will you compute and keep track of the payroll? What about payroll deposits, quarterly reporting, and annual reporting?
   

In conclusion, when starting a business involve professionals to protect yourself from potential problems later on.