From Ideal to Real - Part 9: Post Inc (AKA: The checklist of all things I need to do after officially incorporating)

Filing for the S Corp was only the beginning. There are a bunch of things you need to do afterwards. Here is my to do list with some notes from both my chats with Adam and some online research:

1. Register an EIN (Employer Identification Number): The form is here, and apparently you can only fill out this online form when they are open. (I guess they haven't heard of asynchronous communication). An EIN is like a Social Security number for a business that uniquely identifies it to the IRS. It is necessary to open a business bank account (which is essential to keep separate from private bank accounts). ✓

2. In my paperwork from the online filing receipt, it says that I am required to file a Biennial Statement with the Department of State every 2 years. Notification of when it is due is only by email, and it says to register for said email at this link (which, again, is only open during business hours). ✓

After receive EIN:

3. Register as an S Corp with the IRS: Requires filling out form 2553 (instructions here). This must be mailed or faxed to the IRS (fax number depends on your state, so be sure to check the instructions). I started into the form online, figuring I didn't need to read instructions and the very first field caused me pause: Is "Name" my name or the name of my business? I went to the instructions to read thoroughly after that! (for the record, it's business name). I then opened up the packet from BizFilings and realized they included a form already partially filled out with the information they had for me to mail in (and said it must be done within 75 days of incorporation). So I went that way. (PS- I had to ask a few questions to Adam, who kindly informed me that my fiscal should begin on the day of incorporation for this form) ✓

4. Register as an S Corp with NY State: CT-6 Form, also requires faxing. ✓

5. Register for Sales Tax: Start here. ✓

6. Open up a business bank account (and keep books separate!) - Bank of America allowed me to apply online. ✓

7. Register as a Sales Tax Vendor in NYS. Here are the instructions. Requires having a business bank account as well as everything else on this checklist. ✓

8. Get resale certificate from NYS (so that I don't have to pay taxes on goods I purchase to create the products, since I will charge to the end purchaser the sales tax): Use this form when buying goods to be resold. Requires having registered as a Sales Tax vendor. ✓

9. File sales tax return quarterly (after the date I registered as when I would start doing business. I received a letter that the first one is due 4/15/18 and Form 1120 is needed)

Once profitable:

10. Move out of New York City: only partially kidding here... a company with a nexus (any physical presence of business, including warehousing, offices, etc) in NYC carries higher taxes. We are already debating buying a house and moving out of the Bronx, so this will hopefully naturally happen on its own.

11. Pay estimated taxes on profits throughout the year

12. File payroll quarterly (once employees start, and I count as an employee)

13. Get on Shark Tank :) 

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