Martha's Vineyard Chamber of Commerce
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New Business Checklist

Nothing can substitute for the benefits of having a good accountant and attorney to help you along your way toward starting a new business. A good way to begin your own research is to contact your town hall. Ordinances and regulations vary from town to town. 
​Here is a checklist from the Cape Cod Business Journal for starting a new business.
​(This is not meant to be 
a substitute for a good accountant or attorney.)
Ask your accountant about:
* Federal tax ID number
* State tax ID number
* State unemployment insurance withholding
* State sales tax number and filings
* Federal unemployment insurance withholding
* Federal payroll withholding filings and forms
* State payroll withholding filings and forms
* Employer’s contribution to Social Security
* W-4 forms for employees
* Immigration forms for employees
* State corporate minimum tax
* State and federal corporate tax returns
* State Department of Corporations annual filings
* Quarterly payroll withholding forms and coupons
* Setting up a simple bookkeeping system
* Companies that handle payroll for you
* Preparing income statements and balance sheets
Ask local merchants about buying or leasing:
* Personal computers
* Photocopiers
* Telephone systems
* Furniture
​Ask your insurance agent about:
* Business owner’s insurance (to cover equipment)
* Insurance to cover premises and contents
* Liability insurance to cover you and employees
* Workmen’s compensation insurance
* Auto insurance for company vehicles and drivers
* Group health insurance and state laws requiring it
* Group dental insurance
* Group term life insurance
* Business interruption insurance
* Disability insurance for you and employees
* Listing landlord and owners of leased equipment on
fire and theft insurance policies

Ask your bank about:
* Business checking acct, checks, deposit stamp
* Business Master Card or VISA card
* Business line of credit
* Being a Master Card-VISA merchant
* Depositing federal payroll withholding at the bank
​Ask your attorney about:
* The pros and cons of sole proprietorships,
partnerships, and incorporation
* Incorporation papers and filing fees
* Corporate resolutions, bylaws, and minutes
* Corporate stock authorization, and issuing
* Leases for equipment, office space, and vehicles
* Contracts between you and employees,
suppliers, and customers
* The benefits of written personnel policies and procedures
* State, county, and local licenses for such things as alcohol, food, milk, elevators, plumbing, electrical work, fishing, street vending, entertainment, video games, juke boxes, lodging, fire safety, occupancy,
and shellfishing.
* Music copyright licenses from ASCAP and BMI


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Complete guide to Martha's Vineyard.
​Copyright Martha's Vineyard Chamber of Commerce.  All Rights Reserved.
P.  508.693.0085  | Toll-Free 800-505-4815
F. 508.693.7589
 24 Beach Street |  P.O. Box 1698 
 
Vineyard Haven, MA  02568
info@mvy.com | sitemap

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  • Home
  • Directory
  • Stay NOW
  • Deals
  • Events
  • Real Estate
  • Visit
  • Join
  • More
    • Contact Us
    • Vineyard Blog
    • Members
    • Press Room
    • Job Listings
    • Housing List
    • Online Store
    • Travel Guide
    • Island Book
    • About the Chamber
    • Business Resources