Congratulations on embarking on your entrepreneurial journey! Denver is a business-friendly community, and we are proud to provide a variety of resources to assist small business owners and beginning entrepreneurs in realizing their dreams. For further in-depth information and help, please read the Setting Up a Business Checklist and/or schedule a free consultation with one of our business development professionals.
Here’s a quick rundown of the most important issues to address when you begin your business ownership journey.
Organizing Your Business
Whether this is your first foray into business ownership or you’re a seasoned pro, laying a solid foundation is essential. During the planning phase, you’ll:
Make A Business Plan
Here you will describe your business’s purpose – the need that you will meet by offering a good or service – as well as how it will run. This will allow you to test ideas before putting them on the market, allowing you to prevent any difficulties.
Select A Company Name And Legal Structure
Your company’s name serves as its primary identifier. Choosing a business name may be a pleasant process that allows you to express yourself. However, there are other aspects to consider, one of which is ensuring that the name you choose is available. Look for available business names and register your company name and structure with the Colorado Secretary of State.
Determine Zoning And Site Permitting Before Choosing A Place
It’s critical to make sure the location is right for your business when choosing a location. The type of building, location, zoning, and adequate parking are all issues to consider. Contact Denver Community Planning & Development to learn more about the regulatory regulations that may apply to your company.
Licensing & Permitting for Businesses
You may be required to obtain a specific business license or permission to lawfully operate in the City and County of Denver. To find out what kind of permission or license you’ll need, go to the Denver Business Licensing Center’s page or send them an email. You can contact the Colorado Department of Regulatory Agencies with questions about licensing and permits at the state level.
Taxes & Financing
Financing your business and meeting your tax requirements are inextricably linked, and the process can be complicated, but there are many of resources available to help you.
Finance It is critical to ensure that your business has the right legal structure, a well-written business plan based on market research, detailed financial predictions, and that all industry regulatory and legal criteria are completed before obtaining financing.
Taxes You’ll need to register with the local, state, and federal tax authorities when you prepare to establish your firm. Depending on your industry and location, you may be subject to a variety of taxes. Income tax, employment tax, sales tax, and city business tax are all examples of taxes.
Visit Denver’s eBiz Tax Center or email [email protected] to register for municipal taxes, file returns, and manage tax accounts.
Visit the Colorado Business Navigator website for information on state taxes and the Sales Tax ID Number.
Except for single proprietors with no employees, all types of businesses must obtain a Federal Employer Identification Number (FEIN), which is also your federal tax identification number. Contact the Internal Revenue Service to get your FEIN.
Responsibilities of the Employer
If you plan to hire people, you’ll need to register as an employer, pay additional taxes, withhold, match, and submit employee withholdings, obtain worker’s compensation insurance, and adhere to other employee eligibility rules. Begin by registering your firm with the Colorado Department of Labor & Employment and creating an unemployment insurance account through the Colorado Business Navigator website.