This week we are focusing on The Centennial State, better known as Colorado! While this state is known for its abundance of natural resources and tourism popularity, it is also an economic hub of activity that welcomes and supports small businesses. Are you considering starting a business in Colorado? Here are a few facts to keep in mind when going through the filing process. If you’re ready to embrace #coloRADo and open up shop, here’s what you need to keep in mind.
1. According to the Colorado Secretary of State, starting a business in Colorado is a multi-step process. It involves registering your business (including determining your legal structure, checking name availability, filing forms, and making payments for said filings) and setting up secure business filing.
2. In order to start a business in Colorado, entrepreneurs must also open a bank account, obtain an EIN, obtain a sales tax license and wage withholding account, and obtain a business license.
3. Choose a unique name for your business — something that makes your business stand out and is memorable. You can file to trademark the name under the Colorado Secretary of State or go directly to the U.S. Patent and Trademark Office for information on state and federal trademarks.
4. As mentioned above, every business entity must file for a Federal Tax ID number. These are also known as an employer identification number (EIN) and required for every entity unless you are filing as a sole proprietorship because you are eligible to use your own social security number. Your Federal Tax ID number can be obtained through the IRS, but the state tax identification number must be obtained through the Colorado Department of Revenue.
5. Not sure if you remembered everything on your small business to-do list? Colorado’s Secretary of State has a handy business checklist available so you can check off every small business area including registration and maintenance, formation, financial and business planning, marketing, and insurance, and more.
For more information about incorporating in Colorado, visit the Colorado Secretary of State website. You can also follow the Colorado Secretary of State on Facebook and Twitter for all the latest updates.
Ready to start a small business in Colorado? Give us a call at 1(877) 692-6772 or visit us at mycorporation.com if you have any questions about forming a business or the regulations required.
Welcome back to the 50 States of Incorporation, Rebooted where we share what it takes to start a business in each of the 50 states. Join us biweekly for advice on how to start an LLC or corporation across the United States.