This document outlines the key steps needed to set up an LLC or S-Corp business entity including registering the entity with the state, obtaining an EIN number from the IRS, choosing officers and managing members, setting up business banking and bookkeeping, making tax elections, registering for necessary insurances, and ensuring compliance with payroll, sales, and income tax filing requirements.

1. Choose entity type
Check name availability
Register entity with the state,
receive filing receipt &
certificate of organization
Obtain EIN (Business ID #) from
the IRS
Choose
managing
member
Make S-
Election
Choose
officers
Open a business bank account
Choose a bookkeeping system
LLC S-Corp
Payroll? Sales tax?
Register for state
unemployment
insurance,
workmen’s comp
& disability
PEO
Service?
Yes
Payroll
Service?
File quarterly
payroll tax
returns & make
tax payments
No
No
Register for sales
tax in every state
you will collect
and pay
Yes
Collect sales tax at
point of sale
File sales tax
returns and make
tax payments
Outside
Vendors?
File & issue 1099s
as required
Yes
Entity
Structure
LLC
Consider
purchasing a
general business
insurance policy
LLC
Fee &
UBT
Est.
Tax
NYC
Est.
Tax
S-Corp
Profitable?
Projections &
personal income
tax estimates
Yes
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516.328.3800
Start-Up Checklist: Accounting & Tax Filings