Are you thinking about starting a business of your own? Are you worried that you may have forgotten something? Starting a new business is a joyous adventure that can turn sour if you haven't done all your homework.

One of the biggest disappointments is to have launched a successful business only to be shut down because you did not obtain all the necessary permits or file the necessary reports. Here's a business start-up checklist that may save you time, money, and frustration.

PROFESSIONAL LICENSING
Do you need a special license? Many states require proof of competence from a regulating or licensing body before you can be issued a permit to do business. Some states and many municipalities regulate the number of certain types of business. Examples are taxicabs and liquor stores, psychologists, physicians, and garbage collectors. If you're wondering whether your new business falls into one of these professional licensing traps, visit your municipal licensing division. They can either provide the information or direct you to the proper authority.

LICENSING
There are very few places left in the United States where a business license is not required. Counties, cities, municipalities, and other population centers want to know what you are doing, mainly for the purposes of collecting taxes, but also, they want to keep tabs on you. Just because your unincorporated township does not have a licensing authority doesn't mean the next higher level doesn't. Check it out.

ZONING
In most parts of our country, your neighbors have a lot to say when it comes to your business! Will you be permitted to operate from the location you have selected or will you have to move to a spot you feel is not desirable?

This is often a major hurdle to overcome for small businesses, especially if you intend to be home-based. Zoning is designed to limit certain types of businesses to designated parts of the community. For example, very few homeowners want an auto repair business operating next door, especially in a residential area. The zoning office is often connected with, or a part of the business licensing authority.

NAME
Who are you? Your state may not allow you to conduct business unless you have first filed an 'assumed name' report. One reason for this filing is to make sure you are not using the name of an existing business. But the more important function is to provide authorities with a clear path of responsibility, starting with your business name and ending with the name of all responsible parties (to make sure someone pays taxes). Your overly cautious bank may not even allow you to open a business account without a permit or document of some type.

MUNICIPAL TAXES
Although most municipalities collect their share of what you earn through the state, there are some agencies that bill you directly. Most want some kind of permit fee (tax) that you will have to pass along to your customers.

STATE TAXES
Most states have a requirement that you obtain a business identification number. This number is used to keep track of you, to make sure you pay your fair share of taxes, and is sometimes used as a state employer identification number for workers' compensation purposes.

FEDERAL TAXES
You may not need a federal tax number unless you are a corporation or unless you hire employees, but be assured, the federal government wants their part of what you earn (taxes), and they WILL get it; so do what is required. Tax laws seem to change daily, so would be a good idea to touch base with your local IRS before starting your business.

WORKERS' COMPENSATION
Talk with your state department of labor about reporting and paying workers' compensation insurance (another tax). There are definite rules you must follow, and it's is not a good idea to skip this step. An injured employee's lawsuit could end your career before it gets started. If you have employees, you need to be insured.

BUSINESS STRUCTURE
There are now at least eight different basic business structures with more on the way. Most are designed in one way or another to minimize the tax bite. Six of the structures are corporations. Corporations can have the designation: standard or 'C' corpora-tions, non-profit 501(c)3 corporations, association 501(c)6 corporations, personal or 'PC' corporations, small or 'S' corporations, and the newly designated limited or 'LC' corporation. Other forms of business structure can include several variations of sole proprietorship and partnerships. We strongly suggest you talk to a CPA before you start in business, and it's probably a good idea to run your ideas past an attorney as well.

If you're thinking 'Home Based', also think of losing your home to a business visitor because your present policy denies your coverage! Some homeowner policies will cover your business if you start a home-based business. Other home policies exclude businesses, and some even void your homeowner's coverage if you have a business in the home.

If a client or customer could EVER come to your home, you need some sort of liability coverage to take care of the almost inevitable accident. One of the least expensive is an extension on your homeowners policy that covers you up to a million dollars. Ask your insurer how best to cover yourself.

PAY TAXES
By now you understand the purpose of your business is to raise taxes for your various governments. Your municipal, county, state and federal governments will probably want you to pay an estimated tax periodically. Do it. The penalties for failure to pay taxes, especially payroll taxes, can amount to two or three times the original amount due. To keep up with the regulations we follow an easy rule: "If you're in business, you need an accountant." We suggest a CPA, but many accounting firms have knowledgeable people on staff.