Me Myself and I

newbusiness11Step One

Create legal entity online at Colorado Secretary of State, such as limited liability company or profit corporation ($50 filing fee; $125 if paper filing). Note a�� filing is public record. Link:

Step Two

Obtain 9-digit EIN online from Internal Revenue Service (no filing fee). Note a�� print and save EIN confirmation letter. Link:,,id=102767,00.html

Step Three

Open business bank account.

Note a�� Business is not required to obtain 7-digit ID# from Colorado Dept of Revenue if no employees and not required to collect sales tax. If either situation exists, then file in triplicate either in-person at a DOR regional office or mail to DOR (no filing fee for withholding tax number; prorated fee for sales tax number). Note a�� online filing not yet available. Download form

If profit corporation, corporate record book required, which includes initial minutes, stock certificates and board resolutions and consider additional legal document a�� Bylaws. Default tax structure is C Corporation (Form 1120); may elect to be taxed as S Corporation (Form 1120S).

If limited liability company, consider additional legal document a�� Operating Agreement. Default tax structure is Sole Proprietorship (Schedule C); may elect to be taxed as S Corporation (Form 1120S).

Note a�� A trade name is not a legal entity and therefore, does not provide any liability protection.

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Caveat – Please contact your legal, business and tax advisors to determine appropriate compliance with federal, state and local law and related filing requirements for your particular business.

Disclaimer – Advice, instruction and forms provided above are for illustrative purposes only and are offered as a public service without representation or warranty and is not intended or written to be used, and cannot be used, for the purposes of constructing unlawful acts under federal and state law or avoiding penalty under the internal revenue code.