Starting a business is risky, but understanding the risks and reducing them through careful planning can improve the chances for success. It’s wise to be fully aware of the implications of owning your own business, including the affect it will have on you and your family. We recommend that you carefully analyze your reasons for starting a business, and ask yourself how it will fit with your family and your lifestyle.
Ask yourself the following questions:
Decide upon the legal structure of your business, choose a business name and register your business with the appropriate city, state and/or federal agencies. Sole proprietors, general partnerships and unincorporated nonprofit associations are registered with the Colorado Secretary of State online. Refer to the Legal Structure and Registration section of this book.
If your business will be selling, renting or leasing tangible personal property, you must obtain the proper state sales tax license from the Department of Revenue and determine if a separate local sales tax license is also required. Sales tax licenses are also required if you rent accommodations for less than 30 days. For more information, refer to the Colorado Sales Tax section of this book.
This guide is only the first step. It outlines the basic information you need to start your business. This checklist can be used as a guide as you start your business.