1. Create a Business Plan!

2. Determine the legal structure of your business.

* Sole Proprietorship, General Partnership, Corporation, Limited Liability Company, Limited Partnership

* Seek the advice of an accountant, attorney, or business consultant.

3. Register your business name - name verification.

* County Clerk - Sole Proprietorships

* Department of Labor & Economic Growth, Bureau of Commercial Services, Corporation Division (517) 242-6470

4. Register with the IRS for payment of federal taxes - www.irs.gov

* EIN (Employer Identification Number) for all business structures but sole proprietorships.

* Sole Proprietorships will use owner's social security number.

5. If purchasing an existing business - have signed purchase agreement in place.

6. Establish separate accounting for the business.

* Open a separate business checking account from your personal account.

7. Have up to date financial records.

* Last 2 years tax returns (personal and/or business), completed and filed.

* Financial Statements - Income and Balance Sheets (last quarter)

* Personal Financial Statement

8. Develop a relationship with local lenders.

* Competitive rates and terms.

* Facilitates business growith and immediate needs.