Starting A Business in Virginia

(Checklist is taken from the Virginia Business Resource Directory)

• Prepare a written business plan.        
• Prepare written goals and objectives for your business       
• Obtain resumes for key persons associated with your business.       
• Complete a projected income statement for your business.       
• Survey the market you plan to serve.       
• Prepare a statement of assets to be used.       
• Prepare an initial projected balance sheet.       
• Establish a personnel policy for the business.        
• Establish an accounting system for the business.       
• Legal form of business partnership, sole proprietorship, or corporation.       
• If you decide to Incorporate in Virginia, a Charter must be filled in accordance with the State’s Incorporation laws.       
• Obtain an employee identification number from the Internal Revenue Service (IRS).       
• Obtain an application for Sales and Use Tax Certificate of Registration from the Virginia Department of Taxation.       
• Virginia law requires all employees with three or more employees to cover them with Worker’s Compensation Insurance. 
  (Contact Virginia Industrial Commission)       
• Study and choose business site and the necessary space needed by the business.       
• Review merchandising and advertising plan.       
• Determine the businesses break-even point.       
• Prepare a projected cash flow statement.       
• If the business plans to let the customers have credit, review the advantages and the paper work involved.       
• Obtain a business license from the Commission of Revenue       
• Certain businesses need the following permits: