Entrepreneur Checklist 2024 - 12 Issues to Consider for Starting a For-Profit Business

Sep 23, 2026

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Entrepreneur Checklist 2024 outlines 12 key issues for launching a for-profit business, emphasizing early business planning and legal setup. It covers defining objectives through a written business plan, selecting a business entity, choosing and checking a business name, and completing formation steps for a Missouri LLC. The checklist explains obtaining federal and Missouri tax identifiers, securing required licenses, and addresses core areas such as regulatory requirements, contracts and commercial leases, employees, and intellectual property.

LanguageEnglish

CategoryForms

FormatPDF

Pages12

Reading Time4 min

AccessFree to download

12 Issues to Consider

Develop a Business Plan

Choose a Business Entity

Choose a Business Name

Formation (Missouri LLC)

Obtain a Federal Employer Identification Number (EIN)

Obtain a Missouri Employer Tax Identification Number

Obtain a Business License

Contracts and Commercial Leases

Employees

Intellectual Property

LEGAL SERVICES OF EASTERN MISSOURI COMMUNITY ECONOMIC DEVELOPMENT MICROENTERPRISE PROGRAM Here are 12 issues to consider as you start your for-profit business: Develop a Business Plan Choose a Business Entity Choose a Business Name Formation Obtain a Federal Employer Identification Number ( EIN) Obtain a Missouri Employer Tax Identification Number Obtain a Business License Protection Regulatory Requirements Contracts and Commercial Leases Employees Intellectual Property D EVE LO P A BUS I N ESS P LAN This is not a legal requirement, but the business’ objectives should be clearly-defined atthe outset. Having a written business plan helps to convey the business’ objectives to lenders, customers, suppliers, management, employees, and professionals ( i. e. lawyers) . Business plans should include the following information: An executive summary A description of the products or services being offered A summary of the business history, management, and goals A profile of the target customer An analysis of the competition and market trends Strategies for advertising and marketing A list of assets, liabilities, budgets, and timelines A forecast of sales and profits Some agencies that can help draft business plans: St. Louis County Library St. Louis Public Library Small Business Administration SCORE: Business Plan Template for a Startup Business Simple Steps for Starting Your Business CHOOSE A BUSINESS ENTITY There are several business entity options: Sole proprietorship, Partnership, C-corporation, S-corporation and Limited Liability Company ( LLC) . Each business entity has its own requirements and its own advantages and disadvantages. Below is a chart that compares the most common entities for entrepreneurs against each other. You should seek the advice of a lawyer before choosing or incorporating a business entity. | ISSUES | Corporation | BUSINESS TYPE | | Sole Proprietorship | | --- | --- | --- | --- | --- | | | | Limited Liability Company (LLC) | Partnership | | | Summary | A corporation is a legal entity that is separate and distinct from its owners. Governed by Shareholders and Board of Directors. | A Limited Liability Company is a corporation that can be operated as a partnership ora sole proprietorship. Governed by Members (owners) . | A partnership is an association of persons who carry on as coowners of a business for profit. Owned by two or
more persons. | In a sole proprietorship, an individual operates a business as their own, without any formal structure or separation from therest of their personal finances. | | Formation | Articles of Incorporation Bylaws | Articles of Incorporation Operating Agreement | Partnership Agreement Can occur by default | No formal process | | Liability | Board members and shareholders are not held liable for the actions of a corporations, but there are exceptions like fraudulent acts. | Member liability exposure is capped at the member’s respective investments in the business. | Full liability. No limited liability. Each partner is responsible for all liabilities of the
partnership. | Full liability. No limited liability. | | Taxation | Double Taxation: Business’s income is taxed, Income is also taxed when distributed to Shareholders | An LLC with at least two members may elect to be taxed as a Partnership or a C Corp. Default is
partnership. | Each partner treats their earnings as personal income. | Anything earned by the business would be taxed as
ordinary income. | | Profit Sharing | Shareholders are paid dividends in proportion to their shares. | Members can choose how to share profits if the organization is being taxed as a partnership. | Default rule is 50/50 sharing. This can be changed by partnership agreement. The same rule applies to losses. | N/A | | Annual Reporting | Yes | N/A | N/A | N/A | | Annual | Yes | N/A | N/A | N/A | Meetings Please note: for simplicity, the rest of th

FAQs

What is the purpose of developing a written business plan at the start?

A written business plan helps clearly define business objectives and communicates them to lenders, customers, suppliers, management, employees, and professionals such as lawyers.

What business entity options are discussed for entrepreneurs?

The document lists sole proprietorship, partnership, C-corporation, S-corporation, and limited liability company (LLC), noting each has different requirements and tradeoffs.

What steps are required to form a Missouri LLC according to the checklist?

The checklist calls for a registered agent, articles of organization, and an operating agreement, and explains submission costs and delivery methods for the articles of organization.

Sep 23, 2026

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