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  • Determine the structure of your entity and file appropriate documents with your Secretary of State.

  • Designate someone to file any annual reports necessary to maintain your entity’s status.

  • Set up an Employer Identification Number (EIN) with the IRS.

  • Open bank accounts with your new EIN (don’t use personal accounts).

  • Take advantage of each person’s strengths and weaknesses. Consider taking and having professionally evaluated a personality test like the Myers-Briggs.

  • Keep licenses up to date by adding renewal deadlines to your calendar and budgeting for fees.

  • Obtain business insurance to cover potential liabilities.

  • Keep track of your books by using QuickBooks or similar software, or by hiring a bookkeeper.

  • Decide if you are going to accept credit cards. If so, use a service such as Square that works with your phone or tablet.

  • Set up phone lines, email accounts, websites and business cards.

  • Decide what kind of marketing you will do.

  • If neither one of you really wants to do this upfront work, divide it or agree to hire someone else to manage it so there is no resentment.