Starting a Small Business in Colorado
The idea of starting your own small business is very exciting for some people, and some of them go ahead with it. However, most new businesses fail. For that reason, there is no state or federal government grants to start a business.
However, there are several programs that provide "guaranteed loans", which means that the bank applies to the government for guarantee on your loan. There is also personal financing. Most start-up financing comes from the new business owner, or his friends and family. When your business has a business history of two or three years, then the government and the banks are more likely to consider certain types of loans.
business plan
The first essential thing is a well-written business plan. Colorado State offers free consultation on its network of small business development centers in its network. Colorado Office Economic Development and International Trade (OEDIT) provides an online business resource guide that provides guidance on writing a business plan and other aspects of starting a business in Colorado. This is a good place to consult at the initial stages of your business planning. Alternatively, you can consult an experienced business start-up law firm who knows all the steps to take and keep copies of all the necessary paperwork.
No general business license is required in Colorado, but a specific license is required for each type of business, and these are issued by the state of Colorado. If you are starting a corporation, limited liability company, sole proprietorship or general partnership, you will have to register your business name with the Colorado Secretary of State, and complete all necessary paperwork.
Business name and tax ID
The new business name should also be registered with the Secretary of State, although this will not establish your special rights. You must first verify with the state secretary that it is not already in use. When you apply for it correctly, the state tax ID will be issued by the Colorado Labor and Employment Department.
workers compensation insurance
You are required to provide this by the Colorado Division of Workers Compensation, and more details can be obtained from them. There is no state fund for this. It is available in Colorado and through a non-profit insurance carrier, Pinagual Assurance through various private insurance companies. You will need to shop for the best rates and service.
Unemployment insurance
The initial tax rate for most employers is 0.017, as well as a surcharge which is calculated annually. If your business is related to construction, then it may be subject to a different tax base.
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