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What are some steps to form a business in Colorado?

Many people in Colorado have an entrepreneurial spirit, and this is good for the state's economy. However, it takes more than just a novel idea to get a business off the ground. There are certain requirements that must be met in order to establish a lawful business in Colorado.

First, in order to establish a business, the business owner needs to register for the appropriate taxes. For instance, a business may need to register for sales and use tax and withholding tax. Depending on the nature of the business there are other taxes that a business may need to register for, such as the liquor excise tax or severance tax, among others.

In addition, a business will need to obtain the appropriate state permits or licenses necessary to provide its services. For example, depending on the nature of the business, a business may need a beer and wine license or a plumbing permit. There may also be city or county permits to obtain as well, such as building permits or zoning permits, among others.

Also, certain business types must submit a registration filing to the Colorado Secretary of State. Some examples of business types that may need to register with the state include corporations, partnerships, limited liability companies and non-profit organizations.

Businesses that want to have a trade name, rather than using the owner's personal name, must register the trade name with the state. It is important for business owners to do their research to make sure that their desired trade name is not already taken.

These are only some steps it takes to establish a business in Colorado. Other business formation steps may be necessary. Potential business owners in Colorado may want to seek legal advice to ensure that they are meeting all the requirements to lawfully establish their business in the state.

Source: sba.com, "Colorado Business Resource," accessed Dec. 11, 2017

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