Business Buyer's Checklist

Brown Harris Stevens
Commercial Real Estate
Business Sales/ M&A

Brown
Harris
Stevens
Established 1873

The following checklist may not include all of the necessary actions to be taken by the purchaser. These may vary depending on the type and size of the business involved. Many items you will want to consult your attorney or tax advisor.

1. Determine How The Business Is to Be Structured:

	Proprietorship		C Corporation
	Partnership		S Corporation
	LLC

2. File Name of Business with Appropriate Authorities:

	Create Entity: Corp, LLC, etc. (www.sunbiz.org consult your attorney for assistance)
	Create Fictitious Name: dba (doing business as)
	Copy Rights

3. Check With Insurance Carriers For Necessary Insurance Coverage:

	Property (Fire)		Plate Glass Insurance
	Casualty (Auto, Liability, Work Comp)		Product or Professional Liability
	Health (Disability and Medical)		Bonds (Cover Crime; if necessary)
	Title Insurance (consult your attorney)		Life (Term and Whole Life)
	Business Interruption		Other______________

4. Obtain Federal Taxpayer ID (Identification) Number:
Apply online at: www.irs.gov/businesses/small/article/0,,id=97860,00.html

5. Private Services Arrangements:

	Trash and Rubbish Removal		Equipment Maintenance Contracts
	Security Service		Uniform Service
	Burglar Alarm Service		Inventory Service
	Janitorial Service

6. Transfer Equipment Lease Agreements:

	Vending Machines		Computer/Cash Register System
	Coffee Equipment		Lien Search
	Refrigeration Equipment		Other______________

7. License/Permit/Zoning/Registration/Examination/Inspection (depends on business type and location):

	State Regulated – is your industry regulated by state? www.stateofflorida.com/regulated
	Alcoholic Beverage License: www.myflorida.com/dbpr Department of Agriculture License Lottery License
	City: Contact City Clerk or go to – www.stateofflorida.com/cities
	Occupational License: City of Winter Park Contact: 407-599-3237; 401 So Park Avenue Winter Park FL 32789 Building Inspection Permit: 407-599-3237 State - Health Department Approval: myflorida.com Fire Department Permit (Fire Inspection) 407-599-3612 Planning and Use: 407-599-3290 Code Enforcement: 407-599-3392
	County: Contact County tax collector or goto – www.stateofflorida.com/counties
	Occupational License: Orange County Contact 407-836-5650; 201 So. Rosalind Ave. 2nd Floor Orlando FL 32806 Orange County Health Department (Health Permit) 407-836-1660 Orange County Environmental Protection 407-836-7400

8. Taxes (Consult your CPA):

	State (Department of Revenue) register at www.myflorida.com/dor or 800-352-3671 dor.myflorida.com/dor/eservices/apps/register/
	Apply for Sales Tax Permit: http://dor.myflorida.com/dor/taxes/sales_tax.html Discretionary Sales Surtax Unemployment Tax Communications Service Tax Corporate Income Tax Intangible Personal Property Tax
	Federal Tax www.irs.gov/businesses 800-829-1040
	Federal Income Tax Social Security and Medicare Tax Federal Unemployment Tax (FUTA)

9. Utilities:

	Telephone
	Electric
	Gas
	Water

10. Important Dates:

Date of Closing: ___________________________

Date of Possession: _________________________

Date of Inventory: __________________________

11. Getting Organized:

	Set up file system of Corporate Info, Licenses, Etc.
	Prepare Personal Financial Statement
	Establish Business Bank Account
	Inspections (Equipment, Etc)
	Prepare For Employee Contracts, Agreements or Meetings
	Establish Professional Relationship, Attorney, Accountant, etc.
	Establish Outside Vendor Contacts - Suppliers, Printers, Stationers, Advertising or Public Relations Agencies, etc.

190 E. Morse Blvd. * Winter Park FL 32789
407-421-0772 Cell * 407-264-8734 Fax
franzjon@cfl.rr.com * www.franzjon.com