CO Business Facts
Colorado is nicknamed The Centennial State, owing to the fact that it joined the United States in 1876, one hundred years after the Declaration of Independence was signed. It’s also known as Colorful Colorado for its beautiful scenery.
Denver, Colorado is the home of the Cheeseburger. The trademark for the name was registered to Louis Ballast in 1935.
More than one third of the land in Colorado is owned by the United States Government. Colorado is the 8th largest state in the US by land area.
During the late 1880s, Colorado was the nation’s leading silver producer, and one of its primary sources of gold. Due to rich reserves of coal, natural gas, and minerals, Colorado is a major mining state. Currently, real estate, professional and technical services, construction, and tourism are Colorado’s major industries.
Major Companies in Colorado
Pepsi Center is the largest Colorado employer in 2021. Other companies with large footprints are RE/MAX, JBS USA, DaVita, Chipotle Mexican Grill, Pilgrim’s Pride, and Red Robin.
In 2017, Colorado ranked fourth in the nation for the amount invested in local companies. Denver’s maturing tech scene continues to boom, and cost of living in Colorado is generally lower than other states. Additionally, Boulder and Denver offer considerable startup resources, and the opportunity to raise a great deal of capital.
There are 3 basic options: a DBA, a Corporation or an LLC. Click here to learn more about business entities.
Picking a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that, the better).
Our Colorado filing services will help you get started as quickly as possible.
Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and picked your business name, here are the requirements to register your business in Colorado.
Our formation package includes everything you need to get started
Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.
Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBAs (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
TIP: We will obtain your EIN for you if you we form your company.
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork b) your EIN c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
Click here to view a list of our recommended banks in our Vendor Network.
TIP: Our business formation service includes a free banking resolution for your use.
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
TIP: We work with a company that can obtain and prepare business licenses and permits for you. Click here to learn more.
If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.
Review our list of recommended Payroll Providers in our Vendor Network.
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection.
Click here to view our list of insurance providers in our Vendor Network.
Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business. View our “Manage Your Company” section for help with systemizing and automating your business.
Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.
DBA: Your Fictitious Business Name should be valid for 5 years (unless you change company name or other information listed on the FBN) at which point you’ll need to renew it with the county.
LLC: Colorado corporations are required to file a Periodic Report with the Colorado Secretary of State each year, in addition to general taxation. Information on your business’ taxes can be found here. This report is due on the last day of the second month following the anniversary of the date the LLC was formed. Depending on the nature of your business, you may also need to periodically renew operating permits.
Corporation: Your business must keep corporate records at its principal place of business. Every year, an officer of your corporation must file an annual report on or before the last day of the second month following the anniversary of the date you were incorporated. LLCs and Corporations will pay a filing cost of $10.
Click here to view our MyCompanyWorks Premium™ service which can automate most or your ongoing compliance tasks.
Our Colorado filing services will help you get started as quickly as possible
Denver, CO 80290
Colorado State Taxation Departments
Colorado State Labor and Employment Departments
Colorado Startup Resources
1. Colorado Small Business Administration
2. SCORE Mentors
Active and retired business people volunteer through SCORE to support startup businesses. Learn from the experts and connect with a local mentor.
3. Colorado State Legal Statutes:
5. Colorado Angel Investors
6. Colorado Business News
7. Colorado State Small Business Development Center
8. Colorado Green Business Initiative
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