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How To Register Your Business
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How To Register A Business In 5 Simple Steps (2023)
Starting a business can seem like a daunting process as there are many steps that need to be taken. However, it may be worth the effort when setting up a company.
A corporate structure protects your liability as a business owner and prevents your personal assets from being at risk. Incorporating the business will also allow you to raise money from outside investors and eventually take the company public. If you are thinking of starting a business, we will guide you through the steps of starting a business.
Incorporation is the act of establishing a legal entity. Starting a business may require registration with federal, state, and local agencies, depending on your industry, and filing documents such as a Memorandum of Association.
If you already operate as another entity, such as an LLC, partnership, or sole proprietorship, you can convert your business into a corporation by following the same steps as a new corporation would follow to incorporate it. However, changing your LLC into a corporation may result in additional taxes depending on your current assets and liabilities.
Do I Need To Register My Business?
When starting your company, you can choose from several types of companies, depending on your goals for the company. Each type of business requires the same initial incorporation process, but the details for each entity differ.
A C corporation or C-corp is a sole proprietorship independent of the business owners. An unlimited number of shareholders can own a C-corp. The owners have limited liability and are not personally liable for the company’s debts.
C-corps must pay corporate taxes, which currently pay a federal tax rate of 21%. C-corps are subject to double taxation because the owners must also pay taxes on dividends from their personal income.
An S corporation or S-corp is an entity that goes through the Internet. Instead of being taxed at the federal corporate tax rate, the income is passed on to shareholders and taxed as personal income. Federal tax law allows pass-through businesses to deduct up to 20% of qualified business income.
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A benefit corporation, or B-corp, is a for-profit corporation. B-corps must pay income taxes and may be required to file annual reports of community contributions. In addition to owning the company, B-corp shareholders have a responsibility to ensure that the company remains profitable and contributes to the common good.
Corporations are subject to more rules and regulations than simpler business entities such as sole proprietors. When starting a new business, follow these steps to get you on the right track.
Before deciding on a name for your business, check the official trademark database within the United States Patent and Trademark Office to avoid a costly trademark infringement lawsuit.
You can also trademark your company name to prevent other companies in your industry from using it. You can also get trademark protection for the name of your products or services.
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Most businesses must register with government agencies regardless of where they operate. You will need to register in any state where your company has a physical presence, where your employees work, where you have frequent face-to-face meetings with clients, or where a significant portion of your revenue comes from. You may need to register with the Secretary of State, local trade office, or commercial agency.
You may also need to apply for licenses and permits at your city or county office, depending on the type of business you’re running. Local authorities set registration, licensing and permit requirements.
If your company operates in only one country, you will only need to register in that country. However, if you do business in several countries, you may choose to incorporate in the country that is most convenient for doing business. When choosing a place of incorporation, consider factors such as the state’s tax climate.
Every state collects property taxes and business insurance taxes, but some states exclude other taxes that affect a business, such as corporate taxes, sales taxes, and personal income taxes. If you have the freedom to choose where to set up, keep state taxes in mind.
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When choosing, the legal climate of the country should also be taken into account. For example, Delaware has long been known for its corporate-friendly business laws, and corporate cases can be handled more efficiently in Delaware than in other states.
A registered representative is a person appointed to represent your company. The registered agent will sign your registration documents and accept service of the process if the company is sued. The process service will be a manually delivered subpoena notifying you of a lawsuit against your company.
You can act as a registered agent or you can appoint another person or third party within the company. Designating a Registered Agent allows you to protect your privacy as a business owner.
Articles of Association is the only document that requires general information about your business, such as:
Small Business Administration
You can file your Articles of Incorporation with your state’s Secretary of State in person or by email, post, or fax. The application fee is usually around $100.
The Articles of Association is the founding document for your company. Even if it’s only for internal use, you still need internal bylaws to keep your company running smoothly. You can search for free templates online or hire a business attorney to help you draft your articles of incorporation.
All states require corporations to set up a board of directors. The shareholders will elect the members of the board of directors, and the board of directors will have to meet at least once a year. Company minutes must be kept during board meetings to document the events that occurred and the topics that were discussed.
Companies are highly regulated and it is essential to follow all guidelines and regulations to keep your company viable. Consider hiring an attorney or business advisor to ensure that no detail is overlooked when setting up your business. After setting up your company, make sure you meet ongoing obligations such as:
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After the company is incorporated, you will need to distribute an annual report to the shareholders. The report will contain, among other things, the CEO’s statement, financial statements, business results, data on market segments, plans for new products and research and development of new company activities. The annual report aims to provide shareholders with an overview of the current state of the company.
The IRS may require your business to pay discretionary or annual income tax throughout the year, in addition to business tax and excise duty. More than 40 states also impose a corporate income tax, which should be a factor when deciding whether to start a business.
By learning about and taking advantage of home business tax credits, it can leave you with a few pennies in your pocket this tax season.
Your business tax preparation doesn’t have to cost thousands of dollars. Small business tax software can simplify this process. These are our top picks.
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The best bank for your small business meets your business needs, whether it’s a regular no-fee checking account or an interest-earning account. 5 Steps to Registering a Small Business If you want to start your own small business, you must first do some market research and put together a good business plan. Then you need to take several steps to register your company.
Not only is your business structure involved in running a legal business, but also tax registration, licenses, and permits. Required documents are required to establish your company. Following the right procedure will help you launch successfully. When you are ready, you can legally conduct business.
You can register your business at three levels: the federal level, the state level, and the local agency level. Based on this, you can proceed to registering your business structure. The main business structures are:
In a limited partnership, one may have unlimited liability while the other has limited liability. Limited partners have limited control over the business and also pay self-employment taxes. In a Limited Liability Partnership (LLP), the liability is equal for each owner. Here, everyone has an active role in the business.
Free Business Registration Form Templates
Not all businesses are subject to Internal Revenue Service regulations. If you have a corporation or partnership, you may need to register for federal taxes. You will receive a unique personal identification number or employee identification number. This is your social security number for your business.
The next step is to obtain a state tax identification number. If you want to pay state taxes, you must register your company with the state tax authority. State tax registration is important for any small business startup to comply with state income tax.
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