It’s a momentous occasion when starting a new business. You’ve been working on this dream for months, maybe years, and now it’s time to start the process of getting an LLC or other type of entity.
This process can be overwhelming, especially for a starter. But don’t worry, we’re here to help. We’ve put together some helpful tips and tricks to make registering a new business as painless as possible.
Decide on a Name
Before you can register your business name, you have to decide what it will be. If the name is available, you can then proceed with registering it.
If the name isn’t available, then you’ll have to come up with a new one or go with a different option. Once you’ve decided on a name that’s available, go ahead and register it as soon as possible. You don’t want someone else to register your chosen name before you do.
Get Help if Needed
If this is your first time registering a business, it might be worth hiring an attorney who specializes in small business law or researching online resources that explain how to register a business in your state (or country).
This can save time and money if problems arise later, especially if someone else has already registered under an identical name.
Choose the Right Type of Entity for your Business
Not all businesses are the same, so choosing the correct entity for yours can make all the difference when it comes time for taxes, insurance, and legal protection.
There are four main types of entities: sole proprietorship, partnership, corporation, and limited liability company (LLC). Each has its own benefits and drawbacks, so weigh them carefully before making your decision so as not to regret it later on down the road. You can form an LLC in Georgia, California, Texas, Delaware, and another state or country that is not on the list of OFAC-restricted countries is acceptable.
Create a Business Plan
Before you start looking around for office space and hiring employees, ensure your idea is viable.
The best way to get started with a new business is to create a business plan. A business plan will help you focus on what you want your new business to be and how you plan to get there. If you don’t have a business plan, it’s easy to lose sight of why you’re starting your own company and how you’ll be able to grow it into something bigger.
A Good Business Plan helps you Focus on the Following
Your mission statement and vision statement. Why are you starting your own company? What do you hope to accomplish by doing so? What is the vision for your company? These statements should reflect your values as well as any goals or objectives that will help keep your employees focused on their jobs and working toward a common goal.
Your Competitive Analysis
This should include information about what other companies offer (and competitive advantage they may have over yours), as well as any potential risks involved in competing directly with them.
Your Marketing Strategy
This includes information about how you plan to advertise and promote your business, including costs associated with each marketing activity and its estimated return on investment (ROI).
Gather all Documents Needed to Register your New Business
Before you register your new business, make sure you have all the documents needed to do so. They include:
Employee Identification Number (EIN)
This is an identification number issued by the IRS for use with federal taxes relating to businesses and other types of organizations such as trusts, estates, and nonprofits. It allows the IRS to identify who owns an organization’s assets so they can collect taxes on them when necessary.
Registering your New Business with the State Secretary of State’s Office
You’ll also need to register with the state secretary of state office where you plan to do business. This can be done online or by mail depending on which state you live in, but make sure you know exactly what information they need when filling out their forms before submitting it.
Otherwise, it could delay your registration of business and possibly even cause problems down the road if something isn’t filled out correctly or completely.
For example, if you don’t include all of your required signatures on your registration form, it could cause delays when trying to conduct business.
Best Time of Year to form an LLC
The best time of year to form an LLC depends on your business.
If you are just starting a new business, you probably want to get started as soon as possible.
If you have been thinking about starting a business for some time, but have not yet taken the plunge, it may be better to wait until the new year begins so that you can file for your LLC in January or February.
You will want to file your articles of organization with the state before January 1, so that you can use the same calendar year as your tax year. This can save you money in taxes and simplify your accounting.
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