New Business Formation
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Starting a business is a serious set in the life of any person.
The decision to start a new business is an exciting one, but as every experienced business owner knows, there’s more to it than developing a product and hoping it sells.
Entrepreneurs know exactly what business they want to be in and how to sell that product or perform that service. Yet too often the aspiring business person does not take into account the fundamental steps one must take in starting a business. Steps like deciding what kind of entity they want to be, registering with the state and tax ramifications of what they are doing. That is where we can help. We assist new businesses get started on the right foot. From initial registration to creating a bookkeeping system, we can help you.
We Help You Build the Foundation for a Successful Business!
As an entrepreneur, you’re probably a “big picture” person with a vision. You’d rather not deal with nitty-gritty details like choosing a business entity, sales and payroll tax, or accounting systems that help you manage cash flow. The good news is that we are here to help you figure it out.
REGISTRATION REQUIREMENTS AND STEPS
- Company formation in the USA requires passing through these business registration steps:
- Choosing and checking a business name for a future enterprise.
- Deciding on the type of business structure you need (depends on the business goals you have, the scope of business transactions you wish to carry out, amount of target investments, etc.)
- Appointing an authorized representative agent who will be responsible for the submission of documents and communication with registration authorities.
- Picking a registered business address for the future US body corporate.
- Gathering legally required details and documents about the future enterprise (about its members (shareholders), directors, chartered documents, etc.).
- Registration for tax and employment purposes.
- Opening an entity’s corporate bank account.
- Applying for and getting permits and licenses (for certain types of activities).
You may have noticed that virtually all company names end in “Inc.,” “Corp.,” “Ltd.,” or “LLC.” This is because state laws require companies to indicate their incorporated status by adding a corporate indicator. Although the list of indicators changes slightly from state to state, the following list always works:
|Inc. (or “Incorporated”)||LLC (or “Limited Liability Company”)|
|Corp. (or “Corporation”)|
|Ltd. (or “Limited”)|
If you do not indicate a corporate indicator at the time of order, we will assume “Inc.”for corporations or “LLC” for limited liability companies.
Type of Company to Form
LLC or Corporation For the vast majority of new businesses in the United States, there is a choice of two entities:
- Limited Liability Company (LLC)
- Business Corporation
There is no right choice, and many learned business advisors have completely opposite opinions!
The better choice is a matter of your business plan, intended business purpose, your tolerance for business formalities and your exit plan.
- The legal address is the Principal Place of Business for your new company.
- The registered agent’s name and address is the name and street address of someone in the same state as the company. If you would like us to provide this service, just let us know. Not required in New York.
- The mailing address of the company is where the Secretary of State’s office should mail any legal notices.
- The billing address is the address on the credit card that you are using to pay for your materials.
- The shipping address is the street address that you would like us to send your materials to.
Sorry, but you can’t use a post office box for a shipping address.
The keys to a successful — and profitable — business are meticulous planning and a methodical approach to running your business. Failing to do this in the initial stages of business formation is often a recipe for disaster, and it’s the reason most businesses fail. Don’t let it happen to you.
Comparison of Corporations and LLCs
|General||Older, more traditional type of company offering limited liability protection to its owners. Corporations have many formalities to follow.||Newer, more flexible type of company offering limited liability protection to its owners and managers. There are few formalities that LLCs must follow|
|Tax||Can choose to be a “C” corporation or (if it meets the criteria) elect to become an “S” Corporation with pass-through taxation.||Has pass-through taxation as a sole proprietorship or partnership (if more than one member), or can elect to be treated as a corporation instead|
|Meetings||Required to hold Annual Meetings of the shareholders and directors||The Members decide how often (if ever) meetings are to be held|
|Owners||Owners are called shareholders. Shareholders have no authority in the business||Owners are called Members. Members may or may not have authority in the business, depending on how it is set up|
|Ownership||Ownership is represented by shares. The number of shares that the corporation is authorized to issue is public information.||Ownership is decided among the Members, and may be represented by Certificates. There is no “authorized capital” or “authorized number of shares.” How the Members divide up ownership, and distribute profits and losses, is decided by the Members themselves.|
|Governance||Are governed by directors and managed day by day through officers appointed by the directors||Are governed by either the Members or Managers, depending on how it is set up|
The USA is one of the main strategic points for doing business at an international level. From a variety of states, you can choose the one whose corporate law is most loyal for a particular case.
What Can We Do For You?
- Guided by Enrolled Agent – We’ll help you choose the right entity type and help you classify your business correctly. Determine which business entity best meets your goals and minimizes tax liability.
- Articles of Organization – We’ll prepare and file your Articles of Organization.
- Name Availability Search – State and federal (USPTO) name availability searches.
- Registered Agent service – All businesses are required to appoint a Registered Agent. We do it for you.
- Employer ID Number – An EIN is like a Social Security number for your business. We’ll apply for yours for you.
- Create a business plan to help you secure financing (if needed)
- Set up an accounting system using software that works for you
- Create billing systems and implement policies and procedures for collections
- Make sure you are compliant with state, local, and federal tax laws such as sales and use tax, payroll tax, and Federal EIN (Employer Identification Number)
- Assist you in filing paperwork for state and local licenses and permits as required.
- Planning for Success – and Profit.
Start your business the right way.
Four-out-of-five small business owners pay too much in taxes their first year. We set your business up for tax savings from the start.
The simple way to start your business:
- Answer a few important questions.
- Review your personalized recommendation.
- We’ll handle the paperwork and get you set up.
Work with us
If you are interested in a prosperous future from a personal and/or business standpoint, reach out to our team of dedicated specialists. When considering accounting, audits, tax or business consulting, one call can make all the difference. Click here to get started – we look forward to working with you!
* We have the right to use the Professional Tax Agent logo! The logo can only be used by persons who have the status of an Enrolled Agent and meet all the requirements of Circular 230.