Basic Company Registrations to Begin Your Business
If you are creating a brand new business or getting ready for an expansion of a company, there are five basic steps that will ensure a successful company registration. While there are clear federal regulations, business regulations vary considerably from state to state. Depending on the states, each business needs different licenses and permits to operate. After completing the steps detailed below, research by the state to learn about what other company registrations are needed to operate legally. The small business administration provides a complete list of state by state regulations and can be a reliable and valuable resource in this process.
First, review the various legal structures of businesses to decide what type of business you are creating. There are significant financial, legal, and tax differences between sole proprietorships or partnerships compared to a limited liability company. To decide which option is best for you, review the legal structure, the amount of control that you desire to maintain, the financing needs, and lawsuit vulnerability of your business. After you have decided to establish your company, file and register all paperwork with various federal agencies as well as state offices. If you want your business name to be something other than your real name, then you will have to register with the agencies at the time you file for legal status. This legal change is referred to as a “Doing Business As” company name. The regulations, requirements, and procedure vary by state. Once the paperwork is submitted, you cannot change the business name until after it has legally established.
Next, you must obtain your ID Number for Federal tax purposes if your business has employees or is classified as a corporation or partnership or other organization. This EIN is obtained from the IRS, and used for tax purposes. The website for the IRS offers a short quiz to identify if you even need this tax number. If you do, you can quickly apply online or over the phone. The next step is to get your state tax identifications and permits. These will enable you to compile with all employment, income, and state, county or local sales taxes. Depending on the type of business structure, what the business produces, and state. Check your state’s requirement for more information. Finally, most companies must have a permit or a business license. Businesses that partake in activities with federal oversight must have federal licensing, as well. In most states, having federal licensing does not exempt your business from also having state licenses and the appropriate permits.
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