Are you thinking about starting a business, but you don’t know where to begin? At Safe Shield, we provide businesses and individuals with our complete compliance solutions system designed to ensure that your business maintains corporate requirements year round.
Safe Shield knows that successful businesses not only improve the lives of the owners, but spreads that prosperity to local communities and economies. That’s why we offer the critical function of corporation formation among our list of distinguished services. We can help you navigate through the business formation process and then ensure that your business stays compliant. One critical way a company maintains compliance is to seek legal liability protection through entity formation. This separates the company from the company’s owner(s), ensuring all liabilities and obligations are the responsibility of the business entity and not the business owner(s). In order to begin the process, owners must first register their company.
Most business owners don’t realize everything that is involved in starting a business and keeping it compliant. Company registration requires a series of steps that can be cumbersome and complex depending on the type of business being registered. The following is a summary of the steps involved in company registration.
Before you try to register a business you must first decide what type of company structure is best. Will you choose a sole proprietorship, Limited Liability Company (LLC), corporation, or partnership? Each type of business structure has its own rules and requirements so be sure to seek professional advice before settling on one type of structure.
If you decide to use a trade name, you cannot operate under it until you register the name with the local government. Check your state’s requirements for trade names to make sure your chosen name is not already being used and that the name is appropriate.
You must register your business with the IRS and apply for an EIN. An Employer Identification Number, also known as a Federal Tax Identification Number, is the way that the IRS identifies your business. This process can be fairly simple via the IRS website’s online filing system, provided that you understand the questions that they are asking and are familiar with the online application process. You can also get an EIN by faxing or mailing the form. You will also need to register the business with your state’s revenue office and possibly apply for a tax permit.
Every business requires some type of license or permit. Once you know the type of business structure you need, find out which type of permits or licenses are needed. There are a variety of tools available that tell business owners the types of documents necessary for their particular business.
To learn more about which business entity structure is right for you, we encourage you to review what we provide within our Business Formation System, or schedule a phone call with one of our experts.