Starting a business is an excellent way of achieving financial independence; however, it is a demanding endeavor. You’ll need to have a healthy work ethic, a money mindset, and a strategic plan to go about it. Registering your business isn’t the most exciting part, but it’s an important one to build your empire.
Here is all you need to know about registering your business:
Start with Pinning Down a Business Structure
There are many different business structures out there, and each of them comes with its own pros and cons. The first step is to figure out which one of these structures suits your goals. It also determines the benefits you get, the regulations you need to adhere to, and everything that impacts your taxes.
Below are some of the business structures you can register your business as:
This is the default business structure. If you don’t specify another one, this is where you fall. In a sole proprietorship, all your business and personal assets are under one branch, and you are solely liable over it all.
As the name suggests, a partnership is usually when more than one individual owns the business. Depending on the type of partnership, you can decide if all the partners have liability while others are limited, and so on.
This is for corporations that are standing on their own and those that can continue even if the ownership changes. C-Corp is great for longevity and asset protection; however, taxes for it are higher.
For S-Corp, there is a max of 100 stakeholders in a company. Taxes aren’t so high, but the debts are passed on to the shareholders.
Limited Liability Corporation (LLC)
LLC is an amalgamation of all the business structures into one.
You’ll also have to understand the business regulations and tax rules that apply to your country or state. You’ll have to get permits, register the business with the local government, and check out the federal requirements.
Registering Business Name
Next, you’ll have to register your business name so no one else can use it.
You’ll also need an Employer Identification Number (EIN) to get registered with the IRS. All of this can be overwhelming, that’s why you can also choose a business registration consultancy like ours.
Bundlez, The Premier Marketing Consultancy Online
Creating and registering a new business can be an overwhelming process. Let professionals at Bundlez provide you with the right solutions and essential knowledge you need to establish your business online. We’re business formation service providers, and our services include credit repair services, business formation services, and business registration services online.
Contact us today for more information.