How to register a business in the US - ForumDaily
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How to register a business in the US

Registering as a legal entity is a way to take your business to the next level, opening yourself up to options for limiting tax liability and other corporate benefits.

Фото: Depositphotos

Фото: Depositphotos

If you are interested in registering, according to the Company Registration Act in your state, the task may seem to be difficult, but if you approach this issue from a planning point of view, you can do everything correctly.

Getting Started

1. Decide whether your business will benefit from registration. Registering gives you an edge by limiting personal responsibility and making your business easier to transfer to others. Limiting your personal assets will protect your home and other property from being seized as collateral. Depending on the type of company you are starting up and your long-term goals for it, registration may either suit you or interfere.

  • If you ultimately want to make your company public, you need to submit for registration.

2. Appoint a Board of Directors. Directors will be identified in your registration package, meaning you must assign roles before you submit your documents. Your business may or may not already have a Board of Directors. Directors are required by law to act in the best interests of the company by protecting shareholders' investments and appointing company officers, whom they can fire and rehire as they see fit.

  • In addition, the Council is often appointed and supported by the main shareholders of the company, who annually hold elections, updating the Council with fresh people and experienced managers.

3. Gather the shareholders. The main shareholders of your company are usually going to elect the Board and financially support the company in exchange for a share in the company. In general, the question of investment is discussed when the Council is elected. When you file for registration, shareholders must consult and agree with the decisions on registration.

4. Choose between filing as a C-corporation or an S-corporation. As a rule, a C-corporation is served if you have significant operations, while an S-corporation is more expedient if you have less than 35 shareholders.[1]

  • C-corporations are subject to individual taxation by filing a corporate tax return and paying taxes at the corporate level. Double taxation is possible for C-Corporation, if the company's profit is distributed as income received in 2 taxation at different levels.
  • S-corporations provide information about profits, but do not pay tax at the corporate level. Gains and losses are claimed on individual tax returns of the owners.

5. Hire a securities lawyer. It is important to hire a lawyer when dealing with articles of incorporation. The documents and laws are extremely complex, and without careful advice, you risk making mistakes that could cost you serious financial difficulties in the future. Don't risk your stake in your company by filing incorrectly - contact a lawyer who doesn't have a stake in your company.

Fill out the forms

Фото: Depositphotos

Фото: Depositphotos

1. Contact a government secretary in your state. In general, this body will handle all registration issues. In some cases, other offices, such as a business bureau, may need to be notified, although the secretariat should be able to advise you more specifically in this case and refer you to the appropriate forms.

2. Get the constituent documents. For any state, there is a group of several separate documents (sometimes 10 or 15) that make up the constituent documents, each with its own particular fee and required information. Since each state is slightly different in the selection of documents, you need to contact the secretary of the state agency and ask for the forms, go through them with a lawyer and fill them with the necessary information.

3. Pay the constituent fees. Some forms will have fees associated with them, usually around $ 80-100 each. Not every form has a fee, but you usually pay everything at the time of filing with a government agency.

4. Apply for the information form every year. After filing your constituent documents in some states, you will also need to submit an application on an information form, which must be submitted several months after the initial submission of documents and annually after registration. This form includes the most basic information about the corporation, which must be submitted every year. If there have been no changes in the structure and staff of the corporation, you will not need to submit a new information application. It usually includes:

  • Names and addresses of corporate directors;
  • Board members;
  • Jobs or changes in leadership;
  • Postal and actual address of the corporation.

5. Register your corporation with the IRS. After registering with the state, you must also file a corporation with the IRS, in accordance with your new tax status. In general, C-corporations will file the IRS form of 1120, while S-corporations will file the form of 1120S.

  • If you register as an S-corporation, you must also fill out the IRS form 2553. The 2553 form confirms the legitimacy of corporate choices and requires serious attention. Be sure to contact a lawyer to fill out this form.

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