New company registration
Congratulations on your decision to start a new company! Here's a step-by-step guide to help you with the company registration process:
Step 1: Choose a Business Structure
- Sole Proprietorship: A sole proprietorship is a business owned by one individual. It's the simplest and most common form of business structure.
- Partnership: A partnership is a business owned by two or more individuals.
- Limited Liability Company (LLC): An LLC is a business structure that combines the benefits of a corporation and a partnership.
- Corporation: A corporation is a business structure that is separate from its owners.
Step 2: Choose a Business Name
- Check if the business name is available: Use the Secretary of State's website or a business name search tool to check if the name is available.
- Reserve the business name: If the name is available, reserve it by filing a reservation form with the Secretary of State's office.
- File the assumed name: If you want to use a different name for your business, file an assumed name certificate with the Secretary of State's office.
Step 3: Register Your Business
- File articles of incorporation: If you're forming a corporation, file articles of incorporation with the Secretary of State's office.
- File articles of organization: If you're forming an LLC, file articles of organization with the Secretary of State's office.
- File a partnership agreement: If you're forming a partnership, file a partnership agreement with the Secretary of State's office.
Step 4: Obtain Licenses and Permits
- Business license: Check with your local government to see if you need a business license.
- Sales tax permit: If you plan to sell goods or services, you'll need to obtain a sales tax permit.
- Employer identification number (EIN): Apply for an EIN from the IRS to use on tax returns and other official documents.
Step 5: Obtain Insurance
- Liability insurance: Consider obtaining liability insurance to protect your business from lawsuits.
- Business insurance: Consider obtaining business insurance to protect your business from unexpected events.
Step 6: Open a Business Bank Account
- Open a business bank account: Separate your personal and business finances by opening a business bank account.
- Set up accounting software: Use accounting software to track your business's finances and stay organized.
Step 7: Obtain a Federal Tax ID Number
- Apply for a federal tax ID number: Apply for a federal tax ID number from the IRS to use on tax returns and other official documents.
Step 8: Comply with Ongoing Requirements
- File annual reports: File annual reports with the Secretary of State's office to keep your business in good standing.
- Pay taxes: Pay taxes on time to avoid penalties and fines.
- Maintain business records: Keep accurate and up-to-date records of your business's finances and operations.
Remember to consult with an attorney or accountant to ensure you're meeting all the necessary requirements for your specific business structure and industry.