What Paperwork Do I Need To Start My Own Business – Disclaimer: The information and materials shared in this article are for reference only. As this information is designed to provide guidance to readers only, it is not intended to be a substitute for someone seeking personalized professional advice based on specific factual situations. Therefore, we strongly encourage you to seek expert advice to help you address your specific needs.
Starting your own business is exciting! Your creative juices are brimming with great ideas for your product, branding and marketing. But wait. What government forms do you need to fill out to be official? Where to start?
What Paperwork Do I Need To Start My Own Business
We’ve got you covered with the paperwork you need to fill out on the accounting and tax side of your business. In this article, we will guide you through the basic business start-up ideas to consider and five essential forms to keep on your radar:
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To be clear, to start a business in the US In the US, you usually do not need to fill out any official documents for your business to be expected to pay taxes to the IRS each year and quarterly.
Paying taxes is complicated and scary. Here are the steps to take and the documents to complete to set yourself up for success in paying business income taxes and staying in compliance with the IRS.
To organize your business as a limited liability company (LLC). This is the first step, because it determines how you will access and complete the other documents that you will download.
Here is a quick list of pros and cons to help you decide if you want to submit your business to become an LLC. To apply to become an LLC, apply as it is commonly called
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Operating as an LLC can give you limited protection for your personal assets if your business ever goes bankrupt and owes money. Be sure to talk to an attorney about this. Limited liability protections vary from state to state.
If your business is sued, there is a chance that the court will decide to “pierce the corporate veil”. This means that the court can cancel the company’s limited liability and use your personal assets to secure the payment of the money your business owes. You can read more about why and how courts may decide to pierce the corporate veil here.
One basic step you can take to protect yourself from a site that pierces the corporate veil is to separate your personal funds from your business funds by opening separate bank accounts. We will explain how to do this below.
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Owning your business as an LLC gives you the opportunity to choose S Corporation status when it is tax advantageous for your business. You can read more about the best time to do this in growing your business here.
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Being an LLC and having “LLC” after your business name can make your company appear more professional to potential clients. Being an LLC can also give you an advantage in getting work over other competitors, as some companies require all vendors they work with to be organized as LLCs in hopes of making it clear that you are not an employee working for them, but a separate supplier. or contractor.
Forming an LLC creates more work to set it up and keep it compliant each year. To stay in compliance, you typically must file an annual return and pay an annual fee to the state where you registered your LLC each year.
There are additional costs to apply to be an LLC and annual fees to stay in compliance. You can see a list of each state’s estimated application costs and annual fees here.
If you decide you don’t want your business to be an LLC, you can skip this step and move on to the next document to complete: Applying for an Employer Identification Number (EIN).
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If you have decided to make your business an LLC, you will need to submit an application for your company’s Articles of Incorporation with the state of your choice. As we said before, some states require an application fee. For example, Georgia is $100.
To find your state’s Articles of Incorporation application on their government website, search online for “state name + organization members for LLC.”
The next document to fill out is to obtain an EIN from the IRS. The IRS assigns and uses EINs to track businesses that are required to pay taxes.
The third thing you need to do for your business is to get a business bank account that you use exclusively for business purposes to separate your business transactions from your personal transactions.
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To apply for a business bank account, go to your current bank and request a business bank account, or do your research and choose a different bank to apply to.
If you’re just starting out and have a small number of transactions, you can skip this step, but it’s important to keep your personal accounts and business transactions separate from the start. Here are some reasons.
These are the documents you need to fill out quarterly and annually each year to file your business income tax.
The tax structure is a pay-as-you-go system. As your business makes money throughout the year, you are expected to pay income tax quarterly as the year progresses. Usually, the due dates for businesses to pay quarterly taxes are:
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By April 15 each year, every business must file a Schedule C form. This is a tax document that you will fill out all the income and expenses of your business for the previous year and share with the IRS. You can view the Schedule C document here.
Adam Nubern -CPA and Lindsey Nubern help RVers, digital nomads and location independent businesses with their taxes and accounting at Nuventure CPA LLC. They are digital nomads and have been traveling the US. it. and abroad from backpacks, RVs and RVs for over four years. They live the lifestyle and enjoy helping people navigate their numbers while on the road. Divorce is almost always documented. Most of the issues are determined by the documents available to the party. It is important to start your divorce planning by gathering and organizing the documents you will need to prove the issues in the case. Just as it is easier to pitch a tent on a sunny day instead of a rainy night, it is much less stressful and much more efficient if you collect and organize the documents before you start your divorce.
If you own a business, it would be wise to start organizing all of your financial documents—those that you and your tax professional normally use to prepare annual tax returns.
Once you have collected and organized the documents, it is very important to keep them in a safe place that is not accessible to your spouse. Suggestions for a safe place include the home of a biological family member or a very close friend. Do not keep the documents in your vehicle, because it is highly likely that your spouse has access to your vehicle and will then be able to remove and keep the result of your hard work.
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Finally, when it comes to personal belongings and furniture, it is wise to remove the irreplaceable items such as family heirlooms and your jewelry. They should be stored in the same safe place where you keep the documents you have collected and organized.
Do not remove furniture and artwork from your home. Instead, go through each room with your cell phone video and record every piece of furniture in the house. It is also a good idea to photograph every major piece of furniture in the house. So, you will keep a good record of the contents of the house before the divorce starts, and it will reduce the chances of your spouse to remove the things or, if they are removed, it will be much easier to prove what was taken.
This site uses cookies. The Holstrom, Block & Parke website uses cookies to improve your user experience. By continuing to use this site, you consent to our use of cookies. Making the decision to start your own construction company can be an exciting but overwhelming experience. With so much research, reporting and paperwork to complete, it’s easy to get lost in the administrative details and forget the passion that inspired you to start your own business.
In fact, 68% of small business owners regret not spending enough time learning the basics of business management in their first year. Fortunately, the process of starting a construction business is actually quite simple, as long as you know where to start. Construction companies take time to design and build, so starting early can set you up for success later.
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While COVID-19 has caused manufacturing disruptions in major cities, there are still 36 states where construction is considered an essential service as of this article’s publication.
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