FIRST DREAM IT, THEN MAKE IT COME TRUE:
Updated: Jan 10
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Perhaps there is a little idea in your head that doesn’t let you sleep, after years of working Monday to Friday and even on weekends, you believe you had enough. It is time to stop making money for others and develop your own entrepreneurship. Let’s say you’ve just opened your doors, and you’re doing well. On the other hand, maybe your small business hasn’t even gotten off the ground just yet. Either way, incorporating is a good decision for most businesses, and despite popular belief, it’s not just reserved for those that are well-established. There are multiple benefits of incorporation, all of which you should fully understand before you decide to make your move.
Here are some benefits of incorporating your business you should know before you take the leap.
1. Protect Your Personal Assets from Creditors: By incorporating your business as a Limited Liability Company (#LLC), or #Corporation (C-Corp or S-Corp), you are protecting your personal assets from business debts.
2. Protect Your Personal Assets from Lawsuits: Along with the protection from creditors comes protection from lawsuits filed against your business. Without incorporating, your personal assets remain at risk to anyone filing a lawsuit against your business.
3. Tax Benefits and Money Savings: Another benefit of incorporating your business, and one of the most crucial to leverage, is the many tax deductions that are available to incorporated businesses, here are some things we can use:
· Business losses.
· Some of your business investments.
· Travel expenses related to your business.
· Fringe benefits such as medical insurance.
· Many daily expenses required to operate your business.
· Social Security taxes that you’re paying into the system.
4. Easier to Raise Capital: This mostly means that if you plan on borrowing money or applying for a loan, it adds a sense of legitimacy to your business.
5. Your Business Reputation Is Enhanced: Your business’ reputation isn’t just based on the amount of Yelp and Google reviews you get or the good work you do within the community (Though, that counts, too!) When you incorporate, you gain a sense of higher worth in the eyes of new customers.
6. It Protects Your Brand: Incorporation allows you to protect your business’ name, your brand recognition and your trademark.
7. You Gain Privacy: Perhaps the most important benefit of incorporating for some people, is the level of privacy that comes with incorporating your business. When you incorporate, you can keep your personal identity hidden. All your business affairs are private and kept confidential unless you choose to disclose them.
With the benefits of incorporating so clear, is it time to make the decision and make you dreams come true, but now another concern arises:
- How do I incorporate my business?
- Where should I register my nascent business ?
- What kind of organization should I incorporate?
Though it may seem like a daunting task at first, it doesn’t have to be, Taxleaf Pembroke Pines is here to help you and guide you at all time. We have the technology and a team of professionals willing to provide you with the best advice which is totally for free. We charge for the registration service before the secretary of state where you decide to incorporate your company, our document package with certificate of status, articles of incorporations or by laws, operating agreement and for the obtention of your business’ taxpayer identification with the #IRS, #EIN.
The incorporation process is quite simple, the first part of the process is with the State of formation, we only need the following information:
1 - Company’s name: One of the benefits to operating a business through a corporation is the ability to name your legal entity. Usually, this means coming up with an attractive name that you hope will be memorable for your clients.
2 - Contact Information: Address, telephone number, email, image of an ID (Passport, driver's license, green Card) and charges of every single member or officer of the company.
3 - Distribution: percentage of ownership of each partner or quantity of stocks of each shareholder.
4 - Business activity: everything you can tell us about the activity you plan at the beginning for your business
5 - Physical and mailing address for the company: If you do not have an physical address in the, we can provide you with one of our services.
After your business is formed, we'll need to apply for Federal Employer Identification Number (FEIN). An EIN is a nine-digit number that is issued by the IRS and used to uniquely identify employer tax accounts. Think of it as a Social Security Number (SSN) for your business.
Our filing experts make filing your EIN application quick and easy. As soon the IRS issues an EIN Number, you must open a Business bank account, this is one of the most important things you can do when starting a company.
A business bank account plays a key role in growing your business, while protecting it and yourself at the same time. It allows you to keep track of business expenses, simplify tax reporting, and deposit payments under your company name.
It's important to keep in mind that your responsibility as a business owner doesn’t just end when the registration is completed. You have to make sure that you're knowledgeable on annual compliance matters.
There may be licenses/permits that need to be renewed, or reports to be filed, fees to be paid and documents to be obtained over and over again. You need to know all these things to maintain the good standing and reputation of your business.
We want you to know that we are available to help you in all your business needs and we would love to be your Tax and Accounting experts.
Do not miss the opportunity to move from idea to action, that decision is the one that separates you from success. We are available 24/7 to help you in your need to create a new company in each of the states of this great nation, contact us through our social networks, Email Address, WhatsApp business or our website.
We hope to hear from you soon.