Georgia LLC or Corporation

The two most popular business structures that first-time business owners opt for are a limited liability company and a business corporation because of the advantages they have over other business structures. The cost to form a Georgia Corporation or LLC is driven by several factors like state laws, annual fees, licensing fees, and other operating costs. The forming cost for a Georgia Corporation is almost the same as that of an LLC and is lower than many other states like the District of Columbia, Illinois, and Maryland among others.

Which business entity should I choose for Georgia business?

Georgia is amongst the top states when it comes to educational institutions, transportation infrastructure, economic activity, container ports, and fiscal stability among others. These factors play a key role in determining the cost to form a Georgia LLC or any other business structure. It is important to understand that different business structures have their own set of advantages and can have a significant impact on taxation, legal liability, ownership control, management, and even attracting funding. We have listed certain elements of a structure that will help you determine the right structure for your business.

• Control of business – If you are looking for ownership control or want to have control of the entire business then a sole proprietorship or a limited-liability company would do justice as corporations require a board of directors.
• Capital investment – All businesses require funds for starting a business or operating a business. The cost to form a Georgia Corporation can be small but operating costs can be more than you expect. It is easier to get capital investment from VCs and other private funding sources if you incorporate in Georgia as compared to forming any other business.
• Taxes – One of the key areas that helps in deciding what business structure you want is taxes. This is one of the primary reasons why entrepreneurs opt for an LLC or elect S Corporation status as both are pass-through entities. The lowering of taxes will result in lower Georgia LLC costs per year.
• Limited Liability Protection – One of the most important aspects to consider apart from the forming cost for a Georgia Corporation or LLC is liability protection. Liability protection refers to helping business owners avoid any personal liability for the debts of the company.
• Complexity – There are certain types of business structures that can have a complex registration, formation, and operation process as compared to other structures like forming and operating a sole proprietorship is easier than corporations.

Pros and Cons of Forming an LLC or Corporation in Georgia

The overall cost to form a Georgia LLC or a corporation is lower than several other states but this is not the only benefit you can derive. The state boasts of a pro-business environment driven by a robust infrastructure, skilled workforce, good macro-economic framework, low taxes, robust public financial management, and high state credit ratings. It is one of the favored states for new business formation including corporations, LLCs, sole proprietorships, etc., and that is why it is important to consider the benefits of an LLC vs a Corporation in Georgia.

Georgia LLC

A Georgia limited liability company will have several advantages as well as disadvantages as compared to other forms of businesses. Here are some of the pros and cons that will help you make an informed choice.

Pros of LLC

• If you are planning to register a Georgia LLC then there is a certain degree of flexibility that you will enjoy especially when it comes to taxation. A Georgia LLC can be taxed as an S Corporation, C corporation, sole proprietorship, or even a partnership.
• The overall cost to form a Georgia LLC is much less compared to some of the other states
• When you look at a comparison of formation costs of LLC vs Corporation in Georgia, the initial registration costs are the same.
• The members of a Georgia LLC will enjoy limited liability protection and pass-through taxation.

Cons of LLC

• If you are planning to register a limited-liability company then apart from the cost to form a Georgia LLC, you will also be required to file different types of state taxes.
• VCs and angel investors prefer a business corporation over an LLC with respect to funding and this is the biggest disadvantage of LLC vs Corporation in Georgia.
• The paperwork is more for new business formation as compared to some of the other states
• There is a Georgia LLC annual registration fee applicable for all LLC’s domestic or foreign.

Are you thinking of starting an LLC in Georgia?

Georgia Corporation

A Georgia business corporation is one of the most favored structures in the state and has its advantages and disadvantages. They are:

Pros of a Corporation

• The cost to form a Georgia Corporation is less compared to some of the other states.
• If you incorporate in Georgia then one of the top benefits is protection of your personal assets.
• One of the advantages, when you compare LLC vs Corporation in Georgia, is that as a corporation, you will enjoy access to capital investments from private investors including VCs.
• One of the top benefits apart from the low cost to form a Georgia Corporation is its perpetual existence. It means that a corporation can continue to exist indefinitely regardless of the status of its owners, directors, or even shareholders.

Cons of a Corporation

• Although the cost to form a Georgia Corporation is low, there are additional costs involved like double taxation. This means that a corporation pays taxes on the income while shareholders pay tax on dividends.
• The process to incorporate in Georgia can be time consuming and may involve a lot of paperwork including submitting a notice of incorporation in local newspapers
• Since a business corporation follows a rigid structure, it has lesser flexibility as compared to other structures like a sole proprietorship or LLC.

Do you want to start a Georgia corporation?

Georgia LLC Cost

One of the most popular forms of businesses amongst new business owners is the limited liability company. Apart from the cost to form a Georgia LLC, there are several other advantages this type of structure offers. You can choose to form a Single-member LLC (SLLC) or a Multi-member LLC and also elect the S Corporation tax structure. If you are planning to form a limited-liability company then let us take a look at the Georgia LLC annual registration fee and other costs related to formation and operations.

Cost for forming Georgia LLC

When we think of the cost to form a Georgia LLC, it is not just about the initial formation or new business registration costs. There will be other costs associated with helping the business become operational. The various costs associated with a limited liability company include the following:

• One of the important initial costs to form a Georgia LLC is name reservation. You will need to file the name reservation request form with the office of the Secretary of State. If you are filing online then there is a non-refundable filing fee of $25 and if you are submitting a paper form then the fee is an additional $10 ($35).
• In order to register your business in Georgia, you will have to file the Articles of Organization with the Secretary of State. The filing fee is $100 for online submission and $110 for submission by mail or if hand delivered. This fee is an important part of the Georgia LLC cost per year.

Annual maintenance cost for Georgia LLC

Once you have registered a limited-liability company in Georgia; it is important to ensure that you meet all the standards and requirements of the state including annual registrations. There is a Georgia LLC cost per year for keeping your business operational and active. The costs involved are as under:

• Business Licenses – Once you have filed the Articles of Organization, your business is registered with the state but will not be operational unless you have obtained the necessary licenses and permits. The cost will vary according to the type of licenses or permits, the number of licenses, and the county your business is established in. It is not a part of the initial cost to form a Georgia LLC but is considered an annual maintenance cost as you have to renew licenses and permits each year.
• Annual Registration – One of the important requirements of a Georgia LLC is the annual registration also known as the annual report. The Georgia LLC cost per year for annual registration is $50 and it has to be submitted each year between January 1 and April 1.

Georgia Corporation Cost

If you are thinking about what the cost would be to form a Georgia Corporation then it is almost similar to that of a limited liability company. The costs can be divided into initial costs, annual costs, and recurring costs and are associated with helping a business remain operational in the state. Let us take a look at the forming cost for a Georgia Corporation as it is an integral part of new business registration.

Cost of forming Corporation in Georgia

The cost to form a Georgia Corporation is lower than incorporation costs in several other top states in the country. The cost to incorporate in Georgia is basically a one-time cost and includes:

• One of the important initial costs to form a Georgia Corporation is name reservation. You will be required to file the name reservation request form with the office of the Secretary of State. If you are filing online then there is a non-refundable filing fee of $25 and if you are submitting by hand or through mail then the fee is an additional $10 ($35).
• The primary objective of every new business is to register with the state so that conducting business is easier. As a corporation, you will be required to file the Articles of Incorporation with the Secretary of State. The filing fee is an important forming cost for a Georgia Corporation and it is $100 for online submission and $110 for submission by mail.

Annual maintenance cost for Georgia Corporation

Apart from the initial cost to form a Georgia Corporation, there will be a cost attached to the annual maintenance of the said company. This annual cost may be a recurring cost and will help your business to remain in compliance with all state laws. The annual maintenance costs involve the following:

• Business Licenses – Once you have filed the Articles of Incorporation along with the cost to form a Georgia Corporation, you will need to apply for and obtain business licenses. The costs of licenses and permits will be determined by different elements like business activity, industry, and the county your business is operating in. You may also require zonal licenses or permits. It is important to note that licenses will have to be renewed each year and hence will be a recurring cost unlike the one-time forming cost for a Georgia Corporation.
• Annual Registration – One of the important requirements of a Georgia business corporation is annual registration, which is a type of annual report. This cost is applicable after you incorporate in Georgia and the fee is $50. The annual registration has to be submitted each year between January 1 and April 1.

Need any Assistance in Forming Your Georgia LLC or Corporation

If you are planning to incorporate in Georgia or want to form an LLC in the state then there are several processes involved. You will also be required to maintain annual compliance and all this can make the new business formation process complex. We at IncParadise can provide valuable assistance by handling your new business formation or incorporation requirements while ensuring your company is compliant with all state laws.

Georgia Corporation

Entrepreneurs choose to form a corporation in Georgia due to several factors right from a growing economy to tax credits and business incentives. Georgia has a strong transportation and logistics infrastructure and Foreign-Trade Zone (FTZ) that helps small business owners from diverse industries to unlock the opportunity to increase supply chain efficiency. The peach state is home to several top corporations including The Home Depot, Inc., RaceTrac Petroleum, Inc., Aaron’s Inc., Turner Broadcasting System, Inc., and Hooters of America Inc. among others. You can register a Georgia Corporation online to become a part of this vibrant and stable economy.

What is a Georgia Corporation?

A corporation also known as the traditional C Corporation and is a legal structure or entity where the owners or the shareholders are taxed separately from the business itself. It is one of the popular forms of business and when you form a corporation in Georgia, you will have the same rights as individuals have like entering into a contract, lending or borrowing money, hiring employees, and owning assets among others. You can register a Georgia Corporation online or offline with the office of the Secretary of State. The various types of a corporation that you can form in the state are:

• Business Corporations
• Foreign Corporations
• Nonprofit Corporations
• Secretary of State Corporations
• Professional Corporations
• S Corporation
• Close Corporations
• Benefit Corporations

What are the benefits of incorporating in Georgia?

There are several advantages that entrepreneurs can leverage when they register a corporation in Georgia. A C Corporation is different from other forms of businesses in terms of legal structure and its advantages also differ from that of other structures. Some of the benefits of incorporating in Georgia are:

• Limited liability protection – When you incorporate in Georgia, one of the salient aspects that you will benefit from as an owner is limited liability protection. Since a corporation is a separate legal entity, hence its debts, liabilities, and obligations, are separate from the owners. Thus, the owner will not be responsible personally for business liabilities and debts.
• Perpetual existence – One of the top benefits of incorporating in Georgia is that the corporation enjoys perpetual existence. This simply means that a corporation can exist separately from its owners or shareholders. In comparison, if the owner in a sole proprietorship has a disabling illness or passes, then such a business will cease to exist but this is not the case with a corporation as it will continue to exist.
• Transfer of ownership – When you form a corporation in Georgia, one of the benefits is that the ownership of the company will be easily transferable through the sale of a share of the corporate stock. The selling of corporate stock will transfer the economic and management rights.

Starting a Georgia Corporation

Georgia is gradually becoming a popular destination for technology affiliated startups and is considered one of the vibrant ecosystems for innovation and investments. So, if you are wondering how to form a corporation in Georgia then you need to ensure proper business mapping prior to launch. The following processes will help you to fulfill all the requirements for starting a new business in the state.

1. Name Georgia Corporation

In order to register a corporation in Georgia, you will need to have a business name. Naming a new business or startup is considered one of the toughest brainstorming processes but it is also the most important. You can use name generator tools or simply ideate based on the products or services you are planning to launch. There are certain naming guidelines of the state that you will need to follow and they are:

• The chosen name should contain “corporation”, “incorporated”, “company”, and “limited”, or the abbreviation like “corp.”, “inc.”, “co.”, or “ltd.”, pursuant to GA Code § 14-2-401 (2020).
• The business name should be distinguishable from the names of any other business entity that exists in the records of the Secretary of State including nonprofit corporations, limited partnerships, professional associations, and fictitious names of a foreign corporation among others.
• The chosen name should not exceed 80 characters and this includes spaces and punctuation.

2. Appoint Georgia registered agent

If you are wondering how to form a corporation in Georgia then it is important to note that there is a new business formation process that you are required to undergo. This process involves the filing of incorporation documents and name reservation while maintaining compliance with all state laws. The process may seem complex and involve extensive documentation and this is where a reputable Georgia registered agent like IncParadise can assist you.

3. Choose Georgia Corporation’s initial directors

A corporation’s initial directors are the first directors that are named in the articles of incorporation or have been elected during an organizational meeting. The initial directors are important requirements if you want to incorporate in Georgia. These directors have to serve until the shareholders of the company hold the first meeting to elect successors. The corporation’s initial directors may consist of one or more members although the numbers can be changed using the by-laws of a corporation.

4. File Georgia Articles of incorporation

Once you have planned to incorporate in Georgia, you have to ensure all state requirements are fulfilled where documentation is concerned. You will be required to prepare and submit the Articles of Incorporation pursuant to GA Code § 14-2-202 (2020). You can register a Georgia Corporation online or the articles can be hand-delivered or mailed to the Corporations Division. If you are planning to submit the articles in-person or by hand then it has to be submitted to the Corporations Division.

Are you thinking of starting a Georgia Corporation?

5. File notice of incorporation

If you are planning to form a corporation in Georgia then one of the important requirements is to file a notice of incorporation. This is also known as Publication of Notice of Intent to File Articles of Incorporation. It involves delivering an undertaking to the Secretary of State that the said corporation will publish a notice of the filing of the articles of incorporation pursuant to GA Code § 14-2-201.1 (2020). The notice has to be published in one of the top newspapers in the county or city where the business is based. This notice has to be published at least once a week for two consecutive weeks.

6. Prepare bylaws for Georgia Corporation

When you form a corporation in Georgia, one of the important areas to focus on is the preparation of the corporation’s bylaws. The bylaws have to be adopted by the board of directors or incorporators of the said corporation pursuant to GA Code § 14-2-206 (2020). The bylaws are considered to be the governing rules on the basis of which a corporation will operate. If you have been thinking about how to form a corporation in Georgia then you need to start by preparing bylaws. Bylaws are different from the Articles of Incorporation and are not submitted to the office of the Secretary of State.

7. Get an EIN

If you are planning to register a Georgia Corporation online or offline then there are certain requirements that you need to fulfill to make the business operational. One such requirement is that of applying for and obtaining an Employer Identification Number (EIN). This is a unique 9 digit number that is assigned by the Internal Revenue Service (IRS) to business corporations. It is also known as the Federal Employer Identification Number (FEIN) and helps file corporate or business taxes in the state.

8. Hold an organizational meeting

One of the steps toward forming a corporation in Georgia is to hold an organizational meeting. This is a key event and it is a form of initial meeting undertaken by the incorporators and the elected board (initial) of directors. The primary objective of the organizational meeting is to execute tasks integral to the functioning of the corporation like:

• Drafting articles of incorporation to form a corporation in Georgia
• Distribution of initial shares
• Election of officers
• Drafting as well as approving the corporate bylaws
• Voting towards accepting the corporate seal
• Voting towards accepting the stock certificates

9. Open a bank account for Georgia Corporation

If you are planning to register a corporation in Georgia then opening a business bank account is highly recommended. A business banking account is also known as a checking account is crucial for keeping your personal and business expenses as well as income separate. This helps in ensuring clean record-keeping and proper filing of taxes. One of the benefits of incorporating in Georgia is that there are several top banks where you can open an account including Wells Fargo and JPMorgan Chase.

10. File Georgia reports and taxes

Once you form a corporation in Georgia you may be required to pay taxes annually in the state. According to the 2020 Georgia Code, Title 48 – Revenue and Taxation, Chapter 7 – Income Taxes, § 48-7-21, a domestic as well as foreign corporation conducting business in the state has to pay income taxes annually equivalent to 5.75 percent of the Georgia taxable net income of the said corporation. This tax is also known as the corporate income tax. If you register a Georgia Corporation online or offline, your company may also be required to pay a net worth tax. This tax is based on the net worth of the company although corporations with a net worth lower than $100,000 are not required to file this tax.

Know more about starting a Georgia Corporation

There are several queries that you may have especially when you are planning to register a corporation in Georgia. There are different types of corporations you can form in the state and the incorporation process along with the Georgia Corporation filing fees can be different for each type of entity. Hence, we have created a special section of “Frequently Asked Questions” for addressing some of the queries that you may have as a new business owner.

How do I form a “C” corporation, an “S” corporation, or a “501(c)(3)” corporation in Georgia?

There are different types of corporations that you can form in Georgia like the traditional C Corporation, S Corporation and the 501(c)(3) corporation also known as a non-profit organization.

• C Corporation – If you incorporate in Georgia as a C Corporation then you will be required to file the Articles of Incorporation with the office of the Secretary of State along with a fee of $100 (online filing) and $110 (by mail or hand delivered) pursuant to GA Code § 14-2-202 (2020).
• S Corporation – Once you register a corporation in Georgia, you can choose to operate it as an S Corporation. An S Corp is a tax election and hence has to be filed with the IRS. Once you register a Georgia Corporation online, you can download Form 2553 (Election by a Small Business Corporation) and submit it to the Department of the Treasury, Internal Revenue Service. Once you receive S Corporation status, you may need to file the Form 600 S-CA, which is a consent agreement by nonresident shareholders of the said S Corporation.
• 501(c)(3) corporation – A 501(c)(3) corporation is also known as a nonprofit company and is mostly formed to serve specific purposes like charitable, religious, literary, scientific, or educational. In order to form such a company in Georgia, you will need to file Articles of Incorporation with a Georgia corporation filing fees of $100 pursuant to GA Code § 14-3-202 (2020). You will also be required to submit a Transmittal Form.

How much does it cost to start a corporation in Georgia?

If you want to form a corporation in Georgia then the starting costs will depend on the type of domestic or foreign corporation. There are primarily three initial starting costs for a corporation and they are:

• Business Name – This denotes the cost of name reservation
• Cost of Incorporation – This includes Georgia Corporation filing fees for the Articles of Incorporation and publishing a notice of incorporation.
• Business Licenses – The third cost is a variable cost depending on the type and number of business licenses and permits required to operate in Georgia

How do I know if my Georgia Corporation name is available?

In order to register a Georgia Corporation online, you will need to reserve your chosen business name. You may have chosen a name for your company and this name might not be unique, i.e., someone already has reserved the name with the office of the Secretary of State. Hence, it is better to always check in advance for name availability by using Georgia Corporations Divisions Business Search. This is a detailed database that has information pertaining to any entity registered with the state.

Does a Georgia corporation need a business license?

Yes. If you are planning to incorporate in Georgia and want to operate or transact in the state then you will require proper licenses and permits. You may have to apply for county or city licenses also known as business tax certificates. You may also be required to obtain a certificate of occupancy from the city or county zoning departments along with licenses or permits for regulated occupations and industries. You can subscribe to our Business License Research Report service, which provides detailed information on different aspects of licensing in the state.

What is a Corporate Director?

A Corporate director is an individual who is also a member of the said corporation’s board of directors. A corporate director has to be appointed or elected member and assists with the management of a corporation. A corporate director cannot make business decisions by himself/herself and instead has to work with the entire team of board of directors. A corporate director along with other board members can make decisions on behalf of the said corporation regarding corporate policy, employee retirement, executive compensation, mergers, dissolutions, issuance of new shares, and asset sales among others.

What should Corporation bylaws include?

When you form a corporation in Georgia, you will also need to create corporate bylaws. Although, you are not required to submit the bylaws with the Secretary of State, having one can be quite beneficial. A corporate bylaw can provide a roadmap for business operations and also provide legitimacy to the company. Different companies create their bylaws according to their requirements but some components that remain the same. Whether you register a Georgia Corporation online or offline, the information to include in the bylaws are:

• Statement of Purpose
• Rights and responsibilities of members
• Board of Directors
• Corporate Meetings
• Committees
• Issuing stock to shareholders
• Officers like President, CEO, etc
• Conflict of Interest
• Indemnification
• Policy for Amendment

How can I register a foreign Corporation in Georgia?

If you already have an existing business in any state other than Georgia and want to move your business or expand in this state then you need to apply for foreign qualification. This is a process by which you can incorporate in Georgia as a foreign corporation. You will be required to file a Certificate of Authority with the Secretary of State pursuant to GA Code § 14-2-1503 (2020). Whether you register a Georgia Corporation online or through mail, you will need to submit a certificate of existence or certificate of good standing along with the authority to transact business in the state. The certificate of existence will be issued by your home state or the state in which the said entity was initially incorporated.

How many authorized shares should my corporation list?

One of the benefits of incorporating in Georgia is that you can issue stock. A share of stock is considered to be a percentage of ownership with regard to the said corporation. If a corporation was to issue two shares of stock and each shareholder will have 50% ownership rights in the company. Since the state of Georgia has no restrictions on the number of shares that a corporation can issue; you can issue anywhere between 100 shares to 15 million depending on preference.

How do I dissolve a corporation in Georgia?

Once you register a Georgia Corporation online, the said company will be in existence unless you end its existence officially. The dissolution process of a corporation is governed by 2020 Georgia Code, Title 14 – Corporations, Partnerships, and Associations; Chapter 2 – Business Corporations, Article 14 – Dissolution. There are three categories of dissolution and they are:

• Voluntary Dissolution
• Administrative Dissolution
• Judicial Dissolution

Ready to Start a Georgia Corporation?

There are different types of business structures you can form although the benefits of incorporating in Georgia are much more as compared to some of the other types of entities. If you are thinking of registering a domestic or foreign entity in the state then IncParadise can assist you with the process of incorporation.

IncParadise is one of the top Georgia registered agents and we have helped with more than 10,000 new business formations. We also offer a wide variety of additional services like foreign qualification, EIN assistance, and certificate of good standing in Georgia among others.

LLC in Georgia

Georgia with its strong infrastructure and a growing economy is a good location for a small business or a startup. The state is home to 1.1 million small businesses and a Gross Domestic Product (GDP) of $533.57 billion, which makes it the 9th largest economy in the nation. The peach state is home to several Fortune 500 companies with most of them based in Atlanta including the Home Depot and the Coca-Cola Company. The state offers several business targeted programs that you can take advantage of after you form a Georgia LLC. As a limited-liability company, you can even leverage the various tax credit programs the state has implemented.

What is Georgia LLC?

A limited liability company (LLC) is a type of flexible business structure with the salient aspect as limited personal liability. If you form a Georgia LLC then you will be able to benefit from the tax benefits that it has over certain other entities like traditional corporations and sole proprietorships. A limited liability company in Georgia is a type of private limited company that is considered a hybrid legal entity. It is a hybrid because it has specific characteristics of a traditional C Corporation and a partnership depending on the number of owners. If you are planning to file an LLC in Georgia then you can choose any of the following structures:

• A Single-Member LLC is similar to a Sole Proprietorship
• Multi member-managed LLC
• A series LLC
• Manager-Managed LLC
• Foreign limited liability company

Benefits of forming an LLC in Georgia

There are several reasons why entrepreneurs prefer to form a Georgia LLC and one of the primary reasons is the various benefits this type of business structure offers. Some of the benefits offered by an LLC are:

• Tax regime – When you form a Georgia LLC, you get to select the type of taxation it will follow. A limited liability company may elect to be taxed as a sole proprietorship, partnership, C Corporation, or even an S corporation. This provides a lot of flexibility.
• Liability protection – One of the most important benefits you can leverage when you file an LLC in Georgia is limited liability protection. The owners or members of an LLC will be protected from some of the liability or all the liability for any debts and acts of the said LLC.
• Pass-through taxation – When you form a Georgia LLC, you will automatically enjoy pass-through taxation unless you opt to be taxed as a C Corporation. Pass-through taxation simply refers to the fact that the tax is passed through from the business to the owner who files them on his or her personal tax return.
• Flexible membership – When you file an LLC in Georgia, you will be able to enjoy the flexibility of membership. This means that members of your LLC may include partners, individuals, estates, trusts, or other business entities.

Forming an LLC in Georgia

Georgia is popular as one of the best states for a startup due to the access businesses have to reliable infrastructure, skilled workforce, high state credit ratings, and low taxes. If you are planning to form a Georgia LLC then there are several processes involved in the registration and the operational aspect of the business. The relevant processes as mentioned below will not only help you to fulfill all Georgia LLC filing requirements but also enable you run your business smoothly.

1. Choosing a Georgia LLC name

The first step towards Georgia LLC registration is identifying a name for your company. It is never an easy process to choose a company name but you can use business name generator tools for this purpose. You need to also ensure compliance with Georgia LLC filing requirements for a name as governed by the 2020 Georgia Code, Chapter 11 – Limited Liability Companies. The naming guidelines to follow are:

• The chosen name should contain “limited liability company”, “limited company” or abbreviations like L.L.C or LLC pursuant to Georgia LLC rules – GA Code § 14-11-207 (2020).
• The business name should be distinguishable from the names of any other business entity that exists in the records of the Secretary of State including foreign corporations and foreign limited liability companies. This is possible through a Georgia LLC search.
• The chosen name should not exceed 80 characters and this includes spaces and punctuation.

2. Choose Georgia LLC registered agent

There is a process involved for Georgia LLC filing online and this requires documentation as stated by the office of the Secretary of State. You will need to ensure correct information is provided and have to also maintain compliance with all state laws. As an entrepreneur or first time business owner, the process may be complex and this is where a reputable Georgia LLC registered agent like IncParadise can assist you.

3. File certificate of formation and transmittal form

The most important Georgia LLC filing requirements are the new business formation documents. You will be required to prepare and then submit the Articles of Organization pursuant to GA Code § 14-11-204 (2020). You can choose the Georgia LLC filing online option or the articles can be hand-delivered or mailed to the Corporations Division. The filing fee for online submission is $100 and the fee for submitting in person or through the mail is $110.

• LLC Name Reservation Number
• LLC name
• Principal Office Mailing Address
• Name and address of Georgia LLC registered agent
• Name and Address of Each Organizer

Form your new business in Georgia Today!

4. Prepare Georgia LLC operating agreement

An LLC operating agreement is a type of legal document, which helps members of a said company to create an outline of the LLC’s standard operational procedures. If you are planning to form a Georgia LLC then you will need to ensure an operating agreement is in place before you register your company. This document is not legally required by the state but having it can help protect the business operations.

Whether you are planning to file an LLC in Georgia as a single-member or a multi-member LLC, the operating agreement should address key areas like:

• Organization and ownership
• Management and voting
• Capital contribution
• Profit and loss distribution
• Future changes to the membership structure
• Dissolution

5. Obtain an EIN for Georgia LLC

When you file for Georgia LLC registration and the company is formed, one of the key areas is preparing and filing annual taxes. In order to file taxes and depending on the type of business structure, you will require a Social Security number (SSN) or Employer Identification Number (EIN). The latter is applicable for most businesses including a limited liability company and is also known as the Federal Employer Identification Number (FEIN). The EIN is a unique nine-digit number that is assigned to businesses by the Internal Revenue Service (IRS). You can apply for this number before or after you file an LLC in Georgia.

Do you want to obtain an EIN in Georgia?

6. Check local licenses and permits

Georgia is known to have one of the best business climates and low taxes, which are two important reasons that attract entrepreneurs to form a new business in the state. The big question is what happens post Georgia LLC registration. First time business owners may feel that registering a business will help them transact in the state but that is not true. Apart from fulfilling Georgia LLC filing requirements, you will need to obtain licenses and permits in the state. A business license will help you make your company operational. The licenses and permits applicable in Georgia are as follows:

• Industry based licensing – Once you form a Georgia LLC in a specific industry then you will need to check the licensing norms of that industry. The licensing requirements can change according to industry and occupation and you may even require more than one license. So, if you file an LLC in Georgia to start a Food Sales Establishment then you will need to obtain a business license from the Georgia Department of Agriculture – Licensing Division.
• County, City, or Local Licensing – A Georgia LLC filing online option is applicable for every new business and can be done through the office of the Secretary of State but what about licenses? Since there is no general business license in the state; you will need to contact the county or city in which your business is located. So, if you file an LLC in Georgia in Fayette County then you will need to apply for an “Occupation Tax Application” with the Fayette County Finance Department.

An incorporation company like IncParadise can provide information and guidance pertaining to business license requirements in this state. You can also avail of our Business License Research Report for detailed information on permits and licenses in the state of Georgia.

7. Open Georgia LLC bank account

A business bank account plays an important role in the growth and expansion of a business. When you form a Georgia LLC, you will be making different forms of transactions as well as different expenditures and earnings. A business checking account will allow you to keep track of all transactions including business expenses and also simplify tax reporting. It is ideal to open a business bank account for your company after you file an LLC in Georgia or after getting your Employer Identification Number (EIN). One of the salient aspects of this type of banking account is that it can protect the owner’s liability by ensuring personal and business funds are kept separate.

8. File Georgia reports and taxes

Once you file for Georgia LLC registration and obtain the necessary business licenses and permits, the next step is to ensure all annual state compliances are met. There are primarily two important annual requirements and they are:

• Annual Registration – If you file an LLC in Georgia then it is important to complete state annual registration. It is similar to filing an annual report and has to be filed with the office of the Secretary of State each year. The due date for filing the annual registration is between January 1 and April 1 each year and the filing fee is $50 for a Georgia LLC.
• LLC Taxes – Once you form a Georgia LLC, you may be required to file different types of taxes depending on the type of business or business activity. The most common is the state business tax. Since an LLC is a pass-through tax entity, the taxes would be filed by the owner or members instead of the business. If your company has employees then you will be required to file state employer taxes and if you are selling goods to customers in the state then sales and use tax will also be applicable.

Know more about starting a Georgia LLC!

The process of Georgia LLC registration consists of several sub-processes and you may have several questions pertaining to various aspects of new business formation. Hence, we have created a special section of “Frequently Asked Questions” for addressing some of the queries that you may have as a first time entrepreneur.

Is Georgia a good state to form an LLC?

If you are planning to take your idea to the next level, which is forming a new business, then Georgia is just the perfect state. According to a report by WalletHub, the state is ranked as the 8th best state for startups. There are several benefits to forming a Georgia LLC and some of the top advantages are:

• The state is ranked the 5th best when it comes to the availability of skilled labor or human capital
• Private equity (PE) investment in the state has been over $21.78 billion
• If you file an LLC in Georgia then you will be able to leverage the pro-business tax climate and the various tax credits
• The state has a robust logistics environment and strong transport infrastructure that supports new businesses
• The state has a strong technology startup ecosystem consisting of startup accelerators, venture capital providers, and entrepreneur development programs among others
• There are 260 Qualified Opportunity Zones where businesses can enjoy job tax credits and other incentives

How much does it cost to form an LLC in Georgia?

A Georgia LLC registration is governed by the 2020 Georgia Code, Title 14 – Corporations, Partnerships, and Associations, Chapter 11 – Limited Liability Companies. The initial cost to file an LLC in Georgia is $100. Apart from the initial cost, there will be costs attached to Annual Registration, Business Licenses, Name Reservation, and hiring a registered agent among others.

What is the processing time to form an LLC in Georgia?

Once you file a Georgia LLC registration, the processing time will vary depending on how you have submitted the documents. If you file an LLC in Georgia online then the processing time is 5-7 business days. If you submit your articles of organization by mail or in person then the processing time will be a maximum of 15 business days. You can also avail of expedited processing by paying an additional fee like an additional $100 for 2 business days of expedited service.

How can I check if my Georgia LLC name is available?

A business name is crucial to help with Georgia LLC filing online but you will have to reserve the name. In order to reserve the name, you need to check if such a name is available. The business name availability check can be conducted through the Georgia Corporations Division portal for business search. If your chosen name is available then you can reserve it and if it is not available then you will have to think of a new name and conduct the name search again.

Do I need a business license for my Georgia LLC?

Yes. If you are planning to conduct your business in the state of Georgia then you will have to apply for a county or city license also known as a business tax certificate. It will be issued in the county or city your business is based in. You may also be required to obtain a certificate of occupancy from the city or county zoning department as well as licenses or permits for regulated occupations and industries. You can subscribe to our Business License Research Report service as it provides detailed information on several aspects of licensing in the state.

What taxes does an LLC pay in Georgia?

Once you form a Georgia LLC, depending on the tax status you choose, you will be required to file business taxes in the state. Some of the taxes applicable for a Georgia LLC are:

• Sales and Use Tax
• Withholding tax if you have employees
• State income taxes for certain small businesses

Can I register a foreign LLC in Georgia?

Yes, The Georgia LLC filing requirements for a foreign company require you to obtain a Certificate of Authority pursuant to GA Code § 14-11-702 (2020). The filing fee for a Certificate of Authority is $235 and you have to apply with the office of the Georgia Secretary of State, Corporations Division. This process is known as the “Qualification of Foreign LLC” and without it; you will not be allowed to conduct business in the state.

How do I dissolve my Georgia LLC?

After you form a Georgia LLC, there can be many reasons why you would want to dissolve your company. According to state laws, GA Code § 14-11-602 (2020), the dissolution can happen if reasons or events have been specified in the articles of organization or the operating agreement. The process of dissolution will require you to file a Certificate of Termination (Form CD-415) with the Georgia Secretary of State, Corporations Division. There is no fee for filing a Certificate of Termination.

Ready to form a Georgia LLC?

There are different types of business structures that you can choose to form in the state of Georgia although one of the most popular is an LLC. A limited liability company has many advantages over other business structures including tax benefits. If you want to form a Georgia LLC then IncParadise can assist you with the process of registration of your new business in the state.

Entrepreneur’s guide to forming a business in Georgia

If you are a first time entrepreneur planning to start a business in Georgia then you will be able to leverage the top business environment the state offers. The state boasts of a highly competitive economy and offers a wide variety of business incentives for those planning to start a business in Georgia, expand their existing business in the state or move their business here. A Georgia registered agent like IncParadise can assist you with the entire process of establishing your startup in the state.

Why do companies prefer to register a business in Georgia?

Georgia is home to 1.1 million small businesses with almost 18 companies listed in the Fortune 500. Some of the top companies based in this state include Home Depot, United Parcel Service, AGCO, PulteGroup, Delta Air Lines, Asbury Automotive Group, The Coca-Cola Company, and Southern Company among others. As an entrepreneur, you can start a business in Georgia as the state offers several advantages. Some of the top advantages are:

• Pro-Business Environment – The greatest benefit to starting a small business in Georgia is that the state has a pro-business environment. The real gross domestic product (GDP) of Georgia has grown by 2.6% since the great recession of 2008. One of the salient highlights of the pro-business environment is that the state has the best workforce development program in the nation. This development program is one of the primary reasons entrepreneurs prefer to register a business in Georgia. The state has also been ranked at the top for its logistics infrastructure and is home to a robust tech startup ecosystem.
• Low Tax and Savings – One of the reasons to register a business in Georgia is low taxes. The state income tax can vary from as low as 1% to a maximum of 5.75%, as compared to Colorado with a flat tax rate of 4.55% and North Carolina at 5.25%, or the District of Columbia where the tax rate varies from 4% to 8.95%. The state also offers several tax credit programs that you can leverage after you register a business in Georgia online. Some of the top programs include PPE manufacturing tax credit, Georgia’s Job Tax Credit or Investment Tax Credit program, Port Tax Credit Bonus, and R&D Tax Credit among others.

Some Important Quick Resources for Georgia Business

Once you have a business plan and idea in place, the next step is to register a business in Georgia. However, there are several aspects of a business that you will need to understand in order to register a business in Georgia online. Hence, you will need information from various government sources and agencies. We have compiled a list of agencies where you will be able to find the information needed.

Georgia Secretary of State

The office of the Georgia Secretary of State (SOS) is responsible for handling all types of new or existing business requirements through the Georgia Corporations Division. Whether you want to register a business in Georgia or require information on starting a new business in the state; the office of the Georgia SOS can assist you with the same. You can access a variety of business related information through their First Stop Business Information Center.

• Georgia Secretary of State
  214 State Capitol
  Atlanta, Georgia 30334
  Phone: 404- 656-2881
  Fax: 404-656-0513
  Email: soscontact@sos.ga.gov
  Website – https://ecorp.sos.ga.gov/

Georgia Department of Revenue

The Georgia Department of Revenue (GDOR) is the principal government agency when it comes to tax collection. The primary objective of the department is to administer tax laws and enforce various regulations concerning tobacco products and alcohol in the state. When you start a small business in Georgia, you will have to file taxes and this is the department that will initiate the filing process. You can find more information about various business taxes along with tax forms and due dates.

• Georgia Department of Revenue
  1800 Century Blvd NE,
  Atlanta, GA 30345
  Phone: 877-423-6711
  Website – https://dor.georgia.gov

Georgia Department of Labor

The Georgia Department of Labor (DOL) is an administrative agency that specializes in providing a variety of services to the existing and emerging workforce of the state. Once you register a business in Georgia online, you may need to keep employees and the department of labor can help you understand the labor laws in the state. The department website has a dedicated employer portal that offers Georgia Business Employability Skills Training (GeorgiaBEST) program, an annual tax and wage report, and recruitment related services among others.

• Georgia Department of Labor
  1630 Phoenix Blvd #200,
  Atlanta, GA 30349
  Phone: 404-232-7300
  Website – https://dol.georgia.gov/

Georgia State University Small Business Development Center

If you are planning to start a business in Georgia then there are plenty of important resources that can provide valuable information pertaining to your business and the Georgia State University Small Business Development Center (SBDC) is one such avenue. They can provide entrepreneurs and business owners with the right training, tools, and resources so that they can succeed in their business ventures. This includes arranging capital for small businesses raised through loans and equity financing.

• Georgia State University Small Business Development Center
  33 Gilmer Street SE
  Atlanta, GA 30302
  Phone: 404-413-2000
  Fax: 706-542-7935
  Website – https://sbdc.robinson.gsu.edu/

SBA Georgia District Office

The SBA Georgia district office provides several business related resources and information. Their resources constitute a detailed business guide that includes everything from writing business plans to paying taxes, getting business insurance, funding programs including investment capital, licenses, and permits after you start a small business in Georgia, online learning programs to empower small business owners, and ways to stay legally compliant.

• SBA Georgia District Office
  233 Peachtree Street,
  NE Suite 300
  Atlanta, GA 30303
  Phone: 404-331-0100
  Website – https://www.sba.gov/offices/district/ga/atlanta

Georgia Chamber

The Georgia Chamber also known as the Georgia Chamber of Commerce works closely with other local chambers in the state to resolve issues impacting the business community. If you incorporate in Georgia, you will find extremely valuable resources here including information pertaining to business development & networking like sponsorship opportunities and human resource services.

• Georgia Chamber
  270 Peachtree St NW, Suite 2200
  Atlanta, Georgia 30303
  Phone: 404-223-2264
  Website – https://www.gachamber.com/

SCORE Atlanta

SCORE Atlanta founded in 1964 has been responsible for educating more than 10 million aspiring entrepreneurs and small business owners. You will find valuable resources and information here when you start a business in Georgia. They offer different types of learning programs and mentor programs including Startup Roadmap programs sponsored by FedEx, Small Business Emergency Preparation and Recovery Resources, Small Business Resilience Resource Library, Disaster Loan Assistance, Business Strategies, and online business programs provided through the SCORE Business Learning Center (SBLC).

• SCORE Atlanta
  233 Peachtree St
  NE Ste 300,
  Atlanta, GA 30303
  Phone: 470-745-0893‬
  Email: admin.0048@scorevolunteer.org
  Website – https://atlanta.score.org/

Ready to start business in Georgia?

Georgia is a highly popular state and is favored by small business owners and entrepreneurs due to its pro-business environment. You can start a business in Georgia and achieve high growth but the registration process may be quite cumbersome. This is where a reputed Georgia registered agent like IncParadise can provide valuable assistance. We have the experience, expertise, and understanding of state laws, and can help you with the new business formation.

New York Foreign Qualification

The state of New York is home to approximately 2.3 million small businesses including domestic and foreign entities. These businesses in a variety of industries are integral to the economic growth of the state. One of the reasons for New York LLC foreign registration is that the state offers a good startup environment driven by funding opportunities including VCs, grants, business incentives, training programs for entrepreneurs and skill development, and Foreign Trade Zones (FTZ) among others. A New York foreign business registration will help you to qualify for different types of state and federal incentive programs as well as small business assistance programs.

What is New York’s foreign qualification?

Foreign qualification in New York is a process by which you will be able to register your business in any state aside from your home state. The process allows you to legally pursue business opportunities or expansion across state borders without the need to undergo the incorporation of a new business.

Example: If you have formed a domestic LLC in Florida then this will be the home state for your business. Now, if you plan to expand your operations to New York then you will be required to undergo New York LLC foreign registration. This doesn’t mean that you have to register your business again but simply apply for a certificate that authorizes you to conduct business in the state.

Doing business in New York

If you are thinking of doing business in New York and have already formed a company in another state then, your business will be considered as a foreign entity in NY. The operation of such a company will be governed by the New York Laws for foreign corporations or LLC. The term “doing business in New York” refers to the practice of conducting different business activities in any state other than your home state or the state of initial business formation. In such a scenario, the said business will be required to apply for a New York LLC foreign registration or foreign incorporation.

• If your company owns a store in New York
• If your business owns or is planning to own a warehouse in New York
• If you are maintaining offices or agencies for carrying out business activities like selling a product or services
• If your company has employed officers, employees, and agents in the state

New York Foreign Qualification Process

If you have already formed a business in any state other than New York then in order to transact in the state, you will be required to apply for New York foreign corporation registration or LLC registration depending on the legal structure of the business. The process for New York foreign business registration varies from one state to another and may also be different for different forms of business. It is important to note that failure to register with the state as a foreign entity will result in your company being unable to bring a lawsuit in any New York court.

New York foreign Corporation registration

If you already own a corporation in another state and want to incorporate in New York then you will need to apply for a foreign qualification in New York. The foreign corporation registrations are governed by 2020 New York Laws, BSC – Business Corporation, Article 13 – Foreign Corporations. You have to obtain the right authorization to conduct business in the state as a foreign corporation and there is a process for the same.

What is a New York foreign Corporation?

A New York foreign corporation is an out-of-state business that has been authorized to conduct business just like a domestic corporation can conduct legally. In order to transact in the state, you will be required to apply for New York foreign corporation registration while being compliant with the state laws. One of the most important aspects of foreign qualification in New York is the business name. As a foreign entity, you will be able to transact or conduct business in the state under an assumed name also known as a fictitious name or DBA (Doing Business As). Once you have identified such a name, you will need to conduct a New York foreign entity search on the business entity database of the Department of State in the Division of Corporations.

How to register a foreign corporation in New York?

Once you have identified a name and filed the Certificate of Assumed Name, the next step is New York foreign corporation registration. The following steps will help you identify the requirements for New York foreign corporation registration.

• Foreign Corporation Qualification – According to 2020 New York Laws, BSC – Business Corporation, Article 13 – Foreign Corporations, 1301: Authorization of Foreign Corporations, a foreign entity will not be allowed to conduct business in this state until they have been authorized or until they undergo foreign qualification. In order to get the authorization, you will need to complete and file the Application for Authority to transact business in the state pursuant to NY Bus Corp L § 1304 (2020). The statutory filing fee for New York foreign business registration is $225. The Application for Authority along with a Certificate of Existence has to be filed with the New York Department of State, Division of Corporations.
• Certificate of Existence – A certificate of existence is an important step in New York foreign corporation registration. It is also known as a certificate of good standing and is normally issued by the home state of the foreign entity. The home state is the jurisdiction where the foreign entity was initially incorporated. The certificate is generally issued by the office of the Secretary of State or even the Tax Department in the home state.

New York foreign LLC registration

If you already have a Limited Liability Company conducting business in another state and want to expand its operations in New York then you will need to apply for a foreign qualification in New York. The New York foreign business registration for LLC is governed by 2020 New York Laws, LLC – Limited Liability Company Law, Article 8 – Foreign Limited Liability Companies. You will be required to obtain the right authorization to transact business in this state as a foreign LLC and there is a process for the same.

What is New York foreign LLC?

A foreign LLC in New York is a business entity that is operating in any other state except New York. It is an out-of-state business and hence requires proper authorization to transact business in this state. Once New York LLC foreign registration is done, such a business entity will be able to conduct business legally just like a domestic LLC. New York foreign business registration is possible only if you are compliant with all foreign business laws of the state.

How to register a foreign LLC in New York?

Once you have filed the Certificate of Assumed Name, the next step is New York LLC foreign registration. The following steps will help you identify the New York state requirements for foreign business registration.

• Foreign Qualification for LLC – 2020 New York Laws, LLC – Limited Liability Company Law, Article 8 – Foreign Limited Liability Companies. A foreign LLC will not be allowed to conduct their business in NY until they undergo foreign qualification in New York. In order to get such authorization to conduct business in the state, you will be required to file the Application for Authority in the state pursuant to NY LLC L § 802 (2020). The statutory filing fee for a New York foreign business registration is $250. The Application for Authority along with a Certificate of Existence has to be filed with the New York Department of State, Division of Corporations.
• Certificate of Existence or Good Standing – A certificate of existence is also known as a certificate of good standing and is mandatory for New York LLC foreign registration. It will be issued by the home state or the state where the foreign LLC was initially formed. Normally, the certificate is issued by the office of the Secretary of State or the Tax Department of the home state.

  For example: If your LLC was initially formed in the state of Texas then you will need to apply for the certificate of existence from Texas. It is known as the certificate of account status and is issued by the Texas Comptroller of Public Accounts. You will be required to submit the certificate of account status along with the New York LLC foreign registration application to form a business in the state.

• Publication – The last step towards New York foreign business registration is fulfilling the mandatory publication requirement pursuant to NY LLC L § 802 (2020). According to this state law, a foreign LLC must publish a copy of the application for authority in two different newspapers. The copies have to be published within a period of 120 days since the filing of New York LLC foreign registration. It is important to note that the newspapers for publishing have to be designated by the office of the county clerk in the county the entity is located. You will be required to submit affidavits of publication of the newspapers to the New York Department of State, Division of Corporations.

Need Any Assistance in Applying for New York Foreign Qualification?

If you already own a business in any other state except New York and want to conduct business in New York then you will be required to apply for a foreign qualification in New York. As one of the leading New York registered agents, IncParadise can assist you with the process of New York foreign business registration.

Starting a Small Business in NYC

New York is home to 2.3 million small businesses and this includes every form of business right from home-based businesses to e-commerce, mom-and-pop corner stores, IT startups, and financial firms. Small businesses account for a greater slice of the market with its existence in almost every industry sector in the state. You can start a small business in NYC in some of the top industries like trade, financial activities, manufacturing, professional services, leisure activities, and information technology among others.

Is New York an ideal place to start a small business?

If you are planning to start a small business in NYC then it will be a favorable decision for your company. This is more so as the state promises opportunities, a good startup environment, innovation hubs, and logistics infrastructure among others. The gross domestic product (GDP) of New York is $1.7 trillion, which makes it the third-largest economy in the nation and right behind Texas and California. If you want to set up a company in the state and are wondering how to start a business in NYC with no money then it is important to identify the advantages and benefits it offers. These include:

• Talent pool – The success of every small business in New York can be attributed to its employees. When you start a small business in NYC, one of the major benefits is that you will have access to a skilled talent pool. You will be able to hire professionals with strong skill sets, experienced and committed individuals, and even be able to recruit cream talent right out of college.
• Diverse industries – New York is home to diverse industries that provide the platform and opportunities for small business ideas in New York to grow into a highly profitable business. The top industry is the financial services sector, which is synonymous with the New York Stock Exchange (NYSE). This sector has generated $429 billion and is followed closely by healthcare services. Some of the other sectors where you can start a small business in NYC include professional and business services with a contribution of $195 billion to the GDP of New York, retail trade ($64.5 billion), and manufacturing.
• Financial Assistance – If you are wondering how to start a business in NYC with no money then the state offers several opportunities, tools, and programs targeted at providing financial assistance. Different types of businesses have different startup costs and the state provides several options to choose from. You can opt for government grant programs like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR). The state also attracts venture capitalists with fintech startups raising $39.2 billion.

Low cost & profitable small business ideas in NYC

New York is one of the favored destinations for entrepreneurs as well as venture capitalists. The state is undergoing an era of heightened venture capital activity and startups with small business ideas in New York have become an integral part of the startup ecosystem. If you plan to start a small business in NYC then one of the important aspects to consider is the industry as some sectors attract more investors, incubators, and accelerators as compared to other sectors. Let’s take a look at some of the trending small business ideas in NYC.

• Webpreneur – One of the ideas that belong in starting a business in NYC in checklist form is ‘Webpreneurship’ also known as Digital Entrepreneurship. This is considered a low cost startup idea as you will be conducting most of your business online. You can become a webpreneur and work from your home or even from co-working spaces. As a webpreneur, some of the areas to focus on include web design & development, internet marketing, content creation, programming, and software development among others.
• Homemade meal delivery – Homemade meal delivery is considered a profitable business in New York as these services focus on a customer oriented menu that can be delivered right to the doorstep. Today, there are over 260 Food Tech startups in the state that focus on providing healthy food with choices ranging from vegan to plant-based seafood substitutes.
• Handmade Products – One of the areas that should be in your starting a business in NYC checklist is handmade crafts. Entrepreneurs and home-based businesses are actually converting their hobbies into a profitable business in New York. If you want to explore your artistic side then some of the handmade crafts that you can indulge in include jewelry designing, making ceramics, scented candle making, soap making, handbag designer, woodworking, furniture upcycling, floral artists, mural artist, custom calligraphy services, and t-shirt designing among others.
• Internet based businesses – One of the sectors that has been making waves in New York and globally is the computer or IT related businesses. This is one idea that should be on your starting a business in NYC checklist as there are several areas that you can focus on depending on your resources and budget. If you have been thinking about how to start a business in NYC with no money then food blogging, travel blogging, and vlogging are areas that you can explore. Some of the other areas and services that are trending include computer tutor, desktop publishing, computer repair, IT consulting, app development, and even launching an e-commerce store.

Steps to Start a Small Business in NYC

If you are wondering how to start a small business in NYC then it is important to first identify the business idea and the market you want to launch in. There are several processes that will be involved towards turning your idea into a profitable business in New York. These processes vary from the creating a business plan to securing funding and registration of the business. Let us look at the key areas that you will need to focus on in order to achieve success.

1. Prepare a small business plan

A well written business plan can turn your idea or innovation into a profitable business in New York. Essentially, a business plan is a strategic tool that an entrepreneur or small business owner can use to identify the various requirements of the startup right from the conception phase to the operational stage. A good strategic plan will help you in identifying targeted markets, competition, startup costs, and long-term objectives. If you plan to start a small business in NYC then some of the key areas of the plan are:

• An executive summary of your small business
• An objective statement defining business goals
• The legal structure of your business
• Startup Expenses
• Research of the market to launch in
• Existing and expected competition
• Identification of targeted customer
• Products and services you are planning to offer
• Marketing and sales strategy
• Financial projections

2. Register your business

One of the important aspects of starting a business in NYC in checklist form is registration of your business. The new business formation process, documentation, and filing fee vary according to the legal structure of the entity as chosen by you. It is also important to note that the process and documentation for registering a domestic entity is different from that of a foreign entity. Let’s look at an example to make it simpler.

Example: If your small business ideas in New York revolve around forming a single owner startup then you can opt to form a sole proprietorship or a single member LLC. A sole proprietorship business is not required to register with the state but if you form a Limited liability Company (LLC) then you will be required to file the Articles of Organization with the Department of State pursuant to Section 203 of the New York State Limited Liability Company Law. The filing fee for an LLC will be $200.

Start a small business in NYC Today!

3. Secure funding for business

If you want to know how to start a business in NYC with no money then the first step towards it is to identify ways to secure funding. It is no secret that even a startup from home will require capital for making the business operational. You have to first determine how much funding your business will require. A business plan will help you to create the budget for the same. So how do you arrange for startup finances? One of the best options is to identify the various small business grants and related funding opportunities in NY.

4. Check for business license, permits and zoning requirements

If you are planning to start a small business in NYC then there are several state requirements that the entity has to fulfill to maintain a good standing. One of the key requirements is getting a business license or permit. The license or sales permit will help a new business to conduct its operations in the state. IT is required by both domestic and foreign entities. The type of license required will often be dependent on the industry or business activity. If you want to start a company with your small business ideas in New York then you can choose from three different types of licenses, which are:

• Industry based licenses like a manufacturing industry or tourism sector
• Occupational licenses for professional skills like a certified public accountant
• Local licenses, which are issued by the city or county your business is based in like in Manhattan or Brooklyn.

Do you want to know more about business licensing in New York?

5. Open your small business

Once you have registered your business and obtained necessary licenses and permits, the next step is to start conducting business. One of the important things to remember is that in order to start a small business in NYC, you need to have your marketing strategy in place. The more customers you reach with minimal marketing expenses, the higher the probability of making a profitable business in New York will be.

Need Any Help in Forming Your NYC Small Business?

In order to start a small business in NYC, you will need to determine the right business structure. A business structure plays an integral role when it comes to taxes, availability of secure funding, venture capital, the documentation required for new business registration process, and annual maintenance.