The first step in launching your own business is choosing a name. But naming your company is more complicated than just picking a clever moniker you enjoy. Make sure the name you select is both original and legally permissible. You must register your business name with the state in most states, including Pennsylvania. What you need to know about purchasing a business name in Pennsylvania is provided below. Registering Your Company Name
You must register your company name with the Department of State in Pennsylvania. Your business name may be registered online, by mail, or in person. In Pennsylvania, registering a business name costs $70. Make sure you have the appropriate name before submitting your registration since this money is non-refundable. Sole proprietorship vs. LLC
You must choose the type of business structure you desire before registering your company name. You have the option of operating in Pennsylvania as a limited liability corporation (LLC) or as a single proprietorship. The simplest and most typical business structure is a sole proprietorship. You don’t need to submit any more documentation to the state, and it is simple to set up. A sole proprietorship, however, does not provide any protection from personal liability. This implies that your personal assets may be at jeopardy if your company is sued.
An LLC, on the other hand, provides protection from personal liability. In the event that your company is sued, your personal assets are safeguarded. However, establishing an LLC costs more money and necessitates more paperwork. The cost to create an LLC in Pennsylvania is $125.
You might also need to apply for a business license in Pennsylvania in addition to registering your company name. Depending on the kind of business you run and where you are located, different licenses have different criteria. To learn what licenses and permits you require to lawfully operate your business, get in touch with your local government. How Much Does a Pennsylvania EIN Number Cost?
The IRS issues each business an individual number known as an Employer Identification Number (EIN) for the purpose of taxation. An EIN is required if you have employees. A free EIN can be obtained, which is wonderful news. On the IRS website, you can submit an online application for an EIN. How much does a Pennsylvania small business license cost?
Depending on the kind of business you run and where you are located, Pennsylvania small business license fees change. To learn what licenses and permits you require to lawfully operate your business, as well as their costs, get in touch with your local government.
Finally, registering your company name in Pennsylvania is a straightforward procedure, but it does cost money. Additionally, you will need to choose the best business structure for you, get any appropriate licenses and permissions, and, if you want to hire staff, apply for an EIN. You may make sure that your company is legitimate and prepared to run by attending to these measures.
In Pennsylvania, the price of a small business license varies according to the kind of business and the location. The price often falls between $50 to $500. For precise fee information, it is advised to contact your local county or city administration.