There are numerous critical decisions that must be made while starting a firm. Choosing a name for your company is one of the most crucial choices. But may the corporate name and the business name be different? Yes, it is the correct response.
The name you use to conduct business with your clients is known as your business name. Your website, business cards, and other marketing materials will all use this name. Contrarily, the name of your firm as it is registered with the government is its legal name. Your company name and your business name can typically be different.
You must register the name as a “doing business as” (DBA) or “fictitious name” if you decide to use a business name that is distinct from your company name. Most legal systems consider this to be a requirement.
You must choose a registered agent if you are forming a limited liability corporation (LLC) in Pennsylvania. A registered agent is a person or corporation chosen to accept legal paperwork on your company’s behalf. This contains significant records like court summonses and lawsuits.
In order to receive legal documents, the registered agent must have a physical address in Pennsylvania and be accessible during regular business hours. Either you or a reputable registered agent service can be named as the agent on documents. Do I Need to Hire a Lawyer to Form an LLC? Although it is advised, hiring legal counsel to form an LLC is not required. There is a lot of legal documentation involved in forming an LLC, and it can be challenging if you are not familiar with the procedure. A lawyer can guide you through the legal requirements and make sure your LLC is correctly set up.
Depending on your particular business requirements, you should decide whether to set up an LLC or run a sole proprietorship. An LLC restricts your personal liability and provides additional security for your personal assets. Additionally, it offers tax flexibility and permits many owners. On the other hand, a sole proprietorship is easier to establish, maintain, and has less legal requirements. However, all claims and lawsuits brought against the business belong to the owner individually.
Yes, single-member LLCs are recognized in Pennsylvania. A limited liability company with only one member is known as a single-member LLC. This kind of LLC gives tax flexibility along with the same liability protection as a multi-member LLC.
In conclusion, picking a name for your company is a crucial choice. Even though your company name and business name can be distinct, it’s still vital to register the name as a DBA or fictitious name. It is necessary to designate a registered agent when forming an LLC in Pennsylvania, and it is advised that you speak with an attorney. Your particular business demands will determine whether you should choose an LLC or a sole proprietorship. Pennsylvania accepts single-member LLCs.
An LLC is taxed in Pennsylvania as a pass-through entity, which means that the LLC is not subject to income tax on its own. Instead, the LLC’s gains and losses are distributed to its individual members, who then record their respective portions of income and loss on their individual tax returns. After then, the members are in charge of paying taxes on their portion of the LLC’s earnings. Additionally, LLCs must pay a $125 yearly charge in Pennsylvania.
The Pennsylvania Department of State must receive a certificate of incorporation before a business can be incorporated in the state. The business’s name, its mission, the number of shares of stock it is permitted to issue, the names and addresses of its directors, and other details should all be included in the certificate of incorporation. There is a filing fee for the certificate of incorporation, which can be submitted either online or by mail. Your company will be incorporated in Pennsylvania once the certificate of incorporation has been submitted and accepted.