You might want to think about incorporating your business if you intend to launch one in Georgia. Because a corporation is a different legal entity from its owners, it has the same legal rights to possess property, sign contracts, and bring legal actions as an individual would. Here is a step-by-step tutorial on how to incorporate a business in Georgia.
Choosing a name for your company is the first step in forming a corporation in Georgia. Your company name needs to be original and distinct from any other business names that have been registered in Georgia. Search the Georgia Secretary of State’s website to see if the name you want is available.
Second step: submit articles of incorporation The next step is to submit Articles of Incorporation to the Georgia Secretary of State after deciding on a name for your corporation. The purpose of your business, the amount of shares of stock that will be issued, the names and addresses of the initial directors, and the names and addresses of the registered agent are all stated in the Articles of Incorporation, a legal document.
The Internal Revenue Service (IRS) must be contacted in order to get an Employer Identification Number (EIN) before continuing with Georgia corporation registration. Your corporation is given an EIN, which serves as a special identification number for taxation. On the IRS website, you can submit an online EIN application.
Register for State Taxes in Step 4 The last step is to register for Georgia state taxes after obtaining an EIN. Depending on the type of your business, you might need to register for sales tax, unemployment tax, and income tax. On the Georgia Department of Revenue website, you can register to pay state taxes online.
While offering liability protection for their owners, corporations and LLCs are two different kinds of legal entities. Corporations have more requirements and are better suited for larger enterprises looking to go public or attract investors, whereas LLCs are less formal and more flexible. Which 3 steps are involved in forming a corporation?
Is a S Corp or LLC better?
It depends on your goals and the kind of your business. While S companies provide tax benefits for specific types of firms, LLCs are more adaptable and require fewer formality. You can decide which entity is best for your business by speaking with an accountant or lawyer. How Much Does It Cost to Form an LLC in Georgia?
The cost of incorporation varies in Georgia depending on the services you require and the company type you select. There is a $100 filing fee for articles of incorporation, and there can be extra costs for services like name reservations and expedited processing. You can obtain a more accurate estimate of the overall cost by speaking with a lawyer or incorporation service.