A business venture can be thrilling and profitable. However, you must register your firm with the state of Pennsylvania before you can begin conducting business there legally. Particularly if you are new to entrepreneurship, this procedure may seem overwhelming. We’ll walk you through the process of registering your business in Pennsylvania in this post.
Choosing a business structure is the first step in registering your business in Pennsylvania. The limited liability company (LLC), corporation, and sole proprietorship are the four most popular business formations. There are benefits and drawbacks to each structure, so it’s critical to do your research before choosing one for your company.
Step 2: Select a Name
The next action is to select a name for your company. The name must be distinctive and not being used by another company in Pennsylvania. On the website of the Pennsylvania Department of State, you can look up available business names. Once you’ve decided on a name, you may submit a Name Reservation Request form to hold it in reserve for 120 days.
The third step is to register your business. You must submit a Certificate of Organization (for LLCs) or Articles of Incorporation (for corporations) to the Pennsylvania Department of State in order to register your business in Pennsylvania. These documents can be submitted online or by mail. The filing fee is $125 for corporations and LLCs, respectively.
Get an Employer Identification Number (EIN) in step four. The Internal Revenue Service (IRS) issues employers with an Employer Identification Number (EIN) as a tax identification number. To open a business bank account, recruit staff, and file taxes, you need an EIN. The IRS website offers a free EIN service.
Depending on how many applications the Pennsylvania Department of State receives, the processing time for LLC registrations can change. An LLC’s approval in Pennsylvania typically takes 7 to 10 business days. You can pay a premium for expedited service to get your application processed more quickly.
You can either physically complete the form by downloading it from the Pennsylvania Department of State website or you can submit it online through the department of state’s Business One-Stop Shop. There is a $125 filing fee.
In Pennsylvania, a Rev 1605 form is required to make a name reserve request. While you get ready to register your firm with the state, you can use this form to reserve a business name for up to 120 days. A Rev 1605 requires a filing fee of $70.
To sum up, registering your business in Pennsylvania can seem difficult, but if you follow these instructions, you can be sure that it is doing so legally. Choose a name, register your business, get an EIN, and choose a business structure. Do your homework on any additional licenses or permits you might require to run your business in Pennsylvania. Good luck as you pursue your entrepreneurial dreams!