One of the first steps you must take when opening a business in Pennsylvania is to reserve a business name. The name you’ve selected for your company cannot be used by anybody else thanks to this process. But precisely how does one reserve a company name in Pennsylvania? Here is a detailed instruction:
Step 1: Determine whether the name you want is available You must confirm that a business name is available before reserving it. By scanning the corporate entity database of the Pennsylvania Department of State, you can see if your selected name is available. You must select an alternative name if the one you want is taken.
Step 2: Submit an application for a name reservation You can submit a Name Reservation Application to the Pennsylvania Department of State once you’ve found an available name. Online or mail-in filing is an option. Name reservations are $70 and are non-refundable.
Step 3: Await Acceptance You must wait for approval after submitting your application. Usually, processing takes 7 to 10 business days. If your application is accepted, a 120-day reservation will be placed on your company name.
Do I have to register my business to operate in Pennsylvania? Yes, you must file a business registration with the Pennsylvania Department of State. You can do this via mail or online. In Pennsylvania, registering a business costs $125.
What are the drawbacks of an LLC? An LLC’s potential for higher setup costs compared to other business arrangements is a drawback. Additionally, compared to partnerships or sole proprietorships, LLCs require more paperwork and continual management. How can I pay myself from my LLC, too?
You can pay yourself as the owner of an LLC through a salary, distributions, or a mix of the two. To discover the best approach to pay yourself depending on your unique business structure and financial requirements, it’s vital to consult a CPA or financial expert. Can a single individual own an LLC?
Yes, a single person may hold an LLC. This type of LLC has only one member. While requiring less paperwork and record-keeping, single-member LLCs provide the same liability protection as multi-member LLCs.