Start a Business
You have an idea. Now, it’s time to bring it to market.
LegalZone will guide your dream into reality. Our experts have the experience and knowledge you need to start a business in your state while you focus on your craft. It’s where the magic of a startup begins.
Hands-Off Business Formation with LegalZone
You should never have to worry about accounting for every legal detail when you start a business. LegalZone’s simple process and affordable prices ensure that you can put your efforts behind growing revenues while securing your legal rights.
Types of business entities that we routinely set up include:
· Limited Liability Companies
In addition to business formations, you can count on LegalZone to draft every contract your startup needs. We are a one-stop legal shop that helps you accomplish your business objectives. So say goodbye to juggling multiple vendors and contractors to help you with how to start a business.
Frequently Asked Questions About Starting a Business
Starting a business is an enormous undertaking. Ensure you have the requisite knowledge to navigate the process. Below, check out the answers to frequently asked questions by prospective LegalZone clients:
How To Start A Business?
Forming a business will vary according to company size, geographic location, offerings, and industry. However, the core process is essentially the same across each type. Your company should always seek solid advice from a legal expert to help you make complicated decisions.
Here’s a simple eleven-step process you can follow to start a business:
· Step 1. Select your formation type
· Step 2. Register with the secretary of state’s office
· Step 3. Get an employer id number from the IRS
· Step 4. Set up a business bank account
· Step 5. Become familiar with industry regulations
· Step 6. Obtain adequate insurance policies
· Step 7. Invest in GAAP-compliant accounting software
· Step 8. Draft your initial contracts and agreements
· Step 9. Congratulations… open the doors!
· Step 10. Revise contracts and agreements as necessary
· Step 11. File your taxes and annual report each year
The above-referenced process could take anywhere between a few weeks or several months. Your business formation timeline depends upon your unique situation. LegalZone’s experts will help you understand what to anticipate at every corner.
What Is An LLC?
A limited liability company, also known referred to as an LLC, is a business formation type. They are created by one or more LLC members. The primary advantage of an LLC formation is that it allows owner members to separate their personal finances from the company while offering tax advantages under a simplistic structure.
What are the Differences Between an LLC and a Corporation?
The central difference between an LLC and a corporation is ownership. Members own an LLC, whereas shareholders own a corporation. If the LLC issues shares of preferred and common stock, then the shareholders also have voting rights alongside the owners.
Another significant difference lies in how they are taxed. LLC members pay taxes on personal income. A corporation pays taxes on profits, and employees pay personal income taxes, which results in double taxation. Choose your business structure wisely by consulting with LegalZone’s experts.
What Is A DBA?
A DBA, also known as a “Doing Business As,” is a registered legal designation that informs state and federal tax departments of another name you call your business. You aren’t required to file a DBA, nor are you required to use one. However, some companies use them to protect their legal and intellectual property rights if they commonly go by another name without creating another business entity.
For example, let’s say an entity forms an LLC called “Billion Acquisitions 49, LLC.” This company sells commercial kitchen appliances. Since the LLC formation name is not optimal for marketing purposes, the owners can file a DBA to operate under a more consumer-friendly name.
What Is The Difference Between A C Corporation And An S Corporation?
The fundamental difference between a C Corporation and an S Corporation is taxation. This is because C Corporations follow double taxation laws where both income and profits are taxed. In contrast, S Corporations only pay taxes on personal gains earned.
Ready to Start a Business?
If you have a ton of questions about how to start a business or even where to begin, don’t worry; you’re not alone. There’s a lot to remember and many decisions to be made.
The most important thing to remember right now is that you are about to embark on a journey toward financial and legal independence. So take your company’s vision statement and charge ahead with confidence.
Start a Business with LegalZone
LegalZone makes the process as simple as possible. Our company offers comprehensive legal services under a predictable cost structure with experts who will guide you through every step. Get started now by sending us a quick message about your objectives.