Yes you should register a company name first.1 of 1 people found this helpful
Go to IRS.gov and register and get a Federal I D Number.
after registering a company, am I automatically required to pay tax irrespective of i complete a deal or not? if so, how can i estimate the amount? please excuse my ignorance.
If you want your business to have web presence, I would recommend registering your domain name now.
No, you are not automatically required to pay taxes.1 of 1 people found this helpful
Federal Taxes are usually based on income.
Some States have a minimum tax at end of year.
Thank you very much LUCKIEST. I just got it clear about the Federal part. Are you saying that some state would require a minimum tax irrespective of income made or not?
For Federal, no income means no tax. If you incorporate there may be a minimum franchise tax depending on the state you are doing business in. In NY the minimum tax is $100. If you are a sole proprietor or a partnership there is no minimum tax in NY for either and I believe this is true in most other states as well. If you are an LLC you can elect to report for tax purposes as a sole proprietor, partnership, S-corp or C-corp. In NY there is a minimum tax for LLCs regardless of which reporting form you choose.
In California I had to pay about $800 minimum state tax even though I had expenses and no income
What a stupid state law - go open in Nevada
If you want to build a serious business, you should. It's like building a house. Do you want to build your house without doing a soil test first? So, you should check first to see if your business name is available, meaning that nobody else is already using it. A comprehensive trademark search is the best option to accomplish that. A legal document service like legalarrow.com can help.
You should reserve / register your entity name. Most states keep this registration for 30 days and for some states this reservation is not even mandotary...just a name check would work. To incorporate your business is the next step. Other important factor that comes to your mind is where to incorporate. The simple choice will be to incorporate in your Home State.
We at ICS, makes your task easy and help you providing incorporation of a business in US and provide complete incorporation services at competitive pricing. ICS (www.mybizfiler.com) can help you and your business offers a wide range of services typically offered by a Big 5 Accounting firm and a CPA firm in the U.S. ICS offers Incorporation, Book Keeping, Payroll Services, HR & Business Consulting etc.
The check list to incorporate a Business:
- Ø Name Search
- Ø Articles of Incorporation / Articles of Organization( in case of LLC)
- Ø Registered Agent Services
- Ø EIN
- Ø Corporate kit ( Corporate Seal, 20 Stock Certificate, Stock Transfer Ledger)
- Ø Certificate of Good Standing
- Ø Foreign Qualification
- Ø Corporate Bylaws
- Ø Maintenance of Corporate Minutes
- Ø Shareholder Resolution
For more information and details please visit ICS web site http://www.mybizfiler.com/.
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Yes you have to register company name first because if it is already in use then you get sued. Suppose the name you wish to acquire are already in use then you can also call them & ask them for permission & pay them few hundred bucks, if they became agree then its OK. But if you get sued the lawyers doesn't work free for you.