Yes, no, sometimes and maybe.
The clear answer as to what registration is required for a business is dependent upon a few things: (1) the legal entity you create to use your company and (2) the type of one’s business.
Small company owners often make the mistake of making a corporation or LLC without completing basic steps. Utilize this short checklist to review whether you formed or registered your company properly.
1. Pick the best legal structure for the business. Your alternatives range from the limited liability company (LLC), general or limited partnership, limited liability partnership or corporation accounting and bookkeeping services. Your organization lawyer and your accountant should really be consulted. You should think about such factors as how many owners, the company plan, the capitalization plan, taxes and other factors.
2. File a Certificate of Business Name. Most businesses work with a shorten name, called a trade name, for marketing purposes. ACME Medical Products, Incorporated will undoubtedly be marketed as “ACME” or “ACME Medical Products.” Among the cheapest and most considerations you are able to do keep your limited liability “shield” in place is to file a Certificate of Assumed Business Name so as safely to use trade names.
3. Register for the business’ Federal Tax ID. All partnerships, multi-member LLC’s and corporations will need to have an Employer Identification Number, which is often obtained from the Internal Revenue Service.
4. Register with the State Revenue Agency and Obtain Permits/Licenses. With respect to the nature of your company, you might be required to register with your state, particularly if you sell an item and are required to get sales tax. In certain areas of the nation, you could even be required to obtain local permits or licenses.
Needless to say, this is the short list, and your company might be required to obtain other permits or licenses, or you might be required to register with other governmental agencies. All law is local, in the sense that the law is applied differently in various states, counties and cities. See your legal advisor for help.
