If you have decided that the best business structure for you is an LLC then this is the first and most important step you need to take to begin setting up your business. The procedure is quite easy and all you need to do is have a clear plan of what is necessary before you start forming your great business idea. So, the answer to the title question is YES!
TRUiC is the company that can offer you assistance from the very beginning with advice and information that will boost your business. Here is a list of everything that you should take into consideration:
The name of your business is important because it will follow you forever and sets the tone for your business’ marketability. . You should find a catchy name that includes the phrase “limited liability company”. Also, it has to be different from all the others that are in the market. Avoid words like “insurance” or “assurance”. If you can’t find a name on your own, there are many search engines that can help you to find one that is perfect for your needs.
When running a business it is really helpful to have more than one person that will assist you with all the important requirements. That person should be a resident of Georgia state or the hired corporation has to be authorized to operate in the state. If you need help in finding a suitable agent, there are many agent services that can offer you the service for free in the first year if you sign with them.
3. File Georgia Articles of Organization
This can be done in two ways, either in-person or through email. Keep in mind that there is a $100 filing fee. On the other hand, you can ask for help from a professional. In this way, you will have assurance that no mistakes have been made in this essential step.
The cost isn’t excessive as there are many competitive services out there that can be the ideal choice for you.
4. Georgia LLC Operating Agreement
This step is crucial as it will define the roles of each member of your business. If any issue arises this written paper will have everything clearly stated. It should include the following:
- How the members will be admitted
- The responsibilities of each member
- The distribution of profits
- Transfer or termination of membership
There are many more details that you can add but you should always keep in mind that they should be according to the state’s law.
5. Employer Identification Number
The Employer Identification Number (EIN) is important in order to track your business’ activity. It is also known as a Federal Employer Identification Number (FEIN), or a Federal Tax Identification Number (FTIN). You will find this number useful when:
- You open a bank account
- Hire your employees
- File federal- State taxes
How can I keep my LLC protected?
It is crucial that you have a separate bank account for your business as well as a credit card because it is rather risky to mix it up with your personal one. In this way, you will be able to keep it safe. The steps are very simple:
- Open a bank account
- Get a business credit card (this will enable you to build your business’ credit history if you want to raise capital and access loans)
- Hire an authorized representative (your papers need to be signed by an official representative and not just an LLC member)
The insurance of your business is very important as it plays a major role in preventing any financial losses.
What are the most common insurance types?
- General Liability Insurance
- Professional Liability Insurance
If you feel that you can’t decide which type is ideal for you, there are many free services that will help you with making the choice that is best for your business.
If you have employees then it is necessary to protect your business and, of course, your employees according to the Law. These rules include:
- Workplace posters in visible areas.
- Reporting all your employees as “new hires” in the US
- Withholding employee taxes
- Checking if your employees are legally allowed to work in the US
Don’t forget one of the most important steps. You should get your books in order to keep your business safe and sound from any possible risks. You should invest in a well-managed and organized accounting system that will take care of your bills, and give you advice on serious issues, like taxes, etc.
What are the types of accounting to choose from?
- Hire a professional accounting service
- DIY accounting software
If you choose a professional accounting service, you will be much safer since the risk of making mistakes in finances combined with other essential aspects of business is quite big.
The steps are specific and all you need to do is plan meticulously before and after you set up an LLC in Georgia. Any business structure demands effort and there are rules to follow. But the most important is to be ready to follow your dream and kick-off!
TRUiC is here to offer you all the possible help and services throughout your journey.