One Of The Biggest Mistakes Many New Business Owners Make (And How To Avoid It)
So you’ve got a brilliant idea that you want to turn into a business. You want to save every penny possible as you get things going, so you file the papers to create your own business entity. It’s pretty simple, after all. You find some forms online, fill them out, and you should be in business in no time flat.
Not so fast!
With more than half-a-million new businesses starting in the United States each year, there are bound to be some mistakes. And among the biggest are errors related to a new business entity and license filing.
When it comes to starting a new business, you’re not dealing with a one size fits all situation.
Choosing The Wrong Business Entity Could Cost You
Each type of business entity has its own advantages and disadvantages. For example, if you decide to go into business for yourself, you’ll probably choose a sole proprietorship. All it takes is an application for a special Tax ID number and you’re good to go.
But did you know that, by selecting this type of business entity, you’ll be opening up yourself to potential tax and legal liabilities?
Or what if you choose to register as a corporation? Are you prepared to be compliant with the required record-keeping and filing obligations? Not only is there a lot of extra paperwork with a corporate entity, it can also be quite costly.
How Do You Pick The Right Entity?
When deciding what type of business entity to form, you’ll want to evaluate several criteria.
Legal liability: Do you, as the owner, need to be insulated from the legal liabilities of the business? Or are you able to personally afford any potential risk your business might create for you?
Tax Implications: Depending on your individual situation and your goals as a business owner, it’s important to understand what opportunities exist for you to minimize your taxes.
Cost implications: While some entities may involve potentially higher taxes, others can come with higher formation costs and ongoing expenses. It’s a good idea to determine from the start which can serve you best in the long run.
Of course, there are many other things to consider, but these are some of the most common.
How Our Team Of Experts Can Help You Make The Right Choices For Forming Your New Business
Now that you know some of the most common questions you need to address when setting up your new business, wouldn’t it make sense to consult a professional advisor to help you navigate the process and cover all your bases?
Since 2009, MyUSACorporation has been working with new businesses just like yours to make the right decisions from the start.
And since we started, we’ve had one simple goal - to make it easier for our fellow entrepreneurs here in the United States and around the world start their own businesses in the United States. We’ve now helped tens of thousands of businesses with their various business filing needs, including forming and dissolving companies, obtaining licenses and tax ID, getting their company documents certified for both domestic and foreign use, and much more.
Our knowledge of the business filing landscape can help you get your new business get started on the right foot.
How Do I Know If MyUSACorporation Can Help Me With My Business?
We know that you’ve probably got some questions about how you can establish your business the right way… whether it’s which business entity you choose or what state you select to register your business, it’s always smart to have a knowledgeable and experienced advisor on your side.
The best way we can determine if your needs and our expertise are a good fit is to schedule a brief call so we can get your questions answered and help you identify the best course of action for your situation.
The process is simple:
STEP 1:You set up a brief consultation with one of our expert business advisors
It’s easy to request a call via phone or skype. Simply complete the form on this page and one of our business advisors will contact you to get your questions answered.
STEP 2:You’ll get the answers you need to decide if you’d like to move forward with our assistance
During your FREE consultation, our business advisor will aim to assist you in addressing your questions and help you determine the best course of action based on the goals of your business.
STEP 3:One you and our business advisor decide how to proceed...
MyUSACorporation will complete all steps of your business registration process on their behalf, so you can focus your time and attention on other areas of getting your business up and running. Everything can be done online, so there’s no need for you to be physically present.
STEP 4:Once the filing process is complete, we’ll provide you with all the documents you need to run your business legally and within compliance
Every state and entity type is different, so the turnaround time to complete the filing process will vary. That said, we track and manage every filing on your behalf and are always available to answer your questions and provide an update on the status of your filings. Once everything is complete, we’ll provide you with the documentation you need to operate your business.