Nowadays there are some key steps to take when starting a business. It can be a hectic process. You really want to get down to launching your business, making money and enjoying financial freedom but to start usually involves many technical and administrative roadblocks. We try to simplify this process for you by covering two of the main areas when starting a business. This includes incorporating your business in any of the 50 states and launching your website.
Register Your Business
Complete incorporation service (corporate kit included), plus whatever fees your state charges, which you can pay directly to state at filing so you know there are NO hidden fees, extras or add ons. Your assigned BizJump incorporation specialist will handle all the steps from the name search, filings, EIN application, S-Corp (if needed). And even after incorporation, our experts will assist with other start-up issues like opening a business bank account, financing, taxes, etc through ongoing priority counseling on our small business forums.
Setup Hosting
This can be done before, during or after the registration of your business. We will setup hosting for your website. Hosting is basically the home for your website and ensures you have a high performing, fast, reliable and secure site. We will host your website on Elexi DM's Hosting Server. We will then assign your site a domain name. This is like the address for your site and is usually related to the name of your business. Example 'mybusiness.com, mybusiness.org etc.'
Launch Your Website
Your business is now registered, you have a domain name and you have reliable hosting. In the third and final step we will launch an elegant but functional website for your business. Whether you are an eCommerce business or brick and mortar, a website should be the center of all your business and marketing activities including customer engagement, sales and customer loyalty. Our websites are eCommerce ready, have 99.9% up time and are mobile responsive.
In general, it’s more beneficial to incorporate in your (home) state of business operation. Some states such as Delaware and Nevada have lower taxes and other incentives. However, for small businesses these incentives might not be enough to make up for the following disadvantages of incorporating in a state other than your home state: file taxes in both jurisdiction, apply for permission to conduct business as a foreign corporation in the state of operation, and pay for registered agent services
Incorporation Type
For-profit businesses can typically choose between the regular C-Corporation, S Corp or Limited Liability Company (LLC). The primary reason to incorporate is to protect the owners and shareholders from legal liabilities of operating a business. With the C-corporation, a separately taxed legal entity is formed, resulting in the unfortunate potential for profits to be taxed twice — both at the federal and state level. But this double taxation issue can be avoided by either forming an S-Corp or LLC.
However, the S-Corp comes with several restrictions such as all shareholders must be American citizens or residents. If owners don’t meet the requirements of forming an S-Corp, then the LLC can provide the same liability protection, while avoiding double taxation. Structurally, the LLC is similar to that of a general partnership, excepting that the LLC comes with liability protection for its members. However, since the LLC has no stocks, if the owners plan to raise capital through issuance of shares, then the C-Corp is a better option. Furthermore, the C-Corp’s disadvantage of double taxation diminishes as profit grows beyond six figures.
Other less common for-profit entities include professional corporations (PC and PLLC), and B-Corp. Professions that are regulated by the state (e.g., doctors, accountants) must form PCs or PLLCs instead of C-Corp or LLCs. The B-Corp is the newest form of corporate entity, which combines elements of not-for profit with for-profit. B-Corps are usually form by businesses seeking to make a profit, while accomplishing a social mission.
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