please help me aout my new business model.?
This business is about advertising, similar to things like those cars driving with ads painted on them. Im in Sewickley PA
My question is this (its multi part):
What else do I need to do to have my business LEGAL besides
1. Filling out Article of incorporation
2. Getting Employer Identification number
3. getting in touch with the town borough
4. Writing business plan
5. having a cotract between me an dmy partner
6. Bank account
I wont be employing anyone, I will have a business partnership to avoid the benefits thing, and more of that stuff. I will have contact info, but no office because Im just strating my business.
Oh yeah, and do i need license or anything to be allowed to advertise
- 1 decade agoFavorite Answer
You may wish to clarify your type of business entity. An "Articles of Incorporation" suggests you'll be a corporation, which means by definition YOU will be an employee. That means you'll have to pay yourself payroll, file payroll tax returns with the Fed and State, etc. Most people choose to use a payroll service, which is an extra expense but cheaper than the penalties for doing it wrong.
To avoid that, set up an a partnership or (to limit liability) an LLC. Both of those are taxed as a partnerhip.
Also, so far as I know, all states require you to have an Agent for Process of Service. That just means someone who receives the papers if someone sues the company. You can do it yourself, in which case you'll have to provide a physical address, or you can hire a service to do it for you-- again, an added expense.
As for business licenses, that's determined locally. Contact your city or county and ask them.
You don't have to have a business plan to satisfy legal requirements, but having one is definitely a good idea.
Don't forget to keep good financial records. Save every business-related receipt. Next spring, you'll need to file a tax return for the business, and your tax preparer will need to know what you earned and what you spent.
And keep your company books seperate from your personal books. Not only does it make a mess otherwise, but comingling funds can in some jurisdictions and situations limit your protection from liability-- in other words, a creditor can come after your personal assets to satisfy debts owed to the corporation.Source(s): I'm an accountant, self-employed for 19 years.
- engmanLv 44 years ago
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