Here’s How Entrepreneurs Can Get Business Formation Right
Hi Entrepreneurs and Business Owners. Today we will be having a look at how new business owners and entrepreneurs can get their business formation registered the right way.
For that we will start off by having a look at what different types of incorporations can you get your business registered as. So, let us begin.
Different types of Incorporations Available:
LLC Stands for a Limited Liability Company. This is a pretty good option to start from. Mostly new businesses prefer this type of incorporation. Simply because it is a really flexible one. You can choose the way you operate, and there are very less formalities to carry out. Also, you can choose the way you pay taxes, and other expenses. Which is not the case with other types. The best advantage of using a LLC is that you have limited liability towards your business. If it goes bankrupt, or someone sues you and the business has to pay someone. Your personal assets are safe in that scenario. Which is by far the greatest advantage of using this type of incorporation.
These include mainly, C-Corp and S-Corp. These are the types of incorporations used by big companies. The main advantage of using this is that you get the option to issue shares and raise capital. Which can come in real handy if you are a really big company, and want to scale up. Raising money is the way to do it, and that is how big fortune companies do it. By issuing stocks and shares for public. But they often have some formalities, like the board members need to conduct meeting to pass any decision. And also, the taxing and operation of firms like these is not as flexible as an LLC.
- Sole Proprietary or Ownership:
In this type of a setup, you don’t really register your business. You just let the government know that you are the owner, and run a business. This type is generally adopted by very small business owners. Most of which are not working full time on their businesses yet. In this, your business is not considered as a separate entity by the government, like the other types of incorporations. In a nutshell this just a way of letting the government know, that run a business.
Now that we have had a look at what different structures which exist. Now, you really need to decide what you need to go with. There is no best one out here. Ad all the different business types have their own advantages and disadvantages. But usually small businesses start out with LLC. Because of the ease of formation and operating flexibility it has to offer.
Should you Hire an Agent?
Now the next big question which comes to mind is, where do you begin. You can head to your local government website and see the paperwork requirements and start working from there.
But nowadays, more and more people prefer to hire an agency to do the filing for them. This is a win-win situation for Business Owners. Because not only it will help you save a lot of your personal time and effort. Which you can invest smartly in your business.
It also ensures that your filing process is done by experts. Now there are small details which can lead to blunder mistakes down the road, especially if you don’t know what you’re doing. Which is likely the case, when new business owners start out the first time.
So often it is better to hire an agency, and leave it all to them. You can find very cheap services online, which will get your filing done in under a $100. Which is a pretty good price point in getting your business registered. All the work is done by them, and all your licenses and other documents are mailed out to you. Again, this is personal choice, you can totally decide to file your papers on your own and still do good.
Selecting the Right Agency for Yourself:
Now that if you have decided to hire an agency for your filing. Let us see, that what things you can consider to ensure that you select the best agency for you. There is no best agency out there. But surely there will be one best for you. What this statement means, is the different agencies you will find out there will struggle in some areas, but will outshine other in rest of the areas. Like Agency A considered best by many, may be best for getting an LLC Registered in California. But might struggle to get your business registered in New York. As different states will have different laws. And other variables, which make it a very complex equation.
So, make sure that you don’t just take a decision on impulse, by reading that a certain agency is the best hands down. You know how overwhelming some reviews can be. I’d say research as much as you can. And then arrive to a decision.
You might want to check out Swyft Filings. Which is a really good agency if you are looking to get your filings done. They assign a personal agent to every customer, who will work with them personally. Till the whole filing process is completed. You won’t have to wait on answering machines, you will get a personal contact of your agent, and you can reach out to him anytime. This really makes a process a lot easier and faster for both the parties. Also, there are other features and advantages of Swyft Filings. You can check out the in depth Swyft Filings Review and Promo Code and use it to help you save money.
So, this is it. In this post we had a look at different types of ways in which you can get your business registered. We had a small talk about whether or not it makes sense for business owners to hire an agency. And if so, how can they can make sure that they choose the right one.
If you liked this post or have a suggestion, do leave a comment down below. Also, if you would like us to cover the topic in more dept in near future, let us know. We will be happy to help.