Frequently Asked Questions (FAQ)
Every business owner needs to protect their personal assets from litigation. Billions of dollars are awarded every year in business related lawsuits. In addition to liability and asset protection, tax advantages and more, incorporating offers tremendous estate planning advantages because it continues to exist even after the death of a shareholder.
Yes, we offer a comprehensive menu of business startup services, including business funding/business credit, website design, business plans and more! We want to be the company you go to for all your business startup needs!
Like an LLC, a corporation is a legal entity created separately from those who own and operate it. A corporation's debts and taxes are separate from its owners, thereby offering the greatest personal liability protection of all business structures. The two most common types of corporations are S and C corporations. We will assist you in choosing which type of corporation is right for you and help you complete the appropriate paperwork for your filing.
An LLC blends the aspects of corporations, partnerships and sole proprietorships into a simple and flexible business entity. LLCs protect the owners and operators from personal liability similar to a corporation, and they possess the "pass-through" tax benefits of a partnership. Additionally, LLCs offer the same personal liability protection as corporations, but do not require the typical formalities that are required when managing a corporation.
As a full-service corporate formation specialist, Inc Authority not only helps form your business, we provide services to help operate your business efficiently. By taking care of things like bookkeeping, taxes, legal planning, business funding, business planning and more, you can focus on running your business. You don't have to do it alone. Our team of business startup specialists are here to make starting your business a breeze.
By offering our LLC setup for free, you have more money in your pocket to make your business succeed. At IncAuthority.com, we want to earn your trust, and then your business for life.
A registered agent is a person or entity authorized to receive legal documents and other official government mail, including the IRS, for your business. You're actually required to have a registered agent if your business doesn't have a physical location in the state in which it's registered. In addition to receiving mail, registered agents must be open for regular business hours and must be in a location where interested parties can visit or inspect. To eliminate this burden, allow Inc Authority to act as your registered agent.
All corporations and LLCs are required by law to have an address where they can accept service of legal documents/notifications from the state or other governmental agencies. By having a Registered Agent, you don't have to worry about having regular business hours or a set business address. Even if you do have a working office, do you really want to be served a lawsuit or have a visit from the IRS in front of your employees/customers? Your registered agent is a buffer between your business and your personal life.
A business record book is a place to store your vital company records. It allows you to easily and efficiently organize and quickly locate key business documents. In addition, the business record book includes many legal documents required to open a bank account and conduct business. But most importantly, it holds your stock certificates and ledger to certify the ownership of your company.
An IRS Tax Identification Number, also known as an EIN or IRS employer identification number, is a unique number, issued by the IRS, to each business entity. It acts as a Social Security Number for your business. This number is required to open a bank account, report taxes to federal and state governments, hire employees and conduct business. If you have a corporation or limited liability company, you need an EIN number.
To obtain an EIN, you must contact the IRS and complete form SS4 . Or, you can let Inc Authority deal with the IRS and obtain your company's EIN on your behalf. Remember, an EIN is your company's unique taxpayer identifier. Your personal social security number should never be used in relation to your business' affairs.
For faster business formation, Inc Authority offers a Premium Rush Service where your order is marked for priority handling. Each state has a different turnaround time for registering new corporations and LLCs that can range from one week to 6 months. Many states offer an expedited registration service to assist entrepreneurs who need to quickly file their corporation or LLC. Inc Authority will prioritize your new business ahead of our non-rush customers. We guarantee to submit your business filing within 24 hours of receipt of your order during our normal business hours.
Spending more time making a marketing plan for their business. Ask any aspiring business owner and they can tell you their business name and what the décor will look like…but unable to tell you their plan on how they'll market their business. This step is mistakenly saved for last when it should be a top priority. This is why Inc Authority offers a robust Website and Marketing package to help get your business seen in a crowded marketplace.
There's no one answer to this as the time it takes to start a business depends on a number of factors such as, the type of business, how complex the business is, and the location. For example, starting a home-based business with just one person, no employees, no bank loan, and no products typically takes around 2 months. But, if your business requires a large facility and a lot of employees, expect it to take up to six months or a year.
Perform a market test. If you know who your target audience is and you have a product you can test sell, try selling your product to a small group of people within your target audience. If you're not ready for this step, you can always conduct focus groups and online surveys to gauge customer interest before selling. This is why creating a business plan is so important. When you do, you're forced to conduct a market analysis, which will help you understand your competition, target audience, industry status, economy, and more. Let us write your business plan for you!
Conduct a focus group or online survey. Running your business name by your friends and family is great, but you need people within your target audience to give it the thumbs up. That's where running a focus group and/or conducting a survey comes in handy. You can read more about focus groups here.
Yes, and yes. Did we say yes? Setting up a business bank account is one of the most important things you could do for your startup. Why? Because a business bank account separates your business expenses from your personal expenses, providing better protection if legal action is taken against your business. Additionally, having a business bank account helps you manage a cash balance, easily deduct business expenses for taxes, conduct proper accounting, and execute employee payroll.
It's better to pay a professional to do it. While there are a lot of free website-building platforms available, if you don't understand basic design principles, SEO, or how to enhance the user experience…you run the risk of publishing an unprofessional website that will go unnoticed. Our professional website designers understand all these things and can create a beautiful, fully customized, SEO-infused website for you to your business seen. Learn more here.
The first thing you should do if your business is sued is seek out an attorney or law firm you trust. If you don't have one, ask for a referral. Remember, whether the lawsuit is frivolous or warranted, it's important to take all litigation or threats of litigation seriously and to seek out the resources to resolve the issue.
A Revocable Living Trust (RLT) provides long-term financial planning for you and your family in the event of your death. With an RLT, you avoid the hassles of probate, saving you time and money, while ensuring your final wishes are completed to your exact specifications. An RLT includes a last will and testament, power of attorney, forms to transfer personal property into the RLT, and the Certificate of Revocable Living Trust. And despite what you may think, this is not just for the ill or the elderly…it's for everyone. Our legal team can put together an RLT for you, so you can take control of your future.
No! Many business owners make this mistake and end up damaging their personal credit. Doing this also commingles your funds, jeopardizing the liability protection of your LLC or corporation. What you need to do is start building business credit. Business credit is a track record of a business's fiscal responsibility, which companies, investors, or financial organizations use to determine whether that business is a suitable candidate for loans or a business partnership. The better your score, the better the perks, and rates. Our business credit department is here to help you get started and can help you build A+ business credit in as little as 90 days!
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