Business organization can be complicated in the state of Georgia, underlining the need for careful planning in the early stages of a new business. A business plan is essential to success, as is protecting the legal entity of a company. Qualified legal counsel can assist in business organization when it comes to matters such as partnerships, LLCs, sole proprietorship and tax structure.
Entrepreneurs launching a new business must be careful to follow any state and county restrictions and policies. A business organization must be registered with both the state and local authorities as well as decide on an adequate name for the company. Naming a new Georgia business can be difficult and the name should be legally protected as soon as possible. It is also important to consider business liability insurance coverage.
Tax structures may vary depending on the type and function of a new business. Entrepreneurs launching a new business must register for a tax identification number. This must be done for the purposes of both federal and state taxes. Close examination of tax and business law may help determine the best way to legally identify a company when filing for tax identification.
The point of any business organization is generally to make a profit, while at the same time following government regulations. Therefore, it is necessary to keep specific and accurate financial records. This makes it easier to determine the state of a business and can also simplify the process of paying taxes on the new business. Keeping personal and business bank accounts separate is crucial and new business accounts may be opened as early as possible.
Source: onlineathens.com, “Murray: Quick tips for starting your own business,” Katie Murray, May 25, 2013