Guide to setting up your small business in Pennsylvania
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You have decided to move to Pennsylvania and you are about to start up your own business there. However, in these challenging times, setting up a business from the beginning is not an easy thing to do. In addition, it also depends on the type of business you plan to deal with. In order to fulfill your dreams you will need proper funding, personnel, and enough time. Remember that this can be a long journey full of excitement. You are on the verge of entering the world of business ownership. But before you contact Zippy Shell of Greater Philadelphia for the relocation, there are many steps to go through. Although this may sound intimidating, with a proper plan you will manage to finish everything from the start. Therefore, dive into this guide and learn about setting up your small business in Pennsylvania.
Start by creating a business plan
Although you might have a great business idea, you will also need a proper business plan. Before you even decided to move to Pennsylvania and start a new business, you did some market research.
But it is not only enough to get to know which business idea might work. In addition, you need to line them up with your abilities, goals, and interests. The moment you decide to call long distance movers Pennsylvania, you should already have a clear idea of what your business should look like. Therefore, after you select a business idea, make a draft of your business plan. This will help you evaluate your chances of how much profit you can make. The plan will also help you realize how much your business will cost, and you will learn about your competition. Finally, investors will show more interest in a good business plan.
Business name is important when setting up your small business in Pennsylvania
When starting up a new business, naming it properly can be a very important factor for a business’s success. It would be great to come up with the right name immediately. However, it is not always easy to get a good idea for a business name.
For this reason, it would be useful to organize brainstorming sessions. Remember that your name is your reputation, so you need to choose it wisely. Before you hire one of the movers East Norriton PA has on offer, make sure to already have a proper business name. In addition, check if the name follows Pennsylvania’s naming rules. Also, you need to check the name availability. You can check this information on the Department of State’s business entity. Once you see the name is available, you can claim it and file a reservation so you can use it on your documents.
Choosing a legal structure is the next step
When setting up your small business in Pennsylvania, it is important to decide on the business structure. There are only a few types of structure. However, this decision will greatly dictate how your business will run. Registering your Pennsylvania company as a business entity has two important advantages. The first one is greater credibility. While the second one is the protection of personal liability in case somebody decides to sue your business. Before movers Media PA come to pick up your items, you need to know what are the most popular types of business:
- sole proprietorship- 73% of businesses in the US are of this structure
- limited liability company (LLC)- a mixture of personal asset protection with the flexibility of a partnership
- general partnership- an informal business with multiple owners
- S Corporation-subject to double taxation
- C Corporation- a corporation that has fewer than 100 shareholders
Register the office when setting up your small business in Pennsylvania
When setting up the Registered office it is important to choose a secure address. This will be the address where The Department of State will send all the business and legal documents.
All the important payment documents together with deadlines will securely reach your office. One important fact is that In Pennsylvania there are no registered agents. When booking movers Norristown PA, you need to make sure that the person residing in this office will be your agent. In addition, you may choose Commercial Registered Office Provider. They will take care of all the office responsibilities. This can include finding a good fit for your business. Also, they will take care of the agent’s responsibilities. Finally, they can take care of the business formation as well as the doing some annual reporting.
Register your business
Once you have chosen your business structure, the next step would be to register your business. This is a huge step since it means that you will now officially create your business. Whichever structure you choose, you will need to register it with the Department of State. One of the simplest business structures to create is an LLC. Hire movers in Chester County PA and get the Certificate of Organization for your LLC. This type of Pennsylvania LLC filing you can get both online and on paper and it costs $125. If you will choose a Corporation, in this case, you will need to apply only for an Articles of Incorporation. Regarding Sole or General Partnerships, you do not have to file for any forms or fees. Finally, in case your business is coming out of the state of Pennsylvania, you will need to apply for foreign qualifications.
Apply for a Federal Employer Identification Number (EIN)
It is necessary to apply for The Employer Identification Number if you wish to deal with federal taxes. This nine-digit number is similar to the Social security number. In addition, it will help to identify your business on Tax documents.
Those forming an LLC entity will not have to pay federal income taxes. In this case, both you and other members will report losses and income through tax returns. However, before hiring movers in Delaware County PA, you need to know that as an LLC you still need to have an EIN number. If your business pays any type of taxes such as Sales, unemployment, or use, or you have employees you should get this number. On IRS.gov you can apply for the EIN number. In addition, you will find all the useful information here on whether you need this number and in which cases.
Sorting business banking and accounting is the next step
In Pennsylvania, business and LLC owners need to keep personal and business finances completely separate from one another. If not doing so, they risk losing their personal asset protection.
For this reason, it is necessary to open a separate business bank account. In this way, it would be easier to track all of your business income and expenses. To avoid any challenges of moving your sole proprietorship business, it is better to open a separate business bank account. Luckily, it is easy to open up a business account. You need to visit a local bank branch and choose your banker. Present them with your EIN number, formation documents, as well as some personal information. You can direct all your business income to go to this account. Choose the bank where you already have a personal account for easier handling.
Handle tax obligations when setting up your small business in Pennsylvania
When you run a business you will need to handle all of your tax obligations. For this reason, it is necessary to get to know all the rules for handling tasks about your taxes. In addition, it will help you in creating a firm business plan regarding your business. As an LLC, you will not have to pay federal income taxes or file for a corporate tax return. You will get them through your personal return. When hiring commercial movers to get your belongings, you need to know that as a Corporation, you will need to file a Corporate Income Tax Return. If you are a sole/general partnership, you will have to pay self-employment taxes. In case your business sells goods in Pennsylvania, you will have to pay Sales and Use Taxes. If you have employees, you will need to pay Payroll Taxes.
In case you need funding
When starting up a business, you may need to get some additional funding. If this is the case, you will need to ensure that you have funding that will cover your startup costs. Before setting up your small business in Pennsylvania, you will need to calculate your business costs. This will help you choose the right funding source for your small business. Before hiring your local movers, it is useful to know that there are several funding options. If you go for bootstrapping, it means that you will use your personal savings to provide for your business capital. With Small business grants, you will need to apply for the grant process by filling out a proper form with a grantor. In addition, through a bank or a loading institution, you can apply for small business loans. Finally, you can loan money from friends and family.
Get the right insurance
Although it is not pleasant to think about any event that can take a toll on your business, you also have to consider that something like this may happen. For this reason, it would be good to get business insurance in Pennsylvania. This will help you manage the risk and focus on doing and expanding your business. In this way, you will protect your company from personal injury or other lawsuits. Before booking packing services for your belonging, you need to learn what are the types of business insurance. Some of the most popular ones are General Liability Insurance, Workers’ Compensation Insurance, and Professional Liability Insurance. Even if the base of your business is at home, it would be better to have at least a General Liability policy. Those businesses that provide professional advice like accounting firms should have Professional Liability Insurance.
Build a website when setting up your small business in Pennsylvania
Now that you have defined your brand and the type of business that you will be running, it is time to create your business website. Nowadays this is an essential step since every legit business should have one. For some business owners that are only starting their business, this can be a tricky part since they do not have experience in creating websites. However, you can always pay a web creator to set up your business website. If you wish to get your business online, the size and type of it do not matter. Before booking any moving services for your goods, you need to know what type of website you need for your business. In addition, having social media or Linkedin profile is not a replacement for a business site. If you are not sure about any step of creation, ask your website designer.
People need to know about your business
When setting up your small business in Pennsylvania, it is important that people hear about your business whenever possible. Owning a business website is simply not enough. Therefore, you will need to open up accounts on social media as well. It is necessary to be present on some of the most important social media platforms such as Facebook, Instagram, or Twitter. These are all great to connect with your potential customers. In addition, you need to post things regularly on all your accounts so your followers will keep track.
Another way to get to attract new customers is through Press Releases, YouTube, or Google My Business. This will provide additional publicity and help establish your brand on the web. Through a YouTube channel, you will boost your SEO and provide information about your services.
There are many things to consider when setting up your small business in Pennsylvania. From doing the market research, and finding your physical office, to filing out all the necessary documents. This can be a long process, especially for those who are doing this for the first time. Therefore, creating a firm business plan is in your best interest. This way you will start up successfully and in a timely manner from the scratch. Good luck!