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Your startup becomes a business entity once you have filed the necessary paperwork with local authorities and the IRS.
Today’s business world looks far different than it did twenty years ago. Although Google and Yahoo were already thriving, Amazon, Apple, and Facebook hadn’t yet reached the impressive heights they would later on in the decade. Every business needs to start somewhere. Daring entrepreneurs can find a niche to serve customers and clients in unorthodox ways. That’s why getting your startup off the ground is so daunting. Not to worry, though! We’ve got some more tips to help you!
Decide Where Your Startup Operates
Where will your headquarters be? In the suburbs, or downtown in the city? These questions will affect how quickly you can make your mark on the surrounding community. Plus, it could help you stand out from the competition if you don’t have many rivals aiming to catch the same customers you do. Brick-and-mortar locations and online storefronts have unique tax considerations, logistical challenges, and revenue reporting requirements.
Select the Legal Structure That Defines Your Business
Your startup becomes a business entity once you have filed the necessary paperwork with local authorities and the IRS. After that, choosing which legal structure to follow depends on several factors. Those factors are the type of business you’re running, the steps for proper registration, the amount of business-related taxes you pay, and your liability information. Your credit score could hinder your attempts to secure a bank loan or get wealthy investors onboard. Some of the most common business structures are:
- Sole proprietorship
- Partnerships (LP or LLP)
- Limited liability companies (LLC)
- C Corporations
- S Corporations
- B Corporations
- Cooperatives
- Nonprofit Organizations
Think of a Memorable Name for Your Company
One more thing – you need to have a unique name for your business. Regardless of what you want to achieve, startups don’t become global economic empires overnight. Brand loyalty and associations build up over the years. Suppose that your company belongs to the game development industry. Besides taking cues from giants such as Sony, Microsoft, and Nintendo, try to create your corporate identity, even if you’re not ready to initiate an S-Corporation. After all, a journey of a thousand miles begins with a single step.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for consultations and strive for open communication with our clients.
Are you interested in business advising, tax preparation, bookkeeping and accounting, payroll services, training + support for QuickBooks, or retirement planning? We have the necessary expertise and years of proven results to help.
We gladly serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.