Now that you’ve finally crossed the finish line by completing the incorporation process of your business in Alabama, you might wonder what to do next. You’ve filed all the paperwork and underwent all the legal procedures, is there anything left?
Before you even think that you’re already off the hook, you have to realize that there are some things you need to do after incorporating in Alabama. Continue reading to know the top 5 things that need your attention.
If you’ve incorporated your business under LLC or Corporation, it can now be considered a separate entity. These types of businesses need their own Employer Identification Number (EIN), which can be obtained from the Internal Revenue Service (IRS).
An EIN is important because it is through this that the IRS is able to monitor your business activities. Getting an EIN is essential because it will allow you to open bank accounts and file business tax returns.
For a business to become a legal entity, you have to incorporate it – regardless if it’s under Corporation or LLC. However, to become fully operational, you need to obtain necessary business permits from the concerned government agencies.
You can consult your local county office to know what business licenses are needed for the type of business you’re operating. Failure to apply for business permits will bar you from doing business, subject you with fines, or your business can totally be shut down.
Incorporating your business under an LLC or Corporation will enable you to protect your business name in the state where you are operating. For many business owners, this is already enough, but if you want to ensure that your name is safeguarded in all 50 states, you can file for a trademark.
When doing business, you need to separate your personal bank account and business account. Opening a business bank account will enable you to receive checks and other forms of payments while keeping your business taxes under control.
Aside from a business bank account, it would also be a good idea to apply for a credit card under your business. This move will help you monitor your expenses and build credit for your business.
Meeting and seeking advice from a business tax advisor is not a legal requirement, but it would definitely help a lot if you speak to one. If you want to gain valuable insight or widen your knowledge on how to file taxes under your incorporation, seeking help from a tax expert is the right move.
By being more aware of this aspect of your business, you will be able to know what tax benefits you can take advantage of and the additional tax deductions applicable to your type of business.
Start your new venture right by accomplishing what needs to be accomplished. These are just very small things but when done, will help your business in a big way.