The type of business structure that you’ll choose for your West Virginia small business will affect many aspects of your business. It will determine how you are taxed, the paperworks that you need to comply and the opportunities for future growth and development.
To be able to choose the best entity, you have to evaluate your business needs. From there, you can check out the pros and cons of each entity. If you’re confused, you can use this walkthrough guide to help you decide. You can also check out this side-by-side entity comparison chart for more information.
The next step is to formally register your business before the state of West Virginia. The first step to start the process is to file the West Virginia Articles of Incorporation. Apart from this, you also have to comply with other forms and requirements to complete the process.
If you need more information on the procedures of incorporating in West Virginia, you can visit the West Virginia Secretary of State’s website. On the other hand, if you want to do the process by yourself, it’s best that you read the following guides.
Congratulations! You’re finally done with your incorporation. But before you celebrate, make sure that you complete the following supplementary requirements mentioned below. These are not mandatory requirements but they can make a huge difference in your West Virginia small business.
A business plan is a powerful tool that will help you in building your West Virginia small business for success. Aside from being a blueprint, it is also a convincing tool to obtain the necessary funding for your business.
If you want to start writing your business plan but you have little knowledge to no experience, here are helpful resources that you can use.
Opening a business bank account is essential if you want to make sure that your personal and business assets are not mixed together. By having a business bank account, you will be able to send payments and likewise receive payments and even checks yourself.
Aside from this, you will also be able to keep track of your business expenses and overall finances better because transactions are recorded in real time. A business bank account will deem to be very helpful as it promotes healthy financial management.
Recommended Resource: For the different types of business bank accounts available, you can check out for more information using this roundup.
Monitoring your West Virginia business finances is not a requirement but doing so will be very helpful during tax period. The latter is one of the most challenging times of the year for the majority of entrepreneurs so you need to make sure that you are organized throughout the year.
To better understand West Virginia business tax regulations, you can talk to a lawyer or a tax consultant. You can also visit the West Virginia State Tax Department for state specific information.
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Business licenses are required when building a business in West Virginia. By obtaining applicable licenses for your business, you adhere to standards set by the state. Understand West Virginia’s licensing system by visiting West Virginia Secretary of State – Business and Licensing Section page.
On the other hand if you want to apply for business licenses, permits and other registrations, you can check out this site: Business4WV – Online Business Registration System.
Recommended Resource: Business licenses are different in every county or city so you have to compile the right ones before you proceed. If you need professional help, you can use this business research license package.
A business website is a must if you want to survive in West Virginia’s business market. Having a business website will improve your online presence, allow you to reach a wider market and makes you more reachable and accessible to people.
Today’s technology enables you to build and customize a website in just minutes. You can use WordPress, a free website building tool. I highly recommend checking it out!
This article is meant for informational/instructional purposes only and should not be considered a legal document or an alternative legal advice. For more information on how to incorporate in the state of West Virginia, you can talk to your attorney.