Starting a business in Georgia is challenging; there are so many steps that you need to go through before you can fully operate.
Incorporating in Georgia is the first legal process that you need to complete and it’s not an easy task. Before you proceed with the process, you need to incorporate in Georgia if you plan on doing it yourself. Once you’re done with incorporation, you can’t relax just yet, there’s more!
Now that you’ve finally completed incorporating your startup and learning how to start a business Georgia, it’s time to find out some of the supplementary requirements that you need to get done.
Before you get all frustrated, you don’t have to worry because these additional requirements are fairly easy to obtain than incorporating your Georgia startup. Just like writing a solid business plan, here are some of the supplementary requirements:
An Employer Identification Number is equivalent to a Social Security Number; it is a mandatory requirement in the state of Georgia to obtain an EIN if you’re doing business in the state.
The EIN is important for 3 various reasons; it is the Internal Revenue Service’ way of monitoring your business activities and taxes, it’s a requirement for business bank account opening and it is needed when filing for business tax returns. The EIN can be obtained for free from the IRS.
Apart from incorporating your Georgia startup, you also need to obtain necessary business permits and licenses. This will depend on the kind of business you’re running so you need to inquire in your local county office or city hall what applies to your Georgia small business.
There are help desks that are always available to assist and help you out; however, if you want to save time and effort, you can also seek the aid and guidance of a business professional or a business processing firm.
Understanding Georgia tax regulations is one of the most important things that you should learn as a small business owner. Part of managing a business is dealing and handling business taxes and the only way to understand how things go as they are is if you study them first hand.
However, learning tax concepts can be quite difficult if you do it yourself, so it would be best if you consult a tax professional.
A tax professional will give you a detailed and thorough explanation of what business taxes are, the tax advantages and benefits that you can get, how tax documents are processed during tax period and some documents that you need to maintain to stay tax compliant.
Most tax professionals also offer tax preparation and filing on the side so if you want help you can definitely ask them.
A business bank account is essential so you can receive checks, payment and other business income into your business name. Separating personal and business money is important when doing any kind of business to prevent a mix-up.
By opening a business bank account, you will be able to build your financial history and credit line. While you’re in the process of opening an account, you might also want to apply for a business credit card because it’s easier to track down your Georgia startup’s expenses in this way.
Many entrepreneurs find this requirement unnecessary; however, it’s actually very important unless you want your business name to be used by some random business. Your business name is actually your first step in developing a winning strategy; if your business name is catchy and unique enough, it will definitely keep people buzzing.
You’ve thought of a business name long and hard and it would be a waste if some other business uses it without your permission. Once you incorporate your Georgia small business, your business name is automatically protected in Georgia, however, not in other states – this is why you need to file for a trademark. This somehow gives you peace of mind because you know you’re the only one operating under your business name.
If you want to ask for assistance to be able to complete these supplementary requirements, you can visit your local county office or the concerned government agencies in-charge of processing these documents. All these are mandatory requirements so you need to process them promptly after incorporating in Georgia.
Your responsibility as a business owner doesn’t just end after you’re done with all these additional requirements, you need to stay compliant for the lifetime of your Georgia small business.
Annually, there are documents that you need to fulfill and reports to be filed so you can continue doing business. Maintain your good reputation and business standing by complying with all that is required of you.