Small Business Tax Laws: Is Your Legal Paperwork in Order?

Small business tax laws include the requirements for establishing your corporate identity.

A law discussion with a business tax lawyer can help you meet the requirements.

"Corporate law...refers to the law establishing separate legal entities known as the company or corporation and governs the most prevalent legal models for firms, for instance limited companies (Ltd or Pty Ltd), publicly limited companies (plc) or incorporated businesses (Inc.)..."
Wikipedia

You've discussed your legal entity with a business tax lawyer and a tax professional. This legal entity could be a Sole Proprietorship, Partnership, Corporation, or Limited Liability Company.

Depending on your legal entity and where you live you will want to discuss legal incorporation requirements.

Corporate Legal Considerations

A. Government Paperwork for your business entity

- Fictitious Name Registration-->Registering the name of your business if the name of the business is not the name of the business owner

- Articles of Incorporation-->Paperwork to create the business

- Certificate of Limited Partnership-->Paperwork to create a limited partnership

- Docketing Statement-->Description of the business sent to the Department of Revenue

B. Tax Filings

- SS-4-->To obtain an EIN number for the business. An Employer Identification Number is like a social security number for a business.

- Sub-Chapter S election-->If you form an S Corporation

- Local Tax and Registration Filings

C. Organization Paperwork

- Employees-->The incorporators of the corporation

- Laws-->What corporate tasks will be performed by the incorporators

- Insurance-->The insurance that the corporation will obtain for incorporators

Each state is different in what is required. It's important to discuss this information with your lawyer and tax professional.


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