New Business Formation Attorney

Providing products or services that are valuable and affordable to your target audience can make or break the success of a business venture, but so can standing on firm ground regarding the legal aspects of business formation.

Congratulations on getting far enough in your new business project that you are ready to work out the details of officially registering the business. You can find plenty of free advice online about how to start a business, but there is no one-size-fits-all solution (if there were, we would all be successful entrepreneurs), and it is not possible to have a two-way conversation with Google. Do not wait until you are faced with a legal dispute or a surprisingly expensive business tax bill to call a business law attorney. To avoid costly mistakes that could hinder your business from becoming profitable, contact the Norcross, Georgia corporate law attorneys at Zimmerman & Associates as early in the business formation process as possible.

Getting Your Facts Straight About Your Business

When you register your business with the Georgia Secretary of State, it is almost impossible to change the information you record with it. You must first choose a business name and verify that there are no other businesses in Georgia with the exact same name. (Slight differences are fine. You can name your business George’s Pit Barbecue even if there is another business called George’s Pit BBQ.) Then you must register for an employer identification number (EIN), which functions as a tax ID number for your business, much the way that social security numbers do for individuals.

You must also find out the North American Industry Classification System (NAICS) code for your business. It is a number that classifies the industry in which your business operates, such as education or wholesale goods. To register your business, you must notify the Department of Revenue of your business name, EIN, NAICS code, a contact email address for the business, and the identifying information (name, address, and social security number) of each owner, officer, or partner of the business.

Choosing an Entity Type

Another unchanging aspect of your business is the entity type. Will your business be a corporation, partnership, S corporation, or limited liability company (LLC)? Each of these business structures has different tax and record keeping requirements. A corporate law attorney can help you decide which one is right for you.

Business Taxes Can be Complicated in GA

You might confidently file your personal income tax returns without assistance, but business taxes are another matter entirely, and it is penny wise but pound foolish to try to do them on your own. Not only do you have to deal with sales tax and withholding tax, but there are also additional taxes for certain types of businesses, such as those that sell alcoholic beverages. Businesses must file some taxes quarterly, in addition to filing annual tax returns. The best way to avoid an unaffordable tax burden is to work with a corporate law attorney on an ongoing basis.  Contact Zimmerman & Associates in Norcross, Georgia to find out more.