Choosing the commercial structure is key for your business. In Hispanic Entrepreneurs we report to you how to create an llc in atlanta, one of the most chosen to start a business in the United States.
Most people who want to start a business create a limited liability company (LLC) in the state of Georgia. The reason is that it is one of the easiest and fastest ways to register.
This structure is ideal for small and medium-sized businesses by offering them some of the advantages and protections that they grant to large businesses. But with simpler regulations.
Among its advantages is that it separates and limits personal and commercial liability., that is, the personal assets of the owners will not be affected in the event of a lawsuit. In addition, its presentation, management, regulation, compliance and administration are simple. You are exempt from state corporate income tax if you meet certain conditions. It can be owned by a single person or by a group.
LLCs in Atlanta are subject to federal income tax filings and have the option of paying taxes in a variety of ways. They can tax as a limited liability company, a C corporation, an S corporation, or a sole proprietorship. Its members file taxes on their personal returns. Investigate the rest of the advantages of each alternative in the Internal Revenue Service (IRS).
How to Create an LLC in Atlanta
To start registration select a name for the company and verify that it is not occupied. You check this on the website of Georgia Division of Corporations. The name must contain “LLC”, “Limited Liability Company”, “LLC”, “Limited Partnership”, “LC” or “LC. Abbreviations such as “Ltd” for limited or “Co” are also used. It must be less than 80 characters, it must have words that would confuse it with a federal or state agency, and you have the option to reserve it for 30 days.
Then create the articles of organization in which the basic concepts of the company are exposed, name and address of each owner. The filing fee before the Division of Corporations is $100, if you want it in two days you cancel another $100. In the event that the process is done by mail, the Transmission Information Georgia Limited Liability Form is included. In addition to the data of the person who does the procedure and the registered agent.
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Said registered agent is responsible for receiving the legal documents of the LLC. This function is exercised by any person or company with a physical address in the state. Many turn to an external service for this. The next thing is to write the operating agreement, although this is not mandatory, it is recommended for those with several members. It establishes the roles and responsibilities that each one will fulfill.
Get an EIN from the IRS and licenses
If the LLC has more than one owner, it is necessary to apply for an Employer Identification Number (EIN) with the Internal Revenue Service (IRS). This is used to set the tax status of the business. This procedure is free.
Companies that have a net worth of more than $100.000 have to pay wealth tax separately from corporate tax. Other tax liabilities that LLCs may have are Sales and Use Tax, Employee Withholding Tax, and Unemployment Tax. Depending on how you choose to tax, various state and federal taxes may apply.
The licenses and permits required will depend on the type of business, but all must have a City of Atlanta business license. It is requested in ATLCORE. Among other requirements are health, alarm, construction and signaling permits, as well as a professional license for some activities. The best thing is that you find out at the county clerk or at the local chamber of commerce what you must process according to the type of activity.
Register the LLC in Atlanta
You should know that if you sell goods, collect sales tax and have employees, it is mandatory to register with the Georgia Revenue Department and in Atlanta. It is done online or by mail.
You will need the EIN number, address, account start date and contact information for the manager of the LLC. Annual registration with the Secretary of State is due between January 1 and April 1 of the following calendar year in which the business was formed. There is a fee of $50. In the event that the annual registration is not made, the LLC will be automatically dissolved.
Post-LLC Formation Steps
Having the legal basis of the business, open a commercial account to separate personal expenses from those of the company. Also, apply for a credit card to build credit history so you can get small business loans.
Seek the services of an accountant who handles accounts and taxes, it is a way to ensure compliance with regulations and avoid fines. Likewise, take out general liability, professional liability and workers' compensation insurance.
Creating an LLC in Atlanta is an excellent alternative for those looking for a business structure that protects their personal assets. For more information about this option read our article advantages of a US LLC for foreigners which is on our blog for entrepreneurs.