In Pennsylvania, forming a business involves several steps and requirements. First, you must consider what type of business entity best fits your needs. There are many things to consider when choosing what type of entity best fits your needs, including tax implications and liability protections. Some examples are a sole proprietorship, partnership, LLC, or Corporation.
You then choose a business name, ensuring it is available by checking with the Commonwealth. You will then register your business with the Pennsylvania Department of State, filing all the necessary formation documents required by statute.
Then, you will need to obtain and draft corporate documents, operating agreements, bylaws or stock certificates, depending on what is necessary given the entity chosen. Some entities also require an EIN to be obtained, also known as an employer identification number, that is often utilized for tax and banking purposes.
You will want to make sure you have all the necessary licenses or permits that your business entity may require, and ensure any annual reporting requirements and tax obligations are met. It can be beneficial to consult with legal and tax professionals, who can better assist you in not only the formation of your business but ensure ongoing compliance.
If you have any questions about the topic discussed in this article, or any business law matter, please give us a call at Bononi & Company 724-832-2499.