After you’ve completed the online forms and checked out, we’ll send you an email with next steps. We might also follow up with a phone call if we need any more information. It typically only takes a few days for the state to approve your application, but can sometimes take longer. If you haven’t already, you’ll want to talk to your accountant about additional steps you can take to set your business up for success. You can schedule a call quickly and easily in the portal or send them a message.

How long it takes to officially form a business varies by entity type and state. Depending on how fast the state processes business filings, it can generally take between a week to ten business days. Some states grant approval for limited liability companies within only three business days. It can sometimes take longer depending on volume. Fortunately, we help make it a quick process.

The main types of entities are Sole Proprietorship, General Partnership, Limited Partnership, C-Corporation, S-Corporation and Limited Liability Company (LLC). Each of these has different benefits to the taxation of the company. Some feature pass-through taxation, which means that the taxes for the company “pass-through” to the income tax return(s) of the individual(s) running the business.

A Limited Liability Company (LLC) is just one of several business structures available. The unique factor is simplicity, pass-through taxation, and the limited liability of a corporation. Unlike a corporation, LLCs are relatively easy to form and maintain with little paperwork. The second most appealing factor is the pass-through taxation. An LLC’s profits go directly to the LLC owners, who then report their share of the profits on their tax returns. As a result, it removed the double taxation found in corporations. The last and more important factor is the legal protection. Provided there is no fraud or criminal behavior, the owners of an LLC are not personally responsible for the LLC’s debts or lawsuits.

Small businesses undergo several steps to prepare their taxes. First, you need to determine what forms you’ll need to file your taxes. The forms depend mostly on your business type and whether or not shareholders will pay taxes of their own.

Next, find out when the deadline is for your business type. After determining your tax deadline, you should gather your records, look for tax credits and deductions, and deduct any estimated tax payments. Finally, if you’re unable to pay taxes, consider filing for an extension to pay or research alternatives to pay taxes.