How To Register Small Business Corporation
8 obtain licenses and permits needed to legally operate the corporation.
How to register small business corporation. Corporations may register the business with the state department of revenue website or in person. 6977 magna carta for small enterprises amended by ra 8289 in 1997 and ra 9501 in 2008. A registered agent receives official papers and legal documents on behalf of your company. In order to become an s corporation the corporation must submit form 2553 election by a small business corporation signed by all the shareholders. After starting your business operations you are required by law to register for an income tax reference number from the exchequer within 60 days.
You need to get out and spread the word about your product or service to the right people to generate business. If your business is an llc corporation partnership or nonprofit corporation you ll need a registered agent in your state before you file. See the instructions for form 2553 pdf for all required information and to determine where to file the form. You can register a business as a partnership an llc or a corporation. Market your business.
You can further choose to be taxed as an s corporation but that is a tax election separate from business registration. Advertising and selling are part of the process but there is much more involved. You can hire a professional formation service to set up your corporation for a small fee. The government will tax partners in the business depending on the share of ownership. The irs taxes company profits at corporate tax rates and dividends paid to shareholders at individual tax rates.
Small business corporation is a government financial institution created in january 1991 under r a. Many small businesses come up with a great business idea and then fail to market it successfully. It has the primary responsibility of implementing comprehensive policies and program to assist msmes in all areas including but not limited to finance and information services. It is a personal service entity that employs at least 3 full time employees which are at the centre of the company s operations. C corporations c corps file irs form 1120 to report corporate income to the internal revenue service.
The registered agent must be located in the state where you register. To legalize your small business apply for the right business permits and licenses from your local authority. There are two options for forming a corporation. For this reason you may hear tax professionals refer to double taxation of a c corp.