Incorporating in Georgia…Understanding the Incorporation Process
Thinking about incorporating your business in Georgia?
Looking to make your business stand out in the Marketplace?
Looking for ways to protect yourself personally from Corporate Liability?
CPA Advises on Procedures for Incorporating in Georgia: Proudly Serving Lawrenceville, Alpharetta, Snellville & Beyond
Incorporating in Georgia is not necessarily difficult but those who do it alone without the services of a good attorney are a sitting recipe for disaster. Frequently I will see clients, who have incorporated themselves soon to learn that although they have filed the Georgia Articles of Incorporation they have failed to:
-Reserving a Business Name. If so desired the name of the business may be reserved prior to the initial filing of the Articles of the Incorporation. A reservation fee of $25 must accompany the request. To reserve a name visit the Georgia Corporations Division web site.
- Incorporation Articles. The Secretary of State is required to receive an original and one copy of the articles of incorporation, a completed Transmittal Form 227, and a $100. filing fee.
-Select Managing embers/Partners of the Partnership. Officers of a Corporation are people who are duly authorized and able to legally run the business and have contractual ability.
- Legal Posting in the Official County Paper. All incorporated business’s must publish a Notice of Intent to Incorporate in the official legal organ/newspaper of the business initial incorporating address
- Tax Elections. All newly incorporated business’s will need a new Federal Identification Number/EIN, which can be applied for on-line at www.irs.gov/ Also LLC’s that desire to become an S Corporation/flow through entity for tax purposes must file IRS Form 2553: Election by a Small Business Corporation within 75 days of the beginning of the tax year to which you would like to become effective. When incorporating with the Secretary of State a company is initially a C Corporation and has to file the S Corporation paperwork to become an S Corporation. LLC’s who wish to become an S Corporation for tax purposes should also file this form within the time allotment referred to above.
On an ongoing basis also many business owners fail to:
- Company’s Annual Registration Fee to the Secretary of State. Failure to pay this fee can result in your business being listed as a Non-Compliant Entity or worse yet Administratively Dissolved by the Secretary of State’s office.
-Maintain a Valid Business License. Business licenses are to be obtained from the county the business transacts business in/has a physical presence. If the business is located with a town’s city limits, then the license is procured from the city.
Before you incorporate, it is prudent to first talk with a Certified Public Accountant to ensure that you select the right entity type for your business.
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