Business Registration

You’ve already gone through the hardest part of launching a small business, but what’s next? As a first-time business owner, there are many new choices you’ll have to make. Part of this decision-making process includes choosing whether or not to register your business. While there are plenty of benefits that come with registering your business, there are also a few considerations you’ll need to investigate.

Registering your business as a corporation requires a lot of attention and ongoing paperwork. Registered businesses are required to document all business and financial activities, including tax returns, board meetings, invoices and accounting records, and more. Every state is different, so double-check that your business is meeting all the local and state requirements for record-keeping business activity.

Choosing to register your business also impacts your yearly tax returns. “Double taxation” occurs in this case, meaning you’ll be filing not just one, but two tax returns: one for personal income tax and the other for corporation tax. There are also additional fees that come with registering your business and filing both returns, including legal fees, account fees, and more.