Starting a business can feel like a daunting and overwhelming task, but thankfully, the Pennsylvania Department of Revenue has put together a helpful guide that covers everything you need to know about establishing your own business entity in the state.
How to Start a Business First, you will need to review a simple checklist for business startup. Think of it as your brainstorming, to-do list of sorts. The main things you will need to are to apply for a Federal Employer Identification Number (FEIN), open a bank account for your business and secure both financing and insurance. You will then have to determine the type of business you would like to operate. Some of the most common ones in the state include the following: Limited Partnerships, Limited Liability Partnerships, Limited Liability Companies, Corporations, Sole Proprietorships, Partnerships, General Partnerships, etc. The types of taxes you will need to file, along with a slew of other functions, will largely depend on the business you begin.
It is also important to keep in mind that you will need to register a business name, which can be done through the PA Department of State Corporation Bureau. In addition to this, you ought to evaluate your business costs and the overall expenses your company will have, whether it’s on a weekly, monthly or yearly basis. Make sure to maintain recording business transactions and documentation of all receipts, along with a business checkbook for recordkeeping.
By taking the time to follow these steps, and properly establish your business according to Pennsylvania laws, you will have your new venture up and running in no time.