Georgia Incorporation: How to Incorporate Your Business in Georgia ...

Georgia Incorporation: How to Incorporate Your Business in Georgia

Setting Up and Running Your Very Own Georgia Business

Five Easy Steps to Get Your Georgia Business Incorporated?

1. Reserve the business name, file the Articles of Incorporation and legal posting.
2. Apply for your EIN, S Corporation Election and GA ID #?s with GA Department of Labor and GA Department of Revenue and if selling retail a GA Sales Tax Number.
3. Order a corporate book, corporate seal and printed stock certificates.
4. Name your Board of Directors & Officers, Set Up your Bylaws and original incorporating minutes.
5. Open your corporate bank account and obtain a business license.

Articles of Incorporation Requirements for GA Business?s/Corporate Identity

Designating Your Business Type/Corporate Name Endings

If you are incorporated you will want to use the word ?Incorporated?, ?Company?, or ?Inc.? s at the end of your business name. For business that are and LLC, you will want to use the words ?Limited Liability Company? or ?LLC.? The name of the business must be easily distinguishable from other corporate names in GA in order to be utilized.

Four Rules of Being a Georgia S Corporation

There are four requirements to be a Georgia S Corporation and must be in full effect the entire time that the corporation is an S Corporation. Failure to meet all four of these requirements at all times will automatically convert the corporation to a C Corporation. To be a Georgia S Corporation the business must:

• Have less than 100 shareholders.
• All shareholders have to be citizens of the U.S. or resident aliens.
• Have one class of stock
• Have a calendar year-end.

Georgia S Corporation Taxation

• There is no income tax due when the Georgia S Corporation income tax return is filed.
• Georgia S Corporation profits and losses are reflected on the individual owners of the S Corporation based upon their respective ownership percentages.
• Georgia S Corporations are not subject to the ?double taxation? of C Corporations.
• Shareholder Distributions are required to be issued on the prorated share of each owner?s corporate ownership.
• Georgia S Corporation owners are able to utilize S Corporation losses (as long as they have a positive tax basis) against other income on their personal income tax return.
• Georgia S Corporation earnings are not subject to self-employment taxes similar to that of a sole proprietorship, LLC or Partnership.
• Georgia S Corporation owners pay FICA and Medicare taxes on their salaries and wages that are required to be reasonable based upon position and profit.

Choosing an Entity Type for Your New Georgia Corporation
Your initial choice of entity is perhaps the most important tax, financial and legal decision you might ever reach. Being well versed in these areas is essential to a wise and prudent decision. Visit http://www.hiscpa.com/article2.html

Tax Effects of Entity Choice When Incorporating in Georgia?Carefully considering the tax effects of your entity choice is essential to getting your business off on the right foot. Being careful to avoid, if at all possible, the double taxation of C Corporations and then selecting the right entity for your business from both a tax and legal perspective is critical. See http://www.hiscpa.com/article6.html

Officers & Directors

GA Corporations are required to have one or more directors and officers.

Stock of GA S Corporations

Though all GA S Corporations are required to have only one class of stock, you can set up some of the shares if you so desire as non-voting.

Annual Filings for Georgia Business?s

Corporate Income Tax Returns, Annual Filing Fee with the GA Secretary of State, Business License, and Ad Valorem/Property taxes on your year ending inventory and equipment.

GA Tax Rates?

GA has a flat 6% tax on all income which is paid at the personal level on the personal income tax return as well as a Net Worth Tax to GA.

www.HisCPA.com? A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Fulton, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Cumming, Dunwoody, Alpharetta, Dunwoody, Sandy Springs and Tucker as a Faith Based CPA Firm

Related posts:

1. Duluth/Gwinnett CPA?Should You Incorporate Your New Georgia Business?
2. Gwinnett CPA on Whether You Should Incorporate Your New Georgia Business or Convert Your LLC to an S Corporation for tax purposes
3. Atlanta CPA Teaches Understanding the Incorporation Process of Your Georgia Based Business
4. Georgia CPA: Determining When You Should Incorporate Your New Georgia Business
5. Incorporating in Georgia?Understanding the Incorporation Process

This entry was posted on Saturday, September 22nd, 2012 at 12:53 pm and is filed under Incorporating in Georgia/Entity Selection.
Tags: Annual Filings for Georgia Business's, Articles of Incorporation Requirements for GA Business?s/Corporate Identity, Choosing an Entity Type for Your New Georgia Corporation, Five Easy Steps to Get Your Georgia Business Incorporated, Four Rules of Being a Georgia S Corporation, GA Entity Selection, GA Incorporation, GA Tax Rates, Georgia Incorporatin, Georgia Incorporation: How to Incorporate Your Business in Georgia, Georgia S Corporation Taxation, Setting Up and Running Your Very Own Georgia Business, Stock of GA S Corporations, Tax Effects of Entity Choice when Incorporating in Georgia. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Source: http://www.hiscpa.com/blog/2012/09/22/georgia-incorporation-how-to-incorporate-your-business-in-georgia/

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