Starting a business can be an exciting time with new experiences, learning opportunities, and importantly, the chance to be successful and become your own boss. With so many aspects a business owner has to manage, it is important not to forget the most important ones. Local city business licenses and possibly re-sellers licenses through the state are common. Signing leases and vendor contracts typically happen during the initiation as well. While not required in California, incorporating your business, can provide great benefits as well as some valuable protections.
While many business owners who are starting out may think that forming a corporation is overkill, it is easy and fast to establish, fairly in-expensive to maintain and can protect the business in all types of situations where a sole proprietor would be un-protected. No matter the size of your operation, regardless of it you sell goods or provide services, a California Corporation may be a good option for your business.
Setting up a California Corporation is an important step for any business in California. While it takes a business entity and transforms it into a California corporation with all the legal rights and responsibilities of it, it is fairly simple to do. Depending on the type of business and the formation of it, California has different types of corporations available. Common corporate entities in California we can help establish are as follows:
Corporation: While people commonly refer to these as “C” and “S” corporations, in California it is simply a “California Corporation”. The “C” or “S” designation is related to federal taxes and after a California Corporation has been established, a tax professional can further file with the IRS for a specific tax filing status.
Non-Profit: Another popular type of corporation in California. These are often charities, ministries or other corporations who have the purpose of benefiting others without solely working to drive revenue. Depending on the proposed cash flow of the non-profit, additional filings with the State Franchise Tax Board may be required after formation.
Limited Liability Company (LLC): Similar to a corporation, an LLC can be established and gain State recognition. Main differences here are related to how income is taxed.
Other Corporation Types: California has some other corporation types for those in need of a particular framework for there business. These include “General Partnerships”, “Limited Partnership”, “Limited Liability Partnership” and “Sole Proprietorship”.
If you are looking for a professional service to help you with your incorporation Allstate Paralegal Services can assist. No matter if you are a new business looking to get corporate status, or an existing business that never filed to incorporate before, we can help. We are familiar with the different document requirements for the State of California and can initiate the process to incorporate right away. The average time line from reserving your corporate name until having your corporate book and entity number from the state is about 40 days. For those who want it sooner we can process an expedited filing in which you could have corporate status in days. For these situations additional state and processing fees apply.
Another big part of doing business inside San Luis Obispo County is filing a fictitious business name. This process involves a series of document completed and filed with the County of San Luis Obispo and then a required newspaper publication. After those requirements are completed, the County issues the statement. It needs to be renewed every few years, but essentially after the County issues the statement, you have met your fictitious business name requirement. This comes in handy for sole proprietors who do not incorporation, but still want to open business bank accounts.
We can help those in San Luis Obispo who are looking to file a fictitious business name. We complete the documents accurately and quickly so that you can have your business name registered in the County of San Luis Obispo.