Though the end of the year may seem like a perfect time to finally follow up on those big business ideas you’ve had in your head all year long and start incorporating your dream startup, take it from me that you’ll want to wait and opt for a delayed filing. Often, corporate and LLC filings are at their greatest volume at the beginning and end of the year, which can cause possible delays in paperwork. By waiting it out, you’ll be able to reap in a slew of benefits for you and your business!
Avoid the backlog of filings that accumulate at the beginning of the year
As I mentioned above, the beginning of the year is always a terribly busy time for state offices. It seems every potential business owner decides to put off the necessary paperwork due right up until the start of a new year. That means state offices everywhere end up getting overwhelmed with paperwork they need to sort and work through. With a delayed filing, you get the benefits of waiting until the beginning of the next year to get your paperwork going and you won’t have to wait around for the state to catch up with your paperwork while working through everyone else’s at the same time. Everything that can be processed early on is, and your paperwork is placed in a queue to be held for filing on or after January 1st. File at the start of the year without the start-of-the-year paperwork rush.
Save some money
Starting a business comes with a hefty set of tax liabilities and burdens that will need to be taken care of.If you opt for a delayed filing and get that business of yours going in the New Year, you’ll skip out on a couple months at the end of the current year when filing taxes, which is less money you and your business will have to spend.
Time to collect your licenses and permits
Depending on where you’re starting your business and the type of business you’re starting, you will probably need a business license, permits, and insurance in order to operate. The process of attaining all of this can take some time. With a delayed filing, you get a few months to breathe and take some time to figure out just what you need. When your paperwork goes through and the state begins to recognize your business at the beginning of the year, you can open your doors and actually start doing business.
This guest post is courtesy of Deborah Sweeney. She is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best. Follow her on Twitter @deborahsweeney and @mycorporation.
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