Incorporating in Georgia: Duluth/Gwinnett CPA on Starting a New Gwinnett Business
Duluth/Gwinnett CPA on Starting a New Gwinnett Business
If your organization or corporation already has an EIN (Employer Identification Number) it may be required to acquire a new one if the status of the business changes. If you are planning on incorporating a sole proprietorship or to form a partnership you HAVE to get a new EIN. While the above is true, you should not apply for a new EIN if:
• You only change the name of your business
• Bankruptcy is declared by the partnership or corporation
• The corporation opts to be taxed as an S Corporation
• The corporation elected under Form 8832 Entity Classification Election, to modify the way the corporation is taxed
• The corporation changes or creates a new location
• You elect to be taxed as a S Corporation
Take note that if you are going to elect as a S Corporation then you need to file Form 2553 (Election to be a Small Business Corporation). As an Atlanta CPA for decades I have learned over the years that if you do not need to be another entity type for operational and other considerations then it would be most prudent to take a look at being an S Corporation. Always be sure to first speak with a CPA before Incorporating in Georgia; to learn more visit http://www.hiscpa.com/incorporating-articles.html
Choosing an Entity Type for Your New Georgia Business 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 Your New Georgia Business 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
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www.HisCPA.com Incorporating in Georgia, Setting up an LLC in Georgia, Setting up an S Corporation in Georgia, Georgia Entity Selection, Converting Your GA LLC to an S Corporation, Converting Your GA C Corporation to an S Corporation, GA LLC, GA S Corporation and Converting Your Georgia Business to an S Corporation