Do you dream about starting your own business?
Whether you’re looking to break free from the monotony of office life and workplace rules, be your own boss, or pursue an endeavor or career path you’re passionate about, there’s never been a greater need for new businesses than now.
From obtaining the necessary licenses and permits to sorting out taxes and insurance, there’s a lot that goes into starting a new business ‒ and having an established business organization attorney is a crucial first step.
Based in Wilkes-Barre, PA, the attorneys at Hoegen & Associates, P.C. have helped start-up companies, entrepreneurs, corporations, and companies of all sizes throughout Pennsylvania. In this article, we’ll explore everything you need to know about starting a business in Pennsylvania and how you can hit the ground running successfully.
Ready to schedule a consultation with one of our business organization attorneys? Reach out to us today!
Have a Business Idea & Plan
Which product or service will be the focal point of your new business? How do you envision your ideal workday? What kinds of skills and experiences can you bring to the table?
The idea phase of starting a business is sometimes the most challenging, as there’s a lot to take into consideration. Of course, you have a lot of autonomy when it comes to deciding how your business will operate ‒ but you want to make sure you’re setting yourself up to drive profitable growth.
Once you have a business idea, it’s time to set a plan in motion. Here are some questions to keep in mind throughout the process:
- How will you finance the start of your company?
- Who is your competition, and how can you get ahead of them?
- What are your strategies for driving profit and making sure your business is successful?
- What are your business milestones, and when do you need to reach them?
You don’t want to go into business blind without a concrete plan. Fortunately, there’s no right or wrong way to create a business plan, and it’s a crucial step to starting a business in Pennsylvania just as it is anywhere!
Establish a Business Structure for Tax Purposes
Choosing the appropriate business structure is essential before you register your business in Pennsylvania, as it will determine the amount of taxes you pay, the paperwork you need to file, your liabilities, and your profitability.
The attorneys at Hoegen & Associates will work closely with you to determine the right business entity for you. The most common legal structures we can help you establish are:
- Sole proprietorship
- Limited liability company (LLC)
Pennsylvania taxes every business type, regardless of size, location, or your company’s profitability. In addition to Pennsylvania taxes, there will also be federal taxes to take into consideration, as well as employment taxes if you have employees and sales tax if you sell goods.
Not only will our attorneys help you file and report your business taxes. Our goal is to drive and optimize financial growth through your chosen business structure. We’ll examine your financing opportunities through partnerships, grants, loans, and a variety of other avenues and determine the best course to ensure you have the right monetary support from the start.
Choose a Business Name & Location
Starting a business in Pennsylvania requires a unique and clever name! After all, you want to stand out to consumers and have an edge over the competition. However, there are legal loopholes to keep in mind when establishing your business name.
If you’re starting a corporation or limited liability company, for example, you’ll want to verify that your chosen business name isn’t already registered with the Pennsylvania Department of State (DOS).
You may be using your personal name as a sole business owner (sole proprietorship) or individual names in a partnership. You could also file a trade name or fictitious name as a partnership or sole proprietorship.
Once you’ve established a name, it’s time to choose a business location. Before purchasing property to build on, know the local ordinances and zoning regulations. Not all locations may be properly zoned for your type of business. Our experienced land zoning attorneys can help you navigate your options, especially in the coming months and years with the American Jobs Plan potentially going into effect.
If you’re planning to lease commercial property, we can also help you negotiate the terms of your lease and safeguard your business from any contractual ramifications due to COVID-19.
Obtain Insurance & the Necessary Licenses & Permits
In addition to filing and reporting your taxes, you’ll also need to obtain a federal Employer Identification Number from the IRS, especially if you plan to open a bank account solely for your business.
You’ll also need to obtain the necessary health, safety, building, and environmental licenses and permits to operate. Certain industries and businesses may require additional or specialized licenses and permits.
Are You Ready to Start a Business in Pennsylvania?
Hoegen & Associates, P.C. Can Help!
Small and medium-sized businesses drive local and national economic growth, creating jobs and providing communities with innovative products and services. Small businesses took a hard hit from the COVID-19 pandemic ‒ but the time has come for Main Street businesses to spring back!
If you’re thinking of starting a business in Pennsylvania, the attorneys at Hoegen & Associates, P.C. are ready to help. Contact us today to schedule a business organization consultation!