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Lost In Incorporation
3 Answers
Hi. I am opening a small business (service). I heard that incorporating as type S corporation is the best tax move. I went to Legalzoom, got horrified by final prices ($800!). Then went to cheaper sites, still too expensive. Got slammed by telemarketing calls after calling so-called free incorporation sites that were not free at all.
I decided to do everything myself. Need some help from the experts.
So, here is what I have done.
1) Went to the GA Secretary of State Corporations division, applied online, paid a hundred bucks.
2) Went to the IRS website, filled out an application for EIN. I got one right there, online. But IRS's site allowed me to print the form SS-4 with my EIN (looks like XX-XXXXXXX), the form says:
"Based on the information you must file the following form(s) by the date(s) shown:
Form 1120 by 3/15/2014.
I opened the form 1220 and it looks like an income tax return form.
Here are my questions:
1) Since I have not made any money (just opening) - I probably dont have to do anything with this form 1220?
2) Is this EIN I got on IRS official site my permanent EIN or they will assign another one later on?
3) Is that EIN enough to open a business bank account and get a business insurance?
4) What other forms do I need to send - and where - to make my S-corporation complete?
5) Do I need a business license from local government - I will be working from home, just taking and forwarding calls and orders.
As you can see I am new to the incorporation process. Please help.
Thanks.
Elena.
I decided to do everything myself. Need some help from the experts.
So, here is what I have done.
1) Went to the GA Secretary of State Corporations division, applied online, paid a hundred bucks.
2) Went to the IRS website, filled out an application for EIN. I got one right there, online. But IRS's site allowed me to print the form SS-4 with my EIN (looks like XX-XXXXXXX), the form says:
"Based on the information you must file the following form(s) by the date(s) shown:
Form 1120 by 3/15/2014.
I opened the form 1220 and it looks like an income tax return form.
Here are my questions:
1) Since I have not made any money (just opening) - I probably dont have to do anything with this form 1220?
2) Is this EIN I got on IRS official site my permanent EIN or they will assign another one later on?
3) Is that EIN enough to open a business bank account and get a business insurance?
4) What other forms do I need to send - and where - to make my S-corporation complete?
5) Do I need a business license from local government - I will be working from home, just taking and forwarding calls and orders.
As you can see I am new to the incorporation process. Please help.
Thanks.
Elena.
Answers
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As Woofgang says, there are unlikely to be any US tax experts here on a UK-based site. Try these US ones:
http://
http://
Remember though that the IRS can probably answer some of your questions directly. Try phoning their Business and Specialty Tax Line:
http://
http://
http://
Remember though that the IRS can probably answer some of your questions directly. Try phoning their Business and Specialty Tax Line:
http://
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