Awards & Engraving

August '19

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A&E AUGUST 2019 • a-e-mag.com 75 GET LEGAL There are a number of things a home- based business owner can do to elevate its stature in the eyes of the marketplace. The first thing it should consider is changing its business entity classification from sole proprietorship to limited liability corpora- tion (LLC) or partnership (LLP), or Sub- chapter S corporation (S-Corp). That means applying for a FEI (Fed- eral Employer Identification Number) too. A trustworthy lawyer or accountant should be able to help you file the necessary documents with your state to establish the business as a viable enterprise and further protect your personal assets — a benefit LLCs, LLPs, and S-Corps enjoy that sole proprietorships do not. Check out www. mycorporation.com or www.LegalZoom. com for some online help. Get informed as to your state requires to be considered a legal business. Head over to the Secretary/Department of State website for your state and click on the tab for "Cor- porations." In my case, I had to create a business name and annually re-register, for a small fee, my corporation's name, as well as update any business contact information. Every quarter, I submit both federal (in my case, IRS Form 941) and state (Georgia Form G-7) tax returns to report wages, and pay any social security, Medicare, and with- holding taxes, which I choose to do through the Employers Federal Tax Payment System (EFTPS: www.eftps.gov) and my state's Department of Revenue websites. Sound too complicated? Contact your local Small Business Development Center (SBDC: www.americassbdc.org), which is funded by the SBA and is typi- cally located on a nearby college campus. There are about 1,000 SBDC locations nationwide. There, you can work with a counselor that will provide a checklist of requirements for the type of business you There are about 1,000 SBDC locations nationwide. There, you can work with a counselor that will provide a checklist of requirements for the type of business you are registered as...

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