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LLC, Business License, Incorporation
With the 29th largest population in the United States, Connecticut services both large and small businesses. Connecticut's major industries include insurance, agriculture, and manufacturing. Regardless of your industry, we can help you take advantage of Connecticut's business services.
Many companies decide to incorporate their businesses with protection in mind. A corporation is seen, legally, as its own separate entity. This protects the shareholders in that any debts incurred by the corporation belong to the corporation and not its shareholders.
If any legal is action taken against the corporation, the action is taken against the corporation itself and its shareholders are not held liable. Thereby, their personal property is protected.
If you have decided that incorporating your business is the right choice for you, call The Company Corporation. Backed by over a century of service, we have helped thousands of businesses through the process of incorporating and can assist with answering your questions about the process.
How to Incorporate in Connecticut
Before you incorporate, you will need to select a business name and determine if that name is available. The Company Corporation can search name availability for you. Once your name is selected, a decision must be made as to what type of corporation best fits your business, i.e., should you choose an S corporation or a C corporation? In choosing the corporation type, there are tax considerations that need to be taken into account. If you make the wrong choice, your corporation could be double-taxed, which can impact profit. For a more detailed breakdown of the benefits of incorporating as a C-Corp or an S-Corp, please check out The Company Corporation's respective guides.
Once you decide what type of corporation you are creating, you will need to select the individuals that you would like on your board of directors. Then, you will need to draft and file your corporation's Articles of Incorporation.
After the Articles of Incorporation have been filed, you will need to obtain a business license and any other permits that might be required for the type of business you are forming. These permits can be obtained from the city or the county in which your business is located.
Additional Considerations for Incorporating in Connecticut
Following the filing of the Articles of Incorporation, please be aware that additional procedures must be taken to comply with corporate requirements in the State of Connecticut. For example, the Organizational Meeting must be held within the first year of incorporating. Then, the Organization and First Report must be filed within 30 days of the Organizational Meeting.
Since you are operating a business, you may have employees. This means you will need to register on the federal level with the IRS for a tax ID number. You also may have to register as an employer at state and local levels, as well.
Enlisting the aid of a professional can make the task of incorporating much easier and ensure that all of the proper paperwork has been filed on-time and correctly. The Company Corporation can handle the details of incorporating for you. Our staff has a thorough understanding the rules and regulations necessary to incorporate in Connecticut. Call The Company Corporation today!
In order to form an LLC in Connecticut, you will need some knowledge of the state's application process. The Company Corporation can assist you in this process. Based on information you provide us, we will be able to submit your application to the Connecticut Secretary of State on your behalf.
Advantages to Creating a Connecticut LLC
Transforming your business or sole proprietorship into an LLC has many benefits. A chief benefit is that an LLC insulates business owners' personal property from company liabilities. In addition to asset protection, an LLC also offers "pass-through" taxation, which ensures that businesses do not have to pay taxes on profits. Instead, LLC members report profit and loss on their individual tax returns.
Forming an LLC in Connecticut
A company name must be chosen for your LLC in CT. This name must be easy-to-distinguish from other existing business entities and must also not be currently in-use by another business entity. The Secretary of State for Connecticut has a database of registered company names. The name of your business will need to be checked against this database to ensure it is not already in use. The Company Corporation will do this research for you and contact you in the event your business name has already been taken.
Once your name has been registered, your business will need to appoint a registered agent in Connecticut who can accept legal papers on behalf of your LLC. This registered agent must reside in the state of Connecticut.
After a registered agent is selected, the Articles of Organization should be drawn up. These will include information about your business, such as the industry you operate within, who will be running the business, and the names and locations of offices.
The Company Corporation will help you compile the necessary information, provide you with templates for your business's Articles of Organization, and fill out the required forms to ensure everything is done properly. The Company Corporation offers 10 to 14 days average turnaround time from the day a customer submit his or her order until the filed documents are returned from the proper Connecticut authorities.
Additional Requirements for CT LLCs
When forming a LLC in Connecticut, an employer identification number is required even if your business does not plan to hire employees. A Connecticut tax registration number is then required. There is a fee required to obtain your tax registration number from the state.
All Connecticut LLCs are responsible for an annual $250 Business Entity Tax payable to the Connecticut Department of Revenue Services. In order to pay this tax, a Connecticut Tax Registration Number must first be obtained by filing Form REG-1.
Finally, your LLC must file an annual report with the Secretary of State in Connecticut. This report is due each year during the anniversary month of formation.
The Company Corporation has decades of experience assisting Connecticut businesses with forming an LLC. We can help you through the initial stages of LLC formation and then assist you with keeping track of and filing the appropriate forms before due dates.
Understanding exactly what is required for your business type in the state of Connecticut can take quite a bit of research and time. The Company Corporation is well-versed in the processes and requirements needed to obtain a Connecticut business license.
If you need to acquire a business license in Connecticut, The Company Corporation can help you research the process, gather necessary information for you, and send an informational packet with the forms, contact information, and instructions you will need to secure your CT business license.
When considering obtaining a business license in Connecticut, first you will need to contact your zoning office to determine any applicable regulations. Depending on the type of your business, you might also need to contact building and fire officials, as well as the local health department.
Depending upon the type of industry in which your business operates, other types of registrations or permits or licenses may be required. Some businesses, such as restaurants, will need a liquor permit if they plan on selling alcohol. Most, if not all, businesses will require a sales and use tax permit.
Additional information regarding county or city licenses may be required depending on where you are opening your business within the State of Connecticut. Further information will be needed if you are considering expanding a business already in operation or if you are moving your current business.
Based on the information provided about your business, The Company Corporation can assist you with the necessary details.
Are You Hiring Employees?
If you are hiring employees, when you apply for your Connecticut business license, you will also need a federal employer tax ID number (FEIN). Even though you are applying for a state business license, there are federal requirements that you will want to ensure that your company meets.
Connecticut Business Registration
A business license may be a necessity for legal business operations in the state of Connecticut. Without one, your business may face penalties, fines, or even shutdown. In addition to the benefit of satisfying obvious legal requirements, a business license also has the benefit in bolstering your reputation. Displaying your business license reassures your customers that you are a legitimate, dependable business.
As a business owner, your time is best spent in running your business. Let us do the time-consuming information gathering. The Company Corporation will assemble the appropriate permits, license, and tax registration applications and send you a custom-tailored packet with the required information. In addition, you will receive detailed instructions, forms, and contact information to get in touch with the appropriate authorities to ensure your paperwork is submitted properly.
Need help researching Connecticut licensing requirements? The Company Corporation can help.
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