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Are you ready to start your business? Whether you’re a first-time entrepreneur or a serial entrepreneur and have started multiple companies in other areas, here are the Top 6 steps to Starting your Business in Delaware!
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Step 1: Naming Your Company
To formally create a company, you do not need to have a detailed business plan, but you do need to have a unique name for registering it in the State of Delaware. Have a name in mind? You can head over to our business name search tool to see if your name is available.
Step 2: Choosing an Entity Type
In Delaware, most people choose a Delaware LLC or a Delaware Corporation. If you’re a freelancer, consultant, plan to be a single owner, or hold an asset such as a yacht, an LLC is the most popular entity. Whereas if you’re planning on raising capital by selling equity to investors, many investors prefer to invest in a corporation. We have more information available on the difference between the types of entities in the Learning Center.
Step 3: Filing Your Company Documents with Delaware
Forming a company in the State of Delaware is easy. Even if you don’t plan to have a physical location in Delaware, you can still form your business here. Delaware is recognized as the most business-friendly state in the U.S. At Harvard Business Services, Inc. we will prepare and file your formation documents for you. You can review our domestic and international formation costs on our website. The State of Delaware will typically return completed formation documents within 2-3 business days after the company is filed through Harvard Business Services, Inc.
Step 4: Obtaining Your EIN
Just like a social security number, your business must have a unique Federal Tax ID number known as an EIN…or an Employer Identification Number. You can obtain an EIN from the IRS directly or add it on to your incorporation package with us, and we will take care of the paperwork for you.
Step 5: Apply for Certificate of Authority & Business Licenses
Now that you’re incorporated in Delaware, generally the next step is to file to do business where you live. If you don’t live in Delaware, you will need to apply for a “Foreign Qualification” or a Certificate of Authority in the state you intend to do business. If you need help with foreign qualifications, we have you covered. Live chat with our sales team to help get the process started.
Step 6: Opening a Business Bank Account
A business bank account may be required to obtain a loan or a line of credit. It also helps create protection from your personal assets in the event of a lawsuit against your business. Click here to get some tips for opening a business bank account.
Now is the time to become your own boss. Form your company online, give us a call at 1-800-345-2677, or live chat with a sales expert to get your business up and running today!
*Disclaimer*: Harvard Business Services, Inc. is neither a law firm nor an accounting firm and, even in cases where the author is an attorney, or a tax professional, nothing in this article constitutes legal or tax advice. This article provides general commentary on, and analysis of, the subject addressed. We strongly advise that you consult an attorney or tax professional to receive legal or tax guidance tailored to your specific circumstances. Any action taken or not taken based on this article is at your own risk. If an article cites or provides a link to third-party sources or websites, Harvard Business Services, Inc. is not responsible for and makes no representations regarding such sourceâ€™s content or accuracy. Opinions expressed in this article do not necessarily reflect those of Harvard Business Services, Inc.