Being a state that implements business-friendly legislation and taxes, Georgia is one of the most beneficial states in the United States of America to start up a business.
Advantages of Starting a Business in Georgia
There are several advantages to starting a business in Georgia. Georgia‘s rules and procedures make it an ideal place for small business owners to open up. Presently, there are over 800 thousand businesses registered in Georgia. More reasons you might consider starting a small business in Atlanta Georgia include:
- Low cost of living
This is an exceptionally important factor for new businesses that have restricted financial resources and are in their initial stages. In contrast to larger metropolitan areas, Atlanta is a reasonably inexpensive city, where you don’t have to make abundant money to experience a comparable lifestyle as those living in bigger cities.
- Effective transportation
The world’s busiest airport is situated in Atlanta, which means that business travel will be easier and inexpensive if you’re living near the city. You can meet with multinational clients and transport goods easily, in and out of the city. Also, Georgia is rated No. 1 for aerospace manufacturing, which makes this even better.
- Tech hubs
The Atlanta Tech Village opened its doors in 2012, as a business that brings entrepreneurs together to trade ideas, along with providing workspace for business owners to conduct their daily tasks.
This city isn’t just a flourishing startup tech hub, it is also ranked No. 2 among the next top tech towns.
- High rated
The city’s development and identity recently have made it one of the country’s most favorable places to start a new business, but aside from being an important tech hub for entrepreneurs,
- Georgia is ranked No. 1 in the US as the best state for business
- Georgia is ranked No. 5 in the US for women-owned businesses
- Georgia is ranked No. 9 in the US for best economies
How to Start a Business in Georgia
The following are suggested steps to take to start a business in Georgia:
- Determine the business structure: most popular forms of business structure are sole proprietorship, partnership, or limited liability company. You should discuss the details of each type of legal entity with your legal advisor before deciding.
- Determine a name for your business.
- Prepare Business Formation Documents: after determining the business structure and name, you have to prepare or have someone prepare your business formation documents. Also, you have to consult with your legal advisor on the kinds of documents needed.
- File with the Secretary of State: once the business formation documents have been formulated, you have to file the applicable registration form and business formation documents with the Secretary of State.
- Register Your Business with your Local Government: sole proprietorships are not obliged to register with the state, but all other businesses have to register with the state.
- Apply for Federal Tax Employer Identification Number (EIN) with the IRS: to pay Federal taxes on income and employees, you have to apply for EIN with the IRS at no cost to you.
Open a bank account in the name of your business: it is advisable to keep your business finances separate from your finances, hence the need for a business bank account.
Apply for a Business License in Atlanta, GA
All businesses need a business license, also called a Business Tax Registration Certificate, before opening for business in Atlanta. Even if the business is just changing owners, you have to apply for a new business license. Similarly, you have to get a new business license for each location of the same business.
Also, even if your main office isn’t located in Georgia, but you are doing business in Georgia, you will have to register your business with the state.
There are several types of businesses that need additional licenses or permits in Atlanta. Some popular examples include:
- Vendors selling goods on private or public lands
- Businesses that deal food or drink
- Businesses that sell alcoholic beverages
- Businesses involving massage salons or technicians
- Businesses involving hotels or motels
- Adult or child daycares
Most of the information you require regarding business license in Atlanta, eg. Deadline for Payment of Annual Business License, Cost of Applying for a Small Business License, can be found in the business license section of the City of Atlanta website.
Starting a business in Georgia is beneficial as long as you have the proper resources and know where to find them.
If you need help to register your business in Atlanta, please contact your Damalion expert now.
