The tech industry is booming and more and more startups have begun to spring up from the ideas pool and for themselves into fully-fledged companies. However exciting starting a new business is, there will always be a bit of monotonous (but necessary) paperwork that will need to be filled out to ensure that your fledgling company is legit and above board.
While you have big dreams and expectations when it comes to founding your tech startup, the process will actually start with a few simple, basic steps to get you going. Most business owners and entrepreneurs have a logical, organized side, and this simple checklist can ensure that you fill out all the forms necessary to build a solid foundation on which to flourish.
Your Tech Startup’s Business Structure
Businesses can be structured in several different ways, such as:
- Limited liability companies, or LLCs
- S corporations
- Sole proprietorships
First, you should determine which structure works best for your tech startup and then fill out the appropriate forms to be recognized by the state you are operating in. If you aren’t sure how to apply for an LLC, corporation or other business entity, online forms make it simple.
If you’re going to have employees working for your company, you must withhold and pay taxes for them. To do this, you’ll need to have them fill out a form I-9 or a W-4. This determines the number of withholdings the employee qualifies for and ensures that the government gets their share.
Get a Federal Tax ID Number
An employer identification number is used to identify a business and is sometimes known as a federal tax identification number. A tax ID number isn’t required for every business, but is beneficial if you hired employees, started a new business, formed a partnership, need a business line of credit or business bank account or changed the ownership of the organization. If you wonder how to get a federal tax ID, you can actually apply online in just minutes and be approved quickly.
Get Started Now!
With easy access to the internet, getting approval from the state and the IRS to start your business has never been easier. Visit Gov Doc Filing to learn more about the forms you need in order to launch your tech startup!