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Start Up & SMB Required Filings

Goals

To understand common filing requirements for startups and new small businesses, specificlly states where many startups and small businesses are choosing to headquarter.

Early Findings

Startup Filing Requirements

  • Other than sole proprieterships, most new businesses are required to register in the state(s) in which they will do business.
  • Businesses that are required to register generally are also required to have a registered agent. This agent will receive official papers and legal documents on behalf of the company and must be located in the state in which the company operates. It can be someone appointed in the company or a third-party registered agent service.
  • Filing documents will vary by state and type of business structure. Filing fees are typically around $300.
  • Common required documents for LLC business structures are the articles of organization and LLC operating agreement.
  • Common required documents for limited partnerships and limited liablility partnerships include a Certificate of limited (liability) partnership and the limited (liability) partnership agreement.
  • Common required documents for coporations include the articles of incorporation and the bylaws or resolutions.

Ongoing Common Filing Requirements

  • Annual filing requirements for small businesses and startups vary by state and business structure. In general, corporations will have the strictest filing requirements regardless of state.
  • Corporations are generally required to file an annual report or biennial statement. The due date may be the anniversary day of the business formation or may be a specific date for all businesses set by the state.
  • Typical annual filing fees are about $300.
  • Any changes made within the company such as address change, new shares, or membership should be reported with Articles of amendment.
  • Due dates for each state is outlined on the MyCompanyWorks website.

Third-Party Services

  • MyCompanyWorks helps businesses with incorporation paperwork, annual filings, and registered agent services. Prices start at $79 year depending on the state. Registered agent services start at $99/year.
  • Clerky helps startups file neccessary paperwork. The fee is $799. Clerky does not help with future filings or annual reports.
  • CorpNet helps with all aspects of business paperwork and filings including startup, annual reports, and registered agent services. Fees vary by state but range from $50 to $250 depending on filing requirements and services.

Best States for Startups

  • According to Forbes, the ten best states for entrereneurs and startups are Utah, Florida, Texas, Colorado, California, North Carolina, Idaho, Oklahoma, Georgia and Wyoming.

Proposed next steps:

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