How do I set up a corporation in PA?
How to Form a Corporation in Pennsylvania
- Choose a Corporate Name.
- File Articles of Incorporation.
- Appoint a Registered Agent.
- Prepare Corporate Bylaws.
- Appoint Directors and Hold First Board Meeting.
- Issue Stock.
- Obtain an EIN.
How much does it cost to start a corporation in PA?
$125
Domestic Corporation/Association (Profit and Non-Profit)
| Articles of Incorporation or like instrument incorporating a corporation or association | $125 |
|---|---|
| Additional fee for each association resulting from a division | $125 |
| Annual Report – Benefit corporation | $70 |
| Annual Report – Non-profit corporation | no fee |
How do I register my S Corp in PA?
By forming a corporation and electing S corp status from the IRS….
- Step 1: Name Your LLC.
- Step 2: Choose Your Pennsylvania Registered Agent.
- Step 3: File the Pennsylvania LLC Certificate of Organization.
- Step 4: Create an LLC Operating Agreement.
- Step 5: Get an EIN and Complete Form 2553 on the IRS Website.
Do I need to register my business in Pennsylvania?
The state of Pennsylvania does not require registration if you are operating the business under your own legal name.
How long does it take to incorporate in Pennsylvania?
~2 weeks
How long does the process take? The state processing time is ~2 weeks. What is the best method to file? Pennsylvania articles of incorporation are best filed by mail.
How long does it take to incorporate a business in PA?
~5-10 business days
File Pennsylvania Articles of Incorporation Turnaround: ~5-10 business days. Notes: You need to file a PA docketing statement with your articles.
How much is an EIN number in PA?
Applying for an EIN for your LLC is free ($0) Applying for an EIN for your Pennsylvania LLC is completely free. The IRS doesn’t charge anything for applying for an EIN.
How much does an EIN cost in PA?
Step-By-Step Startup
| Structure | Cost |
|---|---|
| Pennsylvania Limited Liability Company Click for step-by-step instructions | Formation: $125 EIN: $0 PA-100: $0 + fees for needed licenses |
| Pennsylvania Corporation Click for step-by-step instructions | Incorporation: $125 EIN: $0 PA-100: $0 + fees for needed licenses |
How are S corps taxed in Pennsylvania?
Businesses that elect federal subchapter S status are considered Pennsylvania S corporations and are subject to the 9.99 percent corporate net income tax only to the extent of built-in-gains. Rather, shareholders in the businesses considered S Corporations are taxed at the personal income tax rate, 3.07 percent.
How much does it cost to register a business name in PA?
Names may be checked for availability at the Pennsylvania Department of State business name database. You may reserve a name for 120 days by filing a Name Reservation (Form DSCB:15-208) with the Pennsylvania Department of State. The filing fee is $70. The form by be filed online or by postal mail.
Can I be my own registered agent in Pennsylvania?
Yes, you can be your own registered agent in Pennsylvania. However, after considering the registered agent requirements most business owners elect to hire a registered agent service instead.
What officers are required for a Pennsylvania corporation?
(a) General rule. –Every business corporation shall have a president, a secretary and a treasurer, or persons who shall act as such, regardless of the name or title by which they may be designated, elected or appointed and may have such other officers and assistant officers as it may authorize from time to time.
How long does it take to get an EIN number in PA?
The processing timeframe for an EIN application received by mail is four weeks. Ensure that the Form SS-4PDF contains all of the required information. If it is determined that the entity needs a new EIN, one will be assigned using the appropriate procedures for the entity type and mailed to the taxpayer.
How much is a PA business license?
All company owners that are required to obtain a business license from the state of Pennsylvania must pay licensing and application fees. It is generally $125 to obtain a business license, but additional fees may apply for businesses structured as partnerships, corporations, and sole proprietorships.
Which is better for small business C corp or S corp?
C corps are better for businesses that: Have foreign connections: Unlike S corps, C corps have no limits on foreign ownership. Reinvest profits: C corps let you build wealth in your business without drawing it down as personal income. Need unlimited growth potential: C corporations can issue unlimited shares of stock.
Which is better LLC or S corporation?
If there will be multiple people involved in running the company, an S Corp would be better than an LLC since there would be oversight via the board of directors. Also, members can be employees, and an S corp allows the members to receive cash dividends from company profits, which can be a great employee perk.
Is S Corp expensive to start?
The fee typically charged will vary by state between $800 and $1,000. Some states, like Nevada, don’t charge a franchise tax fee, making them an alluring place to do business. Miscellaneous government filing fees: Government filing fees may vary from $50 to $200 depending on the state and the type of business.