How To Find Your Secretary of State (In All 50 States)
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“When you have a clear vision and combine it with faith, you're unstoppable in your business journey." - Terri Savelle Foy
When starting a business, one of the most crucial steps is registering your business with the Secretary of State, in WHICHEVER state you're running your business.
This not only make your business legit, but also makes sure you're staying compliant with your state's regulations.
In today's lesson, let’s dive into what a Secretary of State Business Entity is, why it’s essential, and how you can go about registering one.
What is a Secretary of State Business Entity?
A Secretary of State Business Entity refers to a business that is officially registered and recognized by the state’s Secretary of State office. The registration process varies by state but generally involves submitting specific forms, paying fees, and providing detailed information about the business and its owners.
Why is Registering Your Business Important?
Legal Recognition: Registering your business with the Secretary of State gives your business legal recognition and legitimacy. This means your business name is protected within the state, and you can operate under that name without the risk of another business claiming it.
Liability Protection: For certain types of business entities, such as Limited Liability Companies (LLCs) and Corporations, registering provides liability protection. This means that your personal assets are generally protected from business debts and legal claims
BONUS TIP: banks and lenders aren't fans of sole props and you're basically looked at like a hobby. According to the SBA, "owners who want to test their business idea before forming a more formal business...Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trade name. It can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorships. READ FULL ARTICLE HERE.
Access to Financing: Registered businesses often find it easier to access financing. Banks, investors, and lenders typically require businesses to be registered before extending credit or investment.
Compliance and Establishing Your Foundation. Registration and following the steps in order ensures that your business complies with state regulations, which can enhance your credibility with customers, suppliers, banks AND Funders (credit issuers, lenders, banks, investors).
Types of Business Entities
You'll need to choose a business structure that best fits your needs. Here are the most common types:
Sole Proprietorship: The simplest form of business, where you and your business are legally the same entity. Note that sole proprietorships generally don’t require registration with the Secretary of State but might still need to file for a business name or a DBA (Doing Business As).
Remember, set yourself up for the long-term. You can choose Sole Props but they're not favored from a lending point of view.
Partnership: Similar to a sole proprietorship but involves two or more people. Some states may require registration, especially for limited partnerships.
Limited Liability Company (LLC): A popular choice for small businesses, LLCs provide liability protection for owners while allowing for flexible management and taxation options.
Corporation: A more complex structure, corporations provide significant liability protection and can raise capital by issuing stock. However, they are subject to stricter regulations and double taxation.
Nonprofit Organization: These entities operate for charitable, educational, religious, or other similar purposes. Nonprofits can apply for tax-exempt status but must adhere to strict guidelines.
Steps to Register Your Business with the Secretary of State
Choose a Business Name: Ensure your desired business name is unique and complies with your state’s naming guidelines.
Select a Business Structure: Decide which type of entity suits your needs (e.g., LLC, Corporation).
File the Necessary Paperwork: Complete and submit the required forms to your state’s Secretary of State office. This may include Articles of Incorporation for a corporation or Articles of Organization for an LLC.
Pay the Filing Fees: Fees vary by state and entity type. Be prepared to pay both initial and ongoing fees.
Get an Employer Identification Number (EIN): After registering your business, you’ll need an EIN from the IRS for tax purposes. Make sure the information matches (yes I'm talking down to ONE number and/or letter - everything must be on point)!
Comply with Additional Requirements: Depending on your business type and location, you may need to obtain permits, licenses, or zoning approvals. For example if you're in the food industry, you might need special permits or have to operate from a commercial kitchen.
Maintaining Your Business Entity
Once your business is registered, you’ll need to maintain good standing with the state by fulfilling ongoing requirements. How to do this:
Annual Reports: Many states require businesses to file annual reports and pay associated fees, so stay on top of these.
Tax Filings & Renewals: Ensure you’re meeting all state and federal tax obligations. If you miss it, request an extension and if you have an amendment, make sure you keep all your files in one place. Check your licenses and permits quarterly. Plan ahead and set appointments throughout the year with your accountant and tax strategist.
Secretary of State, Business Division, and Business Entity Search for All 50 States
CLICK HERE TO ACCESS THE LINK TO LIST OF SOS WEBSITES FOR ALL 50 STATES.
LET'S RECAP:
Registering your business with the Secretary of State is a critical step in establishing a legitimate, protected, and compliant business entity. By understanding the process and choosing the right business structure, you can set your business up for long-term success. You also set yourself up to receive better rates, terms and approvals when your business' foundation is set up properly and you look like a trustworthy, established, credible business.
Whether you’re starting a small local business or a large corporation, the Secretary of State’s office is your partner in ensuring your business meets all legal requirements. Get started today.
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