Welcome to “The Peach State!” The state of Georgia is home to the headquarters of some of the biggest businesses in the world including Coca-Cola, Delta Airlines, and Turner Broadcasting. Georgia is also the largest producer of poultry, eggs, cotton, peanuts, and, of course, peaches. And while Atlanta is currently the state capital, the original capital of Georgia was in Savannah, Augusta, Louisville, and Milledgeville before Atlanta became the official state capital.
The small business climate is known by many to be a business-friendly state, thanks to the state’s reasonable tax rates and straightforward regulations. Georgia has a healthy labor market with an educated workforce that is eager to work. Looking to add a little Southern hospitality to your small business? Here’s what ‘treps need to know about starting a business in Georgia.
1. First, decide which legal entity you want to file your small business as. When filing a corporation, limited partnership, or an LLC, you must file with the Corporations Division through the Georgia Secretary of State. Keep in mind that some foreign (out-of-state) entities must also file with the Corporations Division, if they do business in Georgia.
2. Once you have determined the legal structure of your small business make sure you register any trade names, fictitious names, trademarks, copyrights, or patents necessary to protect your assets. You can use the database on the Georgia Secretary of State’s website to check for names available for use with your small business.
3. Next, in order to file bank accounts, open credit cards for your business, or apply for any loans, you must obtain an Employer Identification Number (EIN). Depending on the type of business you are starting, check in with the Georgia Tax Center for any other tax registration needs.
4. The state government has also set in place a few new incentives that promote the small business culture. Some of these include tax relief on equipment deduction, angel investor tax credits, additional financing for entrepreneurs in rural Georgia counties, and more.
5. Looking for a little extra help and support while starting your small business? Check out the Atlanta chapter of the Entrepreneurs’ Organization. With 142 current members and partners like Chase and Xero, this organization helps small business owners get started, make connections, and help them gain access capital for their new businesses.
Thinking about starting a small business in Georgia? Give us a call at 1(877) 692-6772 or visit us at mycorporation.com if you have any questions about forming a business or the regulations required.
Welcome back to the 50 States of Incorporation, Rebooted where we share what it takes to start a business in each of the 50 states. Join us biweekly for advice on how to start an LLC or corporation across the United States.