Join us down in Louisiana! This is home to the historic Bourbon Street, unique cuisine, jazz music, and the ultimate party to celebrate Fat Tuesday, the Mardi Gras festival. The state of Louisiana was originally colonized by the French in the 18th century and became part of the United States as part of the Louisiana Purchase in 1803.
Its small business climate is booming and offers many unique advantages to entrepreneurs from all walks of life. According to various sources, Louisiana has been ranked among the top ten business climates in the nation thanks to its low business costs, skilled workforce, and robust infrastructure. If you’re leaning towards doing business in “The Pelican State,” here’s what you need to know before you incorporate your business in Louisiana.
1. Pick a business structure.
According to the Louisiana Secretary of State, the first order of business for ‘treps is to decide on their business structure. You may choose from sole proprietorships, partnerships, corporations, limited liability companies (LLCs), or limited liability partnerships (LLPs). The Secretary of State recommends working alongside a tax practitioner or attorney in choosing your entity.
2. What is geauxBIZ?
The Louisiana Secretary of State, Department of Revenue, and Workforce Commission have combined their resources to create a one-stop portal. This portal helps manage all of your Louisiana business filing and tax account registration needs. The geauxBIZ portal specializes in assisting entrepreneurs by creating lists of required federal, state, and local licenses and permits. You may also complete your business filing, and reserve your business name here, too.
3. Name the company.
After determining your entity type, you’ll need to name the business. The Louisiana Secretary of State can provide you with more information and guidelines about the naming process. You will also need to begin filing original documents, like your annual report and articles of incorporation/organization, and register for trademarks and copyrights that your business may need in order to operate and gain credibility.
4. Meet tax requirements.
Next, make sure to determine your tax requirements — local, state, and federal. If you plan to hire any employees, you will also need to file for an Employer Identification Number (EIN). The IRS uses an EIN to identify employer tax accounts. An EIN may also be used to open up a bank account for your business.
5. Get your business licenses, permits, and other documentation.
While geauxBIZ can help you assemble the licenses and permits your business may need, if you are unsure if there are any additional documents necessary it’s best to visit Louisiana’s SBA page. This resource can also provide further information about operating under a doing business as name (DBA). You may also find necessary forms here and information about where to address reporting new hires.
Thinking about starting a small business in Louisiana? 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.