Sign Banking Document Pennsylvania Fast

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all right my name is Frank Taney of Taney legal LLC I'm here on behalf of the Corzo Center at the University of Arts and I'm here to talk to you today about the steps necessary to form a Pennsylvania limited liability company or LLC so there's three steps to this process that we're going to go through today the first one is to check to see about the availability of the name that you want to use for your business for federal trademark purposes now we're not going to be going through how to apply for a trademark but it is an important thing to know whether your name is of that would be available for federal trademark purposes and and that's going to require going on the United States Patent and Trademark Office website at USPTO gov and then the second the second step is to actually go on the bureau of Pennsylvania website to form the entity and then the third step is to get a iin or employer identification number from the IRS website because it's the ein and the Articles of Incorporation that you get from the bureau of corporations in Pennsylvania that will enable you to open up a bank account all right so what I'm going to do now is I'm going to take you through the process of figuring out whether you're chosen your intended business name is available at the for federal trademark purposes so to do that I'm going to go to USPTO gov which is the official website of the United States Patent and Trademark Office so these see here I'm on the first page you click on trademarks then you click on searching trademarks there is a database called tes stands for trademark electronic search system I'm going to click on that to do a basic word mark search because I'm assuming that you're going to be you that your mark will eventually become your trademark and I want to assume that the name is Blue Iguana creative consulting so you type that in there you submit the query and no test records were found and that's the criteria of your query I'm going to be a little bit broader and then search for blue iguana and there are a number of blue iguanas so you would look this one is for children's educational software so very likely not a unless you're doing children's software it's not gonna be a problem and rather than go through all all these I'm going to assume that the rest there's a blue iguana burrito company you'll be glad to know but I'm going to assume for the purpose of this so I don't get bogged down that none of these are for the same types of services that our hypothetical business is intended to be in so step one we've now completed we've assured ourselves that picking Blue Iguana creative consulting as a business name isn't going to affect isn't going to conflict rather with anyone else's trademark rights so now we can go to the Pennsylvania's Bureau of corporations website and actually form the entity so go to do sba.gov you'll see up there on the top bar there's business and charities and you'll see there's a business name search because you have to search the pennsylvania database to make sure that that name is available that it's not taken at the state level notwithstanding the fact that's not taken at the federal level to accomplish the filing you'll need to create an account which you do so by clicking the register button and it prompts you through there I'm not going to keep this relatively short I'm not going to go through the process of creating an account that ask you for your your name your address an email and a phone number so once you do that you can then log in to do this filing so I'm going to logging in okay and so you'll get this screen and what you want to do is you want to go to the place where it says start or manage business violence and since we're forming an LLC we'll go down to domestic limited liability company click on that and then click on certificate of organization domestic LLC then it'll prompt you to type in the name that you want to use so I'm gonna type in blue wanna creative consulting they'll ask you for a designator use LLC or you could use limited liability company but most people like to use a shorter shorter version then we'll search so once I typed in the search it's telling me that the name I selected is available so that tells me to go ahead and continue with the formation of the entity so the next thing you need to do is you need to select a registered office in Pennsylvania for the LLC and this can be your house this can be your apartment it's got to be a physical address so I'm going to type in an address assuming it's right here at Terra Hall for the purposes of this I should add that Pio boxes are not suitable they have to be physical addresses so once I've once I've selected an address I need to identify the organizer for the business the organizer could be an organization or it could be an individual for purposes of this exercise we're going to assume that it's an individual so I tell the system that it's an individual I'll type in my name and you only need to identify one organizer so for purposes of this exercise I'm going to assume that this is a single member LLC owners of LLC's are called members where as owners of corporations are called shareholders so when I say member that just means owner and so I'm going to assume that Blue Iguana creative consulting is a single member single owner LLC and most of the time what makes the most sense is especially if it's your company that you list yourself as the organizer and that's what I'm going to do here okay and then so once I input the information I hit add organizer and the next screen will show the information that I've input for myself and there is no need to put a list any more than one organizer so I'm going to leave it at that then I'm ready to save and continue this next screen is a series of questions that the system asks you the first question is is there any specified effective date typically I leave this blank when I form LLC's for people there's typically no reason to have the effective date anything other than the date that the Commonwealth gets around to officially processing this thing there could be some reason that you want to set a an artificial date in the future you know if you if you want it to be clear that you're not doing business before a certain date you could input that information in this in this top box I'm going to assume that that's not the case here the next question you have to deal with is the statement a members interest in the company is to be evidenced by certificate of membership interest most of the time especially if it's a single member LLC I would select not applicable it's less paperwork that way the next question is management of the company is vested in a manager or managers so the day-to-day operation of the LLC could be conducted by someone who's not a member and in that case that person such a person would be called a manager so you might see this in a in an LLC that's set up to run a restaurant so you have the chef the celebrity chef is the single member but that and he or she you know comes up with the menu and and runs the kitchen but has a manager that runs the books and deals with all the vendors and things like that that would be an example of a scenario like that in this case it's a single member LLC click not applicable this last question here is the the statement is the company is a restricted professional company organized to render the following restricted professional services I'm going to assume that that's not applicable this refers to certain professions that where licensure is required like law medicine accounting engineering and when you have a business like that you have to pay additional fees every year $500 a year and if I'm going to assume that this is creative consulting so that's not such a business unfortunately for all those involved in that so now the next screen is I have to identify an individual responsible for initial tax reports so I'm going to identify myself I have to provide the address for that person all right it does ask you for an EIN most of the time I wait to get the ein until after I form the entity and so in this case I'm going to leave this this box blank and I'm going to show you after on go through all the steps to form this entity how to get a federal ein and the the bottom box here I have to describe the business activity I'll describe it as creative consulting and related services then I can save and continue' it now asked me if there's any additional documentation I want to attach in connection with this entity sometimes if there are if you're forming a non-profit entity there might be additional documentation or statements that you have to make in connection with seeking nonprofit status but that's not the case here so I'm just going to leave that alone and hit save and continue now I have a signature page it's asking and it's it's an electronic signature page and it's asking me to verify that I'm authorized to execute the document there's a box at the lower right hand corner that says review filing and I always do that before I go and process the application because I want to make sure I didn't make any mistakes and you'll see it has in summary form all of the information that i typed in so once once I am sure that I have that right so we go to the bottom of the page and it says proceed to cart fee $125 so it's at this point we would use our credit card to pay the $125 government filing fee so now once I pay for once I pay the fee then I want to click on home because that is going that is where you can pick up so to speak you are temporary electronic certificate and you would go to my completed business filings now here this says no filings to display because I didn't actually pay for this but it would appear as something you could download so you'll you'll get a temporary certificate and then before too long usually in a day or two sometimes the same day depending on how quickly they're processing things you will get an email sent to you which you can access a link and get the actually the time stamped electronic form of the of the certificate of formation you would print that out have that with you because that's one of the two things you're going to need to open up a bank account for this for this LLC all right so now the next step is to get the ein or employee or employer identification number and that's the tax number that the IRS would assign to your your business your LLC so I go to irs.gov type in ein in the search bar click the link that says apply for an EIN or online that says apply online now and click begin application so you have to identify what type of legal structure is applying for an EIN and you would select LLC it continue ask use how many members are in the LLC and the state it gives you some information on tax treatment I'm going to assume that in this case that it's going to be what's called pass through taxation that is there isn't going to be separate taxation of the entity at the entity level so that if I in a given tax year after expenses I clear a thousand dollars operating this business that income is going to flow through to me and that will be taxed as regular income it would be dealt with by Schedule C when you're on your form 1040 so the default setting for a single member LLC is exactly that the pass through taxation that the entity is disregarded it says why is the LLC requesting an ein there are a number of options started a new business hired employees banking purposes change type of organization purchase tax active business so if you were previously operating this business as a sole proprietor then you'd hit change type of organization if this is I'm going to assume that this is starting a new business so I'm going to click that it's going to ask you who the responsible party the LLC is and I'm going to assume that I am so your choices are individual or existing business I'm an individual you have to type in your name and social security number that says choose one I would I would choose that I am one of the owners members or the managing member of this LLC as opposed to being a third party will ask you for a physical address okay so once I've selected an address for the LLC they ask you for some additional information most of which is self-explanatory so I they want the name make sure that you use the very same name you just registered as on the pennsylvania website you had hit pennsylvania for where the are the state or territory where the articles or organization are being filed because we just filed them in electronically in harrisburg i'm recording this video in january so i would type in january 2017 as the LLC start date then it asks you a series the next screen asks you a series of questions about the LLC and you know these are questions about is there are you running a trucking business are you involved in gambling wagering are you going to be filing quarterly excise tax returns are you in the business of alcohol selling alcohol Tobacco Firearms and are you expecting to have any employees with the with the company in the next year I'm going to for simplicity's sake I'm going to assume that that's not the case and realize that owners are members of an LLC aren't necessarily in an employer-employee relationship with the LLC if especially if it's a single-member LLC you are an owner and the income you make passes through to you but there's not going to be necessarily an obligation to do withholding but you will be paying quarterly self-employment taxes if the income is a sufficiently large percentage of your overall income then it asks what what does your business do consulting not being listed here to start with you hit other and then consulting appears as an option under other that yes you do you provide operating advice and assistance to businesses and other organizations the answer be yes they say specify a little put creative consulting and related services all right so this screen asks you how how would you like to receive your EIN confirmation letter I would suggest you pick receive the letter online because you receive it instantaneously within a few seconds so this screen much like the Pennsylvania website corporation website gives you the option to look over all the information you've put in there and here is where I'm going to stop because I don't want to form this entity for real but you'll see that there is a button that says submit to send your request and receive your EIN and if I were to click that rather than close out of this page which is what I'm going to do I would then get a letter generated to me and I would print that out and take that to the bank along with the certificate of organization and with those two items I could open up a business checking savings account for this entity then the last step which I'm not going to go through in detail is getting a if you are I'm going to assume that this this business I just formed is going to actually be you know doing business in Philadelphia and in that event you need to get a Philadelphia mercantile license or aggregates now it's called an activity license a commercial activity license go to business dot phila.gov/ready and they will direct you to the place on the site where you can obtain an activity license you would then submit both your EIN and your Philadelphia tax account number and at once you do that you are then set up within the Philadelphia tax system and as well as the federal and you're good to go [Music]