Benefits of Using a Business Formation Service

Introduction to Business Formation

If you’re a startup founder or small business owner, you need to know the benefits of using a business formation service to get your business off the ground. This article will cover the top benefits of using a business formation service including how they save you time, help you avoid costly mistakes, ensure compliance and simplify the whole process of starting and running your business.

A business formation service is a company that helps entrepreneurs legally set up their businesses by handling paperwork, compliance and ongoing support. By using a business formation service you can save time, avoid costly mistakes and get your business set up right from the start. Knowing these benefits matters because the early decisions you make will have a lasting impact on your business’s legal status, financial health and growth.

Main Benefits of Using a Formation Service

• Simplifies the process: Business formation services such as Firstep make the registration process simple for new business owners. Having experts deal with the formation and maintenance of the business ensures everything is set up correctly and that there are no mistakes, which can be costly.

• Avoids common mistakes: Our services are able to help new business owners avoid any mistakes on their filings, and can help reduce costs of paying fines, late fees, or reinstatement costs.

• Ensures compliance: Our filers are experts that have experience working with multiple different kinds of businesses. We will ensure your business meets all deadlines, avoids mistakes, and has all necessary paperwork submitted to the Secretary of State office on time so there are no late fees included on your businesses annual report fees.

• Saves time and money: Since we are able to handle all the required paperwork and filings for the business, you are able to focus on your businesses day to day operations. Running a business can get extremely busy, and we try to help reduce that burden anyway we can so you can grow your business without worry.

• All in one solution: Our services bundle multiple things such as the formation, obtaining an EIN, drafting an operating agreement, and registered agent services in one package. We aim to simplify the process for setting up your business to give business owners an option to include multiple services on our packages so you only need to go to one place for all your business needs.

Benefits of Using a Formation Service

Hiring a business formation service can simplify the process of starting a business by providing expert guidance and support. Our services ensure your business is within state requirements and guidelines, and allow you to avoid any of the hassle that comes with those issues.

Accurate and Timely Filings

We handle all the formation documents and filings, ensuring accurate and timely submissions of all required paperwork.

Our filers are experts in this area and understand the ins and outs of each state, ensuring all filings submitted by us are accurate and compliant with all state guidelines and regulations.

All-in-One Services

Additional services most businesses are required to have are all in one place. This includes a registered agent, banking and operating agreements, and obtaining an Employer Identification Number (EIN) so you can operate your business with confidence from Day 1.

You can pick and choose which services you want based on your business needs, cancel or add on at any time, or select one of our formation packages to bundle and save.

Ongoing Compliance Support

Ongoing compliance and annual renewal subscription helps keep your business in good standing with the state and allows owners to focus on daily operations.

Our services often include compliance monitoring, filing reminders, and annual report submissions. With the subscription option we will automatically renew your business each year with our "set it and forget it" model.

State Correspondence Handling

If necessary, we will handle all correspondence we are able to with regards to the state offices, allowing you to avoid long wait times and complicated requirements.

Our registered agent services ensure all important state and legal documents are delivered to you in a timely fashion and are available during regular business hours to collect these. This allows you to not be required to be at your listed business address all day, and can focus on the day to day operations of your business, wherever that requires you to go.

Expert Filers

Our filers are experts in this area and understand the ins and outs of each state. This allows us to give verified answers if we speak on the phone, and ensures all filings submitted by us are accurate and compliant with all state guidelines and regulations.

As you can see, we are much more than a service that only forms your business. Our hope is that our clients continue with us far after their business is formed due to multiple helpful services and readily available expert advice.

One of the most important ongoing compliance tasks is filing your annual report, which our service can handle for you.

Scaling With Your Business Needs

Business formation services simplify the growth and evolution of your business while staying compliant with state guidelines. Having the ability to utilize the multiple different services, while having expert advice available to you makes scaling and growing your business much less complicated.

Whether you plan to hire employees and will need an EIN, or plan to expand into doing business in another state, our services are here you do this in the most efficient way. The right business formation service should be able to give you plenty of options on the future of your business and be able to keep all options open in regards to expanding and increasing the size of the business.

Throughout all of this, a huge factor is keeping your business in good standing. This is one of the main issues businesses face regarding staying registered as a legal business entity, and our compliance management services ensure you are up to date and correctly filing all required documents.

Annual Report Automatic Renewal Subscription

What is an Annual Report?

Whether you are a new business or have been in business for multiple years, you will be required to file an annual report. An annual report is a document that lets the state office know of any changes to the business address, registered agent, or ownership, and ensures your business is in good standing each year. This information must be accurate and updated yearly to avoid additional fees or fines on top of the state filing fees. These renewal dates can vary from state to state so it's important to understand the guidelines released from the state you are operating in.

Why Timely Filing Matters

• The state can mark your business as administratively dissolved if your annual report is not kept up to date.

• Administrative dissolution impacts your legal compliance and the personal asset protections that come with having an LLC or Corporation. This means your business liabilities and assets are at risk along with your personal assets such as your home, car, and savings.

• Overlooking or forgetting to file annual reports can lead to costly mistakes and late fees that can add up quickly.

How Our Subscription Helps

One of the services we offer is the annual report renewal subscription. Here’s how we make the process easy:

1. Tracking Deadlines: We keep track of your business’s annual renewal date, which varies depending on when and where your business was formed.

2. Reminders: We send out reminders when your business is almost due, ensuring you are aware of any changes or updates that need to be made.

3. Accurate Filing: We ensure your business’s report is filed on time and accurately.

4. Confirmation Documents: After filing, we send over your confirmation documents so you have access to them for your personal records.

   

Conclusion

Using a business formation like Firstep Business Solutions allows startup founders and small business owners to have a peace of mind by making the setup, compliance, and support simple for their business. Allowing our experts to handle the paperwork and business maintenance requirements lets you focus on growing your business and the day to day operations. If you feel like you are ready to take the next step, have a look at our services and see which ones fit your needs the best.