Have you decided what structure your business will have, but need further information about where to set it up? Georgia is one of the top states to choose from. It is no wonder that so many companies have their base there. Tax credits and financing options are some of the reasons.
TRUiC is an experienced company that will offer you all the necessary advice and tools in order to set up your business and make your dream come true. Here there is a list of the reasons that make Georgia the ideal state to start!
Are there any beneficial programs?
The answer is Yes, and the truth is that setting up a Georgia LLC is much more beneficial than a corporation.
1. Georgia Enterprise Zones
In 1997 the General Assembly enacted the so-called “Enterprise Zone Employment Act” which helps start-ups enjoy specific business benefits like local property tax exemption in accordance with section 36-88-8(a)(1) of the act. Also, there is a reduction in occupation taxes, building inspection fees, regulatory fees, and other fees as per OCGA §36-88-9(a).
2. Georgia Business Tax Credits
This is also a very important factor in choosing Georgia for your startup. It will provide it with savings, something that could be helpful for the future of your business if you intend to expand it. Here is the list with the most popular business credits:
Job Tax Credit:
A job credit can provide a savings of $1,750 annually when it comes to tax savings and it depends on where your business is situated. You can also carry forward the credit for at least 10 years if it has not been used. This will be of great help.
Mega Project Tax Credit:
If you employ a minimum of 1,800 new employees then this credit will be at your disposal. It is also valid for businesses that make a minimum investment of $450 million in the state of Georgia.
Work Opportunity Tax Credit (WOTC):
This tax credit can range from $1,200 to $9,600 per employee and it is given to the businesses that hire people who face issues in getting employed. This credit is administered by Georgia’s Department of Labor.
As an extra, here are some more benefits that your Georgia LLC can have:
- Flow through Taxation: This process will ensure that you will not have double taxations.
- Limited Liability: As an LLC owner you will be able to enjoy limited liability protection and if any issue arises your business will keep operating, for example, the incapacity of one of your stockholders.
- No Minutes of meetings: An LLC startup company in Georgia is not required to maintain any minutes of the meetings or resolutions.
- Flexibility in Profit Distribution: This benefit gives you the ability to select as you wish the way your products will be distributed.
- If you want to be sure that everything will be totally controlled then you might think of hiring a Georgia registered agent. This person will be in charge of all the legal documents like tax forms and service of process notices on behalf of your business. You do have the right to handle things on your own as an agent but, it is wiser to pick a specific person that will reassure your business’ progress.
- If you intend to hire employees in your LLC, then make sure that they are fully covered for job-related illnesses, injuries, or loss of life.
Georgia is the perfect state for a new startup business. The pros outweigh the cons and you will realize that, especially at the beginning of your career, you need to feel secure and have the state assist you all the way. Learn all the necessary information and get the chance to work with a professional company, like TRUiC, that will offer you advice and guidance on each and every step.