You should research the legal requirements if you are all set to open your lawn care business. Landscaping Dublin OH is a legal company that serves all your lawn care needs.
There can be many factors that should be looked into while making your company legal. Let us go through some of the required steps while making the company legal.
Select Business Name
The name is important for your business, and you should find a unique name. You should shortlist some preferable names and search for them in the state business database. When there are no same names, it will be easy for you to choose them. Though it seems a very easy task, selecting names can be tricky.
Obtain EIN or Employee Identification Number
When you have decided to open a company, it must possess some employees who will work for the business. You are required to apply for the Employee Identification Number. For identifying the bank account and the tax updates of the employer, the EIN is required by the Internal Revenue System.
Online applications are accepted by the IRS( Internal Revenue System). After the application, when the confirmation page appears, take the print and take note of the number. The number will be required for accessing the accounts in the future.
Open a Bank Account
Business requires a bank account for financial transactions. When you open a business account, your assets remain separate from the company. The tax filing operations and the accounting process are more manageable with a separate business account.
Your vehicle and home remain safe in case of any adverse situations when you are sued. You can apply for a credit card from your bank, and the habit of maintaining the credit will help while you apply for any financing. The Lawn Care Services Upper Arlington OH is a professional company that has gone through all the legal requirements.
Register Your Company
Your company must be registered as a legal entity separate from the assets. It helps in protecting all your assets from business debts and when the company gets sued.
You can select your business structures among
- Limited Liability Corporations( LLC)
- Sole Proprietorship
Most lawn care companies remain LLCs because the risk involved in this type of business is lesser than the sole proprietorship business.
Some business owners prefer S-corporations as it helps them in saving taxes. Make sure you understand all the pros and cons of different types of business before selecting the type of business.
A proper license is required for the business and should be obtained before starting the business. You should go through the licensing requirements of the state website and apply accordingly. You may consult a lawyer to check all your licenses are in order.
Various certifications are available, and obtaining them can help build confidence when starting a new business. The National Association Of Landscape Professionals provides several certifications to help you stand out from the crowd.
Proper insurance is required for the lawn care company. You can possess one or more of the policies
- Property Insurance
- General Liability Insurance
- Commercial Auto Insurance
- Worker’s Compensation Insurance
The landscaping in Dublin Oh should be done legally by certifications and licenses. When you open a separate bank account and possess insurance, you and your employees remain safe from financial and medical emergencies.