On this page · 10 sections
- Why Form an LLC for Your Agency in New Hampshire?
- Choosing a Name for Your New Hampshire Agency LLC
- Appointing a Registered Agent in New Hampshire
- Filing the Articles of Organization in New Hampshire
- Crafting Your New Hampshire LLC Operating Agreement
- Obtaining Your EIN for Your New Hampshire Agency LLC
- Understanding New Hampshire State Taxes for Agencies
- Licenses and Permits for New Hampshire Agencies
- Annual Requirements for New Hampshire LLCs
- LLC vs. Other Business Structures in New Hampshire
Why Form an LLC for Your Agency in New Hampshire?
Forming a Limited Liability Company (LLC) for your agency in New Hampshire offers a compelling blend of operational flexibility and personal liability protection. New Hampshire, often lauded for its business-friendly climate, presents unique advantages, particularly for agencies looking to tap into the vibrant New England market. The state's notable absence of a statewide personal income tax on wages and its straightforward business tax structure can significantly impact your bottom line. This means your employees take home more of their earnings, and your agency might face a simpler tax compliance burden compared to states with more complex income tax systems. Furthermore, New Hampshire's proximity to the major economic hub of Boston provides unparalleled access to a vast client base, talent pool, and networking opportunities, making it an attractive location for agencies of all types, from digital marketing and creative services to consulting and PR firms. The LLC structure itself is designed to shield your personal assets—such as your home, car, and savings—from business debts and lawsuits. If your agency faces financial difficulties or legal challenges, your personal assets remain protected, offering crucial peace of mind. This separation is fundamental to entrepreneurial security. Beyond liability protection, an LLC offers pass-through taxation, meaning the business itself doesn't pay federal income tax. Instead, profits and losses are passed through to the owners' personal income tax returns. This avoids the potential for double taxation that C-corporations can face. For an agency, this can mean a more efficient tax process and potentially lower overall tax liability, especially for smaller or growing businesses. The administrative requirements for an LLC are generally less burdensome than those for a corporation, offering a good balance between formality and ease of operation. This allows you to focus more on growing your agency and serving your clients rather than getting bogged down in complex corporate compliance. The Granite State's commitment to maintaining a competitive business environment, coupled with the inherent benefits of the LLC structure, makes New Hampshire a strategic choice for agency founders aiming for both growth and security. It's about building a sustainable business while safeguarding your personal financial well-being, a balance that the LLC structure in New Hampshire helps achieve effectively. The state's clear regulatory framework, while requiring attention to detail, is navigable, especially with the right resources. Choosing the right structure from the outset is a critical decision that impacts everything from taxation to legal standing, and for many agencies, the LLC in New Hampshire is the optimal path forward.
Choosing a Name for Your New Hampshire Agency LLC
Selecting the right name for your New Hampshire agency LLC is more than just branding; it's a critical step that ensures legal compliance and market distinctiveness. New Hampshire, like all states, has specific rules governing LLC names to prevent confusion and maintain clarity in the business registry. The primary requirement is that your chosen name must be unique and distinguishable from any other business entity already registered with the New Hampshire Secretary of State. This means no identical names and no names that are too similar to existing ones. To check for availability, you'll need to conduct a business entity search on the New Hampshire Secretary of State's website. This search is your first line of defense against potential name conflicts and the costly process of rebranding later. Beyond uniqueness, your LLC name must include a designator that clearly indicates it's a limited liability company. Acceptable designators in New Hampshire include 'Limited Liability Company,' 'LLC,' or 'L.L.C.' Using one of these is mandatory and signals your business structure to the public and regulatory bodies. You cannot use designators like 'Inc.,' 'Corp.,' 'Ltd.,' or 'Co.' if you are forming an LLC. There are also restrictions on certain words. For instance, you cannot use words that imply your agency is a bank, trust company, insurance company, or government entity unless you have specific authorization or meet stringent regulatory requirements for those industries. Names that are misleading or suggest a purpose or scope of business that the LLC does not actually have are also prohibited. For an agency, consider names that reflect your specialization, creativity, or client focus. Think about whether you want to include your surname, a location-based identifier (though 'New Hampshire' itself might be too broad for a unique name search), or a descriptive term related to your services. For example, 'Granite State Marketing LLC' or 'Portsmouth Creative Group, LLC' might be viable options, provided they pass the availability check. Once you've identified a potential name, it's wise to consider reserving it if you're not ready to file immediately. New Hampshire allows name reservations, typically for a period of 90 days, by filing a 'Name Reservation Application' with the Secretary of State. This ensures that your preferred name won't be taken while you finalize your formation documents. Remember, the name you choose will appear on all official documents, including your Articles of Organization, contracts, and marketing materials. It’s the first impression many potential clients and partners will have. Lovie can assist you in checking name availability and understanding these requirements, ensuring your chosen name meets all New Hampshire state regulations before you proceed with filing. A well-chosen, compliant name sets a professional foundation for your agency's future success.
Appointing a Registered Agent in New Hampshire
Every New Hampshire LLC is required by state law to designate and maintain a Registered Agent. This individual or business entity serves as the official point of contact for your agency, responsible for receiving important legal documents, official government correspondence, and service of process (lawsuit notifications) on behalf of your LLC. The Registered Agent's physical address, known as the 'registered office,' must be located within New Hampshire and be accessible during standard business hours. Failure to maintain a registered agent can lead to serious consequences, including the administrative dissolution of your LLC by the state. You have a few options for who can serve as your Registered Agent. First, you can appoint yourself or another member of your LLC, provided you meet the physical address and availability requirements. However, this means your personal or business address becomes a public record, and you must be consistently available during business hours to accept potentially sensitive legal documents. This can be inconvenient and may compromise your privacy. Second, you can appoint a trusted individual, such as a friend or family member, who has a physical New Hampshire address and can reliably receive documents. Similar to appointing yourself, this requires careful consideration of their availability and discretion. The third and most common option for agency owners is to hire a commercial Registered Agent service. These professional services specialize in fulfilling this role. They have established offices in New Hampshire, are available during business hours, and have systems in place to promptly notify you upon receipt of any documents. Using a commercial service offers significant advantages: it ensures compliance, protects your privacy by keeping your personal or agency address off public records for this purpose, and provides peace of mind that critical documents won't be missed due to travel or unavailability. Lovie provides professional Registered Agent services as part of its comprehensive formation package. This ensures your agency meets this fundamental state requirement seamlessly. When selecting a Registered Agent, consider their reliability, responsiveness, and the security of their process for forwarding documents to you. The Registered Agent is a critical link between your business, the state government, and the legal system. Choosing wisely is essential for maintaining your LLC's good standing and protecting your agency from potential legal complications. Ensure the agent you choose has a physical street address in New Hampshire, not just a P.O. Box, as required by statute. This role is not merely administrative; it's a legal necessity for your LLC's ongoing compliance and operational integrity.
Filing the Articles of Organization in New Hampshire
The cornerstone of forming your New Hampshire LLC is filing the Articles of Organization (sometimes called a Certificate of Formation) with the New Hampshire Secretary of State. This document officially creates your limited liability company in the state. While the process is straightforward, accuracy and completeness are crucial. The Articles of Organization typically require specific information, and understanding each component ensures a smooth filing process. You'll need to provide the official name of your LLC, which must comply with the naming rules discussed previously, including the required designator (LLC, L.L.C., or Limited Liability Company). You must also state the name and physical street address of your Registered Agent in New Hampshire. This is the address where legal notices will be sent. The document will also ask for the principal business address of your LLC. This is the main place where your agency conducts its operations. If your agency is managed by its members, you'll typically indicate that. If it's managed by appointed managers, you'll need to provide information about them. The filing fee for the Articles of Organization in New Hampshire is currently $100. This fee is paid to the Secretary of State at the time of filing. You can typically file online through the Secretary of State's website, by mail, or in person. Online filing is often the fastest and most convenient method, providing immediate confirmation and quicker processing times. The processing time for LLC formation in New Hampshire can vary. Online filings are usually processed within a few business days, while mail-in filings might take longer, potentially one to two weeks, depending on the volume of submissions. Expedited processing options may be available for an additional fee if you need your LLC formed more quickly. It's important to ensure all information provided is accurate and truthful, as errors can lead to delays or rejection of your filing. Once the Secretary of State approves and files your Articles of Organization, your LLC legally exists. You'll receive a confirmation or file-stamped copy of your document, which serves as proof of your LLC's formation. This document is essential for opening a business bank account, applying for an EIN, and obtaining necessary licenses and permits. Lovie's platform is designed to guide you through this process, preparing and submitting the correct documents to the New Hampshire Secretary of State on your behalf, ensuring compliance with all state requirements and minimizing the risk of errors. We handle the submission of your Articles of Organization, including payment of the state filing fee, making the formation of your agency LLC as seamless as possible.
Crafting Your New Hampshire LLC Operating Agreement
While New Hampshire does not legally require LLCs to have an Operating Agreement, it is an absolutely essential internal document for any agency owner. Think of it as the internal rulebook for your LLC, dictating how the business will be run, owned, and managed. A well-drafted Operating Agreement is crucial for clarity, preventing disputes among members, and reinforcing the liability protection that the LLC structure provides. For a multi-member agency, this document is non-negotiable. It outlines each member's ownership percentage (often referred to as 'membership interest'), their initial contributions (capital, property, or services), and their rights and responsibilities within the agency. It details how profits and losses will be allocated and distributed, which may not necessarily be in proportion to ownership. The agreement also specifies how decisions will be made, including voting rights and procedures for major actions like taking on debt, selling assets, or admitting new members. For single-member LLCs, an Operating Agreement is still highly recommended. It helps to demonstrate to the IRS and state authorities that the LLC is a separate legal entity from its owner, which is vital for maintaining liability protection. It can also serve as a roadmap for future growth, outlining how new members might be added or how the business could be sold. Key provisions to include in your agency's Operating Agreement are: definitions of membership interests and capital contributions; procedures for admitting new members and handling the departure or death of existing members (buy-sell provisions); management structure (member-managed vs. manager-managed); rules for meetings and voting; procedures for distributing profits and losses; and guidelines for amending the agreement itself. It should also clearly state that the LLC is organized under the laws of New Hampshire. While Lovie doesn't provide legal advice or draft custom Operating Agreements, we strongly advise all our clients to create one. You can find numerous templates online, but it's often best to consult with a legal professional specializing in business law to ensure your agreement is comprehensive and tailored to your specific agency's needs and New Hampshire's legal framework. An Operating Agreement solidifies your agency's internal governance and provides a clear framework for operations, contributing significantly to its long-term stability and success. It’s the internal blueprint that ensures smooth sailing, even when faced with complex business decisions or member changes. This document is critical for demonstrating the separateness of your business from your personal affairs, reinforcing the shield of limited liability.
Obtaining Your EIN for Your New Hampshire Agency LLC
An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States. For your New Hampshire agency LLC, obtaining an EIN is a crucial step, especially if you plan to hire employees, operate as a corporation or partnership for tax purposes, or open a business bank account. Even if your LLC is a single-member entity with no employees, many banks require an EIN to open a business checking account, distinguishing your personal finances from your business finances. This separation is fundamental to maintaining the liability protection that an LLC provides. The process of obtaining an EIN is free and can be done directly through the IRS website. You'll need to complete Form SS-4, Application for Employer Identification Number. The application requires information about your LLC, including its legal name, address, the name and Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) of a principal officer or member, and the type of business entity. If you don't have an SSN or ITIN, you may still be able to obtain an EIN through alternative methods, such as by mail or fax, though this process typically takes longer. For most domestic applicants, applying online via the IRS website is the fastest way to get an EIN. You can receive your EIN immediately upon successful completion of the online application. Lovie assists with the EIN application process by preparing and submitting Form SS-4 to the IRS on your behalf after your LLC is formed. This service ensures that the application is correctly filled out, reducing the chances of errors or delays. The EIN is essential for various tax and employment purposes. It's used for filing federal tax returns, reporting wages paid to employees, and is often required by vendors and partners for tax reporting purposes. Without an EIN, you may face difficulties in conducting essential business operations, such as securing financing or establishing merchant accounts. It's important to note that an EIN is for tax identification purposes and does not grant any special operating privileges or licenses. It's a foundational requirement for operating your agency as a formal business entity in New Hampshire and across the United States. Securely storing your EIN confirmation letter is vital, as it's a key piece of information for your business's financial and legal compliance. The IRS does not charge a fee for an EIN, so be wary of any third-party services that charge exorbitant fees for this basic government-issued number, beyond what a reputable formation service might charge for the convenience of handling the application for you.
Understanding New Hampshire State Taxes for Agencies
New Hampshire presents a unique tax environment for businesses, and understanding its specific taxes is crucial for your agency's financial planning and compliance. Unlike many states, New Hampshire does not impose a general sales tax or a personal income tax on wages. This is a significant draw for businesses and employees alike. However, it does have two business taxes that apply to most entities, including LLCs: the Business Profits Tax (BPT) and the Business Enterprise Tax (BET). The Business Profits Tax is levied on the net income of businesses operating in New Hampshire. The BPT rate is currently 7.7% as of 2026. This tax applies to your agency's net income derived from business activities within the state. If your agency generates profits in New Hampshire, you will likely be subject to the BPT. The threshold for BPT liability is relatively low, meaning even small amounts of profit can trigger the tax obligation. The Business Enterprise Tax is a tax on the gross receipts of businesses, less certain allowable business deductions. The BET rate is currently 0.675% as of 2026. This tax is applied to the value of services and tangible property used in the state. The BET is designed to capture revenue from businesses that might otherwise have minimal taxable income under the BPT, such as service-based businesses with high revenues but lower profit margins. There is a threshold for BET liability, which is adjusted annually for inflation. If your agency's gross receipts exceed this threshold, you will be subject to the BET. It's important to understand how these two taxes interact. Businesses may be subject to both the BPT and the BET. The BET is calculated on a broader base, while the BPT is on net profits. Both taxes are administered by the New Hampshire Department of Revenue Administration. Filing requirements typically involve annual returns for both taxes, due by April 15th, or the 15th day of the fourth month following the close of the tax year. Estimated tax payments may also be required throughout the year if your tax liability is expected to exceed a certain amount. For an agency, especially one operating in creative, marketing, or consulting fields, understanding the nuances of gross receipts versus net profits is key. Revenue from services rendered to clients within New Hampshire is generally subject to these taxes. If your agency has employees, you will also need to comply with New Hampshire's withholding tax requirements for unemployment insurance and other payroll-related obligations. Lovie helps you understand these obligations, but consulting with a qualified New Hampshire tax professional or accountant is highly recommended to ensure accurate filing and compliance with the BPT and BET, maximizing any available credits or deductions specific to your agency's operations. Navigating these state-specific taxes is a vital part of operating successfully in the Granite State.
Licenses and Permits for New Hampshire Agencies
Operating an agency in New Hampshire requires adherence to various licensing and permitting regulations at the state, county, and local levels. While New Hampshire is known for having a generally streamlined business environment, specific licenses and permits are necessary depending on your agency's industry, services, and location. The first step is to determine the general business registration requirements. All businesses operating in New Hampshire must register with the Secretary of State, which is accomplished through the filing of your LLC's Articles of Organization. Beyond this initial formation step, specific industry licenses are often required. For agencies, this can vary widely. A digital marketing agency might not need specific state licenses beyond general business registration, but a financial consulting agency would require specific licenses related to financial advising, potentially regulated by the New Hampshire Bureau of Securities Regulation or federal bodies like the SEC. Similarly, an agency offering services in healthcare, legal, or real estate fields will face stringent licensing requirements governed by their respective state boards. You can explore the New Hampshire Department of Business and Economic Affairs (BEA) website for a comprehensive list of state agencies and licensing boards. Many municipalities also have their own local business license requirements. You may need to obtain a business certificate from the town or city clerk where your agency is physically located. This is often a simple registration process but is mandatory for operating legally within that municipality. Some counties may also have specific permit requirements. For example, if your agency operates out of a commercial space, you might need occupancy permits, zoning permits, or health department permits, depending on the nature of the space and its use. Professional licenses are particularly important for agencies whose owners or key personnel hold specific professional credentials. These could include licenses for accountants (Certified Public Accountant - CPA), engineers, architects, real estate brokers, or therapists. The New Hampshire Board of Professional Licensing oversees many of these professions. It's essential to research the specific requirements for your agency's niche. Failure to obtain the necessary licenses and permits can result in significant fines, penalties, and even the forced closure of your business. Lovie can help you navigate the initial formation and federal requirements, but researching and obtaining specific state and local licenses and permits is your responsibility. We recommend thoroughly investigating the requirements for your particular agency type and location. Resources like the New Hampshire Business Resource Center can provide guidance, and consulting with local business advisors or attorneys familiar with New Hampshire regulations is a wise investment to ensure full compliance. Staying informed about and compliant with all licensing and permit obligations is fundamental to the legitimate and successful operation of your agency in the Granite State.
Annual Requirements for New Hampshire LLCs
Maintaining your New Hampshire LLC's good standing requires fulfilling ongoing annual obligations. These requirements are designed to keep your business legally active and compliant with state regulations. The primary annual requirement for LLCs in New Hampshire is the filing of an Annual Report. This report provides an update to the state on your LLC's basic information, ensuring the accuracy of public records. The Annual Report must be filed with the New Hampshire Secretary of State each year. The due date for the Annual Report is typically the first day of the month in which your LLC was originally formed. For example, if your LLC was formed on March 15, 2026, your Annual Report would be due by March 1, 2027, and then annually by March 1st thereafter. The filing fee for the Annual Report is currently $100. You can file this report online through the Secretary of State's portal, by mail, or in person. Prompt filing is essential, as failure to submit your Annual Report on time can result in penalties and eventually lead to the administrative dissolution of your LLC. This means the state could revoke your LLC's legal status, which would have severe implications for your business operations and liability protection. Beyond the state-level Annual Report, your LLC must also continue to maintain a Registered Agent with a physical New Hampshire address. If you hired a commercial Registered Agent service, ensure your contract is up-to-date and that you are forwarding any necessary information to them promptly. If you are your own Registered Agent, make sure your address is current and you are accessible during business hours. Tax obligations are also ongoing. While New Hampshire does not have a personal income tax on wages, your agency is subject to the Business Profits Tax (BPT) and the Business Enterprise Tax (BET). You must file the relevant tax returns annually with the New Hampshire Department of Revenue Administration by the established deadlines (typically April 15th or the 15th day of the fourth month after your fiscal year ends). Estimated tax payments may also be required if your projected tax liability meets certain thresholds. For agencies with employees, ongoing payroll tax compliance, including state unemployment insurance contributions and withholding taxes, is mandatory. Lovie's compliance monitoring service helps keep track of these important deadlines and requirements. We send reminders for key dates like your Annual Report filing and can assist with ongoing compliance needs. However, it is ultimately your responsibility to ensure all obligations are met. Staying on top of these annual requirements is not just about avoiding penalties; it's about preserving the integrity and legal standing of your agency. Proactive management of these tasks ensures your LLC continues to benefit from its liability protection and operates smoothly within New Hampshire's regulatory framework. Neglecting these simple annual tasks can jeopardize the very structure you worked hard to establish.
LLC vs. Other Business Structures in New Hampshire
Choosing the right legal structure for your agency in New Hampshire is a foundational decision that impacts everything from taxation and liability to administrative complexity. While the LLC is often the preferred choice for many small businesses and agencies, it's beneficial to understand how it compares to other common business structures available in New Hampshire. Sole Proprietorship: This is the simplest structure, where the business is owned and run by one individual, and there is no legal distinction between the owner and the business. While easy to set up, it offers no liability protection. Your personal assets are fully exposed to business debts and lawsuits. For an agency, this lack of protection is a significant risk. Partnership: Similar to a sole proprietorship, a partnership involves two or more individuals who agree to share in the profits or losses of a business. General partnerships also lack liability protection for the owners. Limited partnerships (LP) and Limited Liability Partnerships (LLP) offer some liability protection, but they come with more complex structures and specific requirements. C-Corporation: A C-corp is a more complex structure that is legally separate from its owners. It offers strong liability protection. However, C-corps are subject to corporate income tax, and then dividends paid to shareholders are taxed again at the individual level, leading to potential double taxation. They also have more stringent compliance requirements, including mandatory board meetings and record-keeping. S-Corporation: An S-corp is a tax election available to eligible corporations and LLCs. It allows profits and losses to be passed through directly to the owners' personal income without being subject to corporate tax rates, thus avoiding double taxation. However, S-corps have stricter eligibility requirements (e.g., limitations on the number and type of shareholders) and specific operational rules. LLC vs. C-Corp: The LLC offers pass-through taxation, avoiding the double taxation issue of C-corps. It also generally has less administrative burden and more flexibility in management structure. C-corps might be considered for agencies seeking to raise significant venture capital, as investors often prefer the C-corp structure. LLC vs. Sole Proprietorship/Partnership: The primary advantage of an LLC over a sole proprietorship or general partnership is the crucial shield of limited liability. It separates your personal assets from business liabilities. For an agency, where client work can sometimes lead to disputes or financial risks, this protection is invaluable. New Hampshire's LLC statutes are well-established, providing a clear framework for formation and operation. The flexibility in management and taxation makes it an attractive option for agencies of all sizes, from solo consultants to larger firms. While other structures exist, the LLC typically strikes the best balance between liability protection, tax efficiency, and operational simplicity for most agency owners in New Hampshire. Lovie specializes in LLC formation, making this advantageous structure accessible and straightforward for entrepreneurs.
Frequently asked questions
What is the filing fee for an LLC in New Hampshire?
The primary filing fee for forming an LLC in New Hampshire is $100 for the Articles of Organization, which you pay to the Secretary of State. There is also an annual fee of $100 for the Annual Report, due each year on the first day of the month your LLC was formed. These fees cover the basic state registration costs. Additional costs may apply if you choose expedited processing or opt for services like a commercial Registered Agent. Lovie includes these state filing fees in its formation package, ensuring transparency and convenience for your agency's formation process.
Do I need a separate business bank account for my New Hampshire LLC?
Yes, it is highly recommended and practically essential to open a separate business bank account for your New Hampshire LLC. Maintaining separate finances is critical for upholding the limited liability protection that the LLC structure offers. Commingling personal and business funds can blur the lines between you and your company, potentially making your personal assets vulnerable to business debts and lawsuits. Most banks will require your LLC's Articles of Organization and your EIN (Employer Identification Number) to open a business account. This separation also simplifies bookkeeping, tax preparation, and financial analysis for your agency.
How long does it take to form an LLC in New Hampshire?
The processing time for forming an LLC in New Hampshire can vary depending on the filing method. Online filings submitted through the Secretary of State's website are typically processed the fastest, often within a few business days. Mail-in filings may take longer, potentially one to two weeks, due to mail delivery times and the volume of applications being processed. If you require expedited processing, the state may offer options for an additional fee, which can significantly shorten the turnaround time. Lovie aims to expedite this process by preparing and submitting your documents accurately and efficiently.
What is the Business Profits Tax (BPT) in New Hampshire?
The Business Profits Tax (BPT) is one of New Hampshire's primary business taxes, levied at a rate of 7.7% (as of 2026) on the net income of businesses operating within the state. It applies to most business entities, including LLCs, that derive income from New Hampshire sources. The tax is calculated on your agency's net taxable business profits. If your agency operates in New Hampshire and generates profits, you are generally required to file and pay the BPT. It's crucial to maintain accurate financial records to correctly calculate your net income and tax liability. Consulting with a New Hampshire tax professional is advised for complex situations.
Can I use my home address as the Registered Agent address in New Hampshire?
Yes, you can use your home address as the Registered Agent address in New Hampshire if you are an individual owner and meet the requirements. However, it's important to understand the implications. Your home address will become a public record, accessible to anyone who searches your LLC's information. Additionally, you must be available at that address during standard business hours to receive legal documents, which can be inconvenient or compromise your privacy. Many business owners opt for a commercial Registered Agent service to avoid these issues and ensure reliable document delivery.
What are the annual filing requirements for an LLC in New Hampshire?
In New Hampshire, LLCs must file an Annual Report with the Secretary of State each year. This report updates basic information about your LLC and costs $100 to file. It's due on the first day of the month your LLC was originally formed. Additionally, you must continue to maintain a Registered Agent in the state. You also have ongoing tax obligations, including filing the Business Profits Tax (BPT) and Business Enterprise Tax (BET) annually, and complying with any payroll tax requirements if you have employees. Lovie's compliance tools can help you track these deadlines.
Does New Hampshire have a state income tax for LLC members?
New Hampshire does not have a state income tax on wages earned by individuals. This means that if your agency has employees or if you are a member of the LLC who draws a salary, those earnings are not subject to personal income tax at the state level. However, New Hampshire does impose a Business Profits Tax (BPT) on the net income of businesses and a Business Enterprise Tax (BET) on gross business receipts. So, while individuals don't pay income tax on wages, the business itself is taxed on its profits and enterprise value.
Lovie is not a government agency, law firm, or professional advisory organization. Lovie is a private business-formation service that prepares and submits filings to the appropriate state agencies on your behalf — we do not issue government documents, and state approval times are not controlled by Lovie. Information on this page is general and not legal, tax, or financial advice.