When should you incorporate a business? The short answer is to do it prior to starting or launching the company. The sooner your business incorporates as an entity formation, the sooner it receives limited liability protection that ensures the safety of your personal and professional assets.
However, is there a “best” time to incorporate a business? For example, is it better for a business to incorporate during a specific season, such as spring or winter? How much of a factor does timing play in business incorporation?
Let’s examine two of the most popular options for incorporating a business: choosing a delayed filing versus incorporating now instead of at a later date.
Choosing a delayed filing to incorporate your business
What’s a delayed filing?
There are three types of filing options available to entrepreneurs. Small business owners may choose a standard or expedited filing for their business. (More about those two options in a moment.) Or they may choose to file as a delayed incorporation filing.
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A delayed incorporation filing gives small business owners the chance to pick the effective date that their startup is officially in business. This is often a popular choice for businesses incorporating at the end of the year.
Example of a delayed incorporation filing
Let’s use an example: Deborah’s Doughnuts wants to incorporate its business in November and plans to submit its filing paperwork that same month.
However, it can be difficult for businesses to attempt to quickly incorporate in the final months of the calendar year. Many Secretary of State offices become backlogged with high volumes of filing paperwork, causing them to complete incorporation paperwork in the order in which it is received. If Deborah’s Doughnuts completed a standard filing, for example, it’s possible that the business may not be incorporated that same year. The company would essentially have to sit back and hang tight until it’s their turn.