In his 2020 book, Tech Trends in Practice: The 25 Technologies that are Driving the 4th Industrial Revolution, Bernard Marr sets out multiple trends that are on the rise in the tech industry, including artificial technology (AI), the internet of things (IoT), wearables and multiple others. Startups in the tech industry going into 2022 may want to embrace these trends in order to maximise their chances of success.
AI and machine learning mirror human reasoning. Human reasoning relies on data, rather than a preprogrammed set of rules. AI replicates this process but in machines which allows them to learn from and process data in a more complex way.
The Internet of Things
IoT refers to devices that through their connection to the internet are able to gather and transmit data. Well known examples of these devices include smart fridges and smart televisions. The number of these sorts of devices are growing and opportunities exist for entrepreneurs in the tech industry to create new products in the IoT.
Examples of wearables include fitness trackers and smartwatches that provide insights by monitoring activity. Smart clothing can, for example, provide feedback on the wearer’s running style and performance.
Formalising Your Startup
Entrepreneurs looking to create a startup to pursue these trends or others will need to form a business entity to do so. Prospective business owners may choose a limited liability company (LLC) structure as the business entity that is right for their startup.
LLCs are a popular choice for startups for a number of reasons. LLCs protect owners from personal liability by keeping business and personal assets separate. There are also less formalities involved than in setting up a corporation. In fact, prospective business owners looking to form an LLC in the US do not need to be physically present in the US, nor do they need to be an American citizen.
Incorporating an LLC can be complicated, especially since the requirements vary between states. While an attorney can assist with the incorporation, they will likely charge a hefty fee. A more convenient and affordable option may be an LLC incorporation service such as ZenBusiness. While there are multiple LLC incorporation services available, reviews of ZenBusiness prove that it is one of the best.
Although ZenBusiness has only been around since 2015, they have already amassed thousands of positive online customer reviews. One reason for this may be their affordability. At $39, ZenBusiness is one of the most affordable and easy to use LLC incorporation services.
ZenBusiness offers various incorporation packages. All of the prices are exclusive of state fees.
1. The Starter Package ($39)
This option includes the basics of what every LLC needs; a name availability search, preparation and filing of the LLC’s articles of association, a template of an LLC operating agreement, and a free accounting and tax assessment. This package also includes a year of free registered agent services, whereafter these services can be renewed at the cost of $119 per year.
2. The Pro Package ($149)
In addition to the services offered in the starter package, this option includes expedited filing, acquiring a company EIN number (federal tax ID number), a banking resolution template and a worry free compliance guarantee. The worry free guarantee is a significant benefit to any LLC as it includes preparation and filing of annual reports, ensuring you meet filing deadlines, as well as two amendments per year.
3. The Premium Package ($249)
In addition to the features offered on the other two packages, in the premium package, ZenBusiness will acquire a domain name for the LLC while ensuring privacy of personal information, and will set up business email addresses and a business website. The option also includes a rushed filing speed.
Prospective business owners are also encouraged to consider alternative LLC incorporation services such as IncFile, which charges $0 plus state fees for this service. LegalZoom is another alternative and perhaps the best known LLC incorporation service, charging $79 for their incorporation service. Northwest Registered Agent charges $225 and is another great option as they are known to have the best customer support available.
The world of tech is innovating fast. This makes it a prime area for new startups. Prospective business owners should consider not only what their startup will do, but also how it should be structured. One of the most popular business structures for many reasons is the LLC. Although these can be complicated to form, luckily, there are incorporation services such as ZenBusiness that can assist entrepreneurs get their business off the ground.
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