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- Create corporate bylaws, which lay out the operating rules for your corporation. Hold the first meeting of the board of directors. Issue stock certificates to the initial owners (shareholders) of the corporation. Obtain any licenses and permits that are required for your business.
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Mar 28, 2024 · Jason Cother, CNN Underscored Money. Published 8:19 AM EDT, Thu March 28, 2024. iStock/FreshSplash. If you have big dreams for your small business, you might want to skip your LLC phase and head...
May 3, 2023 · 8 steps to incorporate a business. Incorporation may look different from state to state, but the basic process is the same. Before you get started, it may be helpful to consult with a legal or financial professional to determine if incorporation is the right choice for your business. 1. Choose a business name.
- Rachel Christian
- Choose A Name For Your Corporation
- Appoint Initial Directors
- File Articles of Incorporation
- Draft Corporate Bylaws
- Hold The First Board of Directors’ Meeting
- Issue Stock
- Draft A Shareholders’ Agreement
- Get An Employer Identification Number
- Get Business Permits, Licenses and DBAs
Choosing a business name is the first important step in forming a corporation. Your business name must be different from the names of existing businesses in your state. You can search name availability online at the website of the secretary of state or other state agency responsible for business filings. Each state office has specific rules in rega...
The board of directors oversees the overall direction of your company―the “big picture.” To incorporate, you’ll need to appoint an initial board, but you can replace this temporary board with a more permanent one after your corporation has been formed. Different states have different requirements for the number of people who must be on your board. ...
To create a new corporation you will file a legal document called the articles of incorporation with your state business filing agency (usually the secretary of state). In most states, you can complete this process online. Although requirements can vary from one state to another, the articles of incorporation will typically include: 1. Your corpora...
Some states require corporate bylaws to be recognized legally as a corporation. Corporate bylaws are rules and regulations of a corporation outlining how it operates. You can draft bylaws either before or after you’ve submitted your corporate formation documents. Corporate bylaws provide a roadmap for how the company will be run and how decisions w...
Once your corporation has been officially formed and bylaws have been drafted, hold a meeting of the initial board of directors. Be sure to follow the notice guidelines in your bylaws. At this meeting, the directors usually appoint a permanent board, approve the bylaws, appoint officers to run the company’s day-to-day business, establish the corpor...
Issuing stock to the shareholders is one of the first formal corporate actions after forming a corporation. Make a record of the shares issued to each shareholder and the price paid. A share of stock represents a unit of ownership. A corporation is owned by its shareholders and shareholders make a contribution to the corporation for shares of owner...
Although optional, a shareholders agreement can contribute greatly to the success of your business over the long haul. A shareholders agreement is a contract between the owners of a small company. It determines how ownership will be managed if a shareholder dies, retires, becomes disabled or leaves the company. Signing a shareholders’ agreement in ...
An employer identification number (EIN) allows the IRS to identify your business for tax reporting. It is similar to a Social Security number, but for your business. A corporation is required to obtain an EIN, and you’ll need it to open a bank account, set up payroll withholding and set up state tax accounts. You can get an EIN quickly and at no ch...
Most businesses need some type of business license or permit, but the requirements for your business will depend on where you’re located and what industry you’re in. Some states and many localities require all businesses to have a general business license. Many industries, such as alcohol and firearms sales, aviation and restaurants, require additi...
Amendment VIII. Reverse incorporation. References. Further reading. Incorporation of the Bill of Rights. In United States constitutional law, incorporation is the doctrine by which portions of the Bill of Rights have been made applicable to the states.
The term corporation comes from the Latin corpus, which means body. A corporation is a body--it is a legal person in the eyes of the law. It can bring lawsuits, can buy and sell property, contract ...
Follow these steps to start your corporation: Choose an available business name that complies with your state's corporation rules. File formal paperwork, usually called "articles of incorporation," and pay a filing fee. Appoint the initial directors of your corporation.
Nov 2, 2023 · Incorporating yourself comes with tax and legal benefits. Learn how to incorporate, the pros and cons of doing so and your ongoing requirements.
