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Learn how to setup a corporation for a one owner, could have
great advantages like protection from personal liability, a greater ability to
raise funds, and lower tax liability.
Many small business owners chose a LLC because they want to avoid being
double taxed. However, if they chose a
C- corporation they have the option to be taxed only once if they choose not to
take a salary and left the profits in the company.
When it’s only one person on the corporation, there are
three positions that need to be filled by that person. Which is the president, secretary and
treasurer. The owner will also be the
registered agent unless the corporation is set up out of state, then they need
to hire a registered agent.
Now, before you set up the corporation there are steps you
need to follow:
__1. Decide on a Business Name
Keep in mind that your state may require that your
corporation's name include an identifying word such as
"incorporated," "limited," "corporation," or an
abbreviation of such a term
__2. Search Name Availability
In addition to searching for references to your
corporation's chosen business name, you also should look for similarity to
existing names. If your name is too similar to an existing name, to the point
that it causes confusion, you may not be able to register it
__3. Register Your Corporation's Name
In addition to your legal business name, you also want to
register any fictitious business name under which you conduct business.
__4. Pick a Place in Which to Incorporate
Even if your company's main operations are in one state, you
may incorporate in another if it provides advantages. For instance, a
significant number of businesses are incorporated in Delaware despite being
founded or operated elsewhere.
__5. Choose Directors for Your Corporation
The board of directors is responsible for overseeing the
operation and protecting the interests of the investors and shareholders.
Directors may be officers of the corporation, investors, or individuals with no
other stake in the company.
__6. Create and Sign Your Articles of Incorporation
The articles of incorporation are filed with your Secretary
of State's office and serve as the official charter for your corporation.
__7. Write Your Corporation's By-Laws
The by-laws outline the responsibilities of the
corporation's officers, directors, and shareholders; the overall purpose of the
corporation; and who manages which aspects of the business.
__8. Create a Shareholder Agreement
It's not always necessary to create a shareholder agreement,
or stockholder agreement, but it typically addresses the rights and
responsibilities of shareholders, including share ownership terms and
valuation.
__9. File Your Articles of Incorporation
File the articles of incorporation with your state's Secretary
of State office, and pay related filing fees.
__11. Open a Separate Bank Account
The corporation is its own entity, so you want to make sure
you open a bank account in the name of the corporation as opposed to an
individual.
__12. Start a Minute Book for Your Meetings
Keeping meticulous records will help your business
meet its goals and hold officers and board members accountable. The minute book
is a record of all discussions and actions taken at board meetings.
__13. Hold Your First Board of Directors' Meeting
Since it will be the first meeting, you will lay out the structure,
vision, and goals of the corporation and establish the tone for future
meetings.
__14. Issue Certificates to Your Initial Stockholders (if
applicable)
__15. Obtain Business licenses and Permits
- Federal
Government
- State
Government
- Your
Local Government
__16. Follow All Legal Requirements for Running a
Corporation
Corporations are more heavily regulated than other types of
businesses, so make sure you're in compliance of all local, state, and federal
requirements.
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