7 Sep 2022

64

How to Set Up a Corporation: 7 Key Steps

Format: APA

Academic level: College

Paper type: Essay (Any Type)

Words: 327

Pages: 1

Downloads: 0

Seasoned entrepreneurs and business experts all agree that corporations are the most complicated form of business structures to start up and run due to their demanding paperwork nature. And while it is true that the type and size of a corporation dictate the legal structure it should adopt, and that the requirements vary from one corporation to the other, below are some of the universal and rather general steps taken when incorporating a business. 

Deciding on a Business Name 

It is important to come up with a unique business name for your business. Also, a proprietor should not forget to indicate the type of corporation it is (Zahorsky, 2017). For instance, if it is a limited liability company, it should be marked with a ‘limited’ suffix. 

It’s time to jumpstart your paper!

Delegate your assignment to our experts and they will do the rest.

Get custom essay

Searching Name Availability 

After deciding on a business name, it is important to look up the business server to make sure no other entity goes with the same identity or has a name that is so identical to yours to the extent that it could cause confusion. 

Register your Corporation’s Name 

The next step after confirming the uniqueness of the business identity is to register it officially. Not only does one have to register the business name, but also any other fictitious name or symbol they could be operating under (Zahorsky, 2017). 

Picking on a Location to Incorporate 

This could be the main headquarters of the business or any other place that is deemed strategically advantageous without necessarily being the area of operations. 

Choosing Directors for the Corporation 

One feature of corporations is the fact that it is managed by a board of directors who are responsible for overseeing the general operations of the business. 

Creating and Signing Articles of Incorporation 

The articles which are filed by the Secretary of State’s office are served as the official charter for the corporation. 

Writing By-Laws 

These rules and regulations outline the responsibilities of the corporation’s officers, directors and shareholders, and the general purpose of the business (Zahorsky, 2017). 

Filling Articles of Incorporation 

The last legal requirement is filling the articles of incorporation with the Secretary of State and paying the related filling fees. 

References 

Zahorsky, D. (2017). 7 Steps to starting your own corporation. Retrieved from https://www.thebalancesmb.com/start-your-own-corporation-2951253 

Illustration
Cite this page

Select style:

Reference

StudyBounty. (2023, September 16). How to Set Up a Corporation: 7 Key Steps.
https://studybounty.com/how-to-set-up-a-corporation-7-key-steps-essay

illustration

Related essays

We post free essay examples for college on a regular basis. Stay in the know!

How AI Can Help Retailers Solve Business Problems

The global marketplace is currently more integrated than ever before. This situation presents a never-before experienced opportunity for retailers. Multinational organizations whose sole basis is the internet have...

Words: 2700

Pages: 5

Views: 138

The Natural Organizational Model and the Informal Groups

The nature of an organization is based on different factors such as the environment it is set up in. also, the type of activity it undertakes. This paper will examine the natural organizational model, the informal...

Words: 3009

Pages: 10

Views: 239

Why Pinkberry should focus on making orange and yellow the two prevailing colours

The fact that Pinkberry has evolved from a storefront to a nationally recognized brand makes this franchise of frozen dessert yogurt shops an example to be followed. Yes, the personality of a brand created a platform...

Words: 582

Pages: 2

Views: 93

Ford Motors: Board Presentation For Electric and Hybrid cars Production

Executive Summary The motor vehicle industry in America and worldwide is highly competitive with major players no longer enjoying the dominance that they had had before. Innovation and identification of trends...

Words: 1088

Pages: 4

Views: 130

Home Remodel Project Plan

Project Overview Home remodeling is one of the notable key projects undertake through project management, as a project manager is expected to come up with a clear plan that would help in meeting the expected...

Words: 2152

Pages: 8

Views: 69

How Airbnb Achieved Success

Hospitality industry includes firms that provide lodging and dining services for customers. Many of the businesses in the travel and hospitality industry offer customers with prepared meals, accommodation, snacks,...

Words: 906

Pages: 3

Views: 63

illustration

Running out of time?

Entrust your assignment to proficient writers and receive TOP-quality paper before the deadline is over.

Illustration