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.
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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
