Forming A Corporation

 

There are many services offering to incorporate your business. Most of these do not tell you everything that needs to be done, and do not offer these services. Contact an Enrolled Agent who knows the ins and outs of incorporations, and can advise you on the choice that's right for you. It's a long list, but not hard to accomplish with professional help.

 

Here Is Everything Required In Forming a New Corporation.

  1. Determine which type of entity is appropriate for you.

  2.     - C-Corp's are subject to double taxation.

        - LLC's are taxed as sole proprietorships or partnerships and subject to self-employment tax.

        - PC's are taxed at a higher rate than C-Corp's.   

  3. Determine your corporations tax elections.

  4.     - LLCs can elect to be taxed as an S-Corps.

        - An application generally must be filed by February 15th.

  5. Research corporate name availability.

  6. Prepare and File Articles of Incorporation.
  7. Pay the Secretary of State the required fee for filing Articles.
  8. Publish a "Notice of Intent to Incorporate" in your county's legal organ.

  9. Pay the required publishing fee.

  10. Prepare and sign your corporation's By-Laws.
  11. Prepare and sign your corporation's Organizational Resolutions.
  12. Prepare and sign the Stock Purchase Agreement.
  13. Prepare the Stock Ledger.
  14. Prepare and sign the Stock Certificates.
  15. Prepare your corporation's Federal Application for Tax ID Number.
  16. Prepare your corporation's Federal Application for Tax Elections.

  17. Prepare your corporation's State Application for State Tax ID Number.

  18. Prepare your corporation's State Application for Sales Tax ID Number (if required).

  19. Prepare your corporation's State Application for State Department of Labor ID Number.

  20. Obtain your corporation's minute book and put all the papers together in one place.
  21. Obtain your Corporate Seal for opening bank accounts and signing documents.

  22. Obtain your corporation's business license in your local jurisdiction.

  23. Open a Corporate bank account.

  24.     - Keep your personal transactions separate from your corporation's.

  25. Plan on paying yourself a salary, and filing quarterly payroll tax returns.

  26. Determine whether to deposit payroll taxes weekly, monthly, or quarterly.

  27. If you sell products, plan on filing monthly sales tax returns.

  28. File an annual business personal property tax return in your local jurisdiction.

  29. Keep adequate books and records of all corporate transactions.

  30. File your corporate Income Tax returns timely.

 

 

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