How to Run a Corporation
What are the ways to start a corporation? What is the advantage of running a corporation? What are the types of corporation? What are the differences between directors and shareholders in a corporation?
What are corporate procedures? Are all these questions popping in your brain?
What are things you need to do in starting and running a corporation? Obtaining this kind of business is trouble-free however the concern will be on how you will sustain the firmness of the company.
Establishing Your Own Corporation
First you have to decide what corporate name you will be using and where it will be addressed, it is important that the name is very distinct to ensure no problem will occur in the future when it comes to trademark issues. It is effortless and inexpensive to place your corporation in the state where you are located, be sure to choose the suitable type of corporation you want to have before acquiring for a certificate of Incorporation at your local state and file the incorporation. Lastly, deciding on who will be your directors and other position in the corporation should be done according to the By-laws of the articles of incorporation.
Advantage of Running a Corporation
One of the advantages of having a corporation, when it comes to accountability or debts the owner will not be liable for the lawsuit involving the corporation, as it is separate from your individual life. Funding the corporation is easier than investing on small businesses; shares can be sold as part of raising money. Taxes involving corporation are at a low rate than small time business and selling the business is easier as the value of corporation is higher that of other business structure
Directors and Shareholders
Directors are the ones responsible for guiding, maintaining and leading the company. They ensure that all procedures are followed to maintain the stability of the company and may decide on major assessment when it comes to financial concern, while shareholders are people who invested on the stocks of the company however they may vote for and eliminate directors.
What are Corporate Procedures?
- Setting of annual meetings of shareholders which are already determined in the by- laws
- Setting of special meetings for making amendments such as electing or removing board of directors.
- Preparation of minutes for shareholders and directors meeting, whether it may be annual or special meeting
- Maintenance of share ledger and transferring shares
- Annual Reports
- Modifying or amending articles of incorporation
Running a corporation is not as easy as operating a small business such as sole proprietorship or even partnership. It involves money, time and leadership. You will be engaging in more legal matters involving people such as director and shareholders where annual or special meeting will be required before making a decision in specific concern or issue.
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