Incorporation of Private Limited Company
Limiting the liability is what corporations offer to company owners. Many businesses have enjoyed the advantages of incorporating not only by limiting the liability.
Thus, it is important to know how incorporation of private limited company works.
Incorporating the existing business is one of the options in business structure that many business owners are taking into consideration. This is because of the advantages and benefits it offers such as asset protection as well as tax privileges. However, before you can enjoy the benefits of incorporation you should first learn how to incorporate your private limited company. The procedure of incorporating depends on regulations set by the state. The good point is that the process can be done conveniently online. If you do not have any idea about incorporating private limited company you can hire a certified public accountant or a lawyer who can help you using the online templates. However, you can file the articles incorporation.
Procedures in Incorporating Private Limited Company
The first step in incorporating private limited company is to perform business entity search about the current name of your business in the website of the Secretary of State. Usually, corporations in one state are not allowed to share the same name. It is very easy to do the business entity search as you will just follow the instructions in the website. If there is no same name found in the website then you can use the business name. Choosing the state where you want to incorporate your private limited company is necessary. Many companies want to incorporate in state that has attractive business transactions while some prefers state that has lower tax structures.
In registering the corporation name it is required to place designators at the end of the name such as Incorporated, Company, Limited, Ltd, Inc. or Co. The next step is to make articles of incorporation. Make sure to include the name of the corporation in the articles incorporation as well as the address of the business, number of shares and other pertinent details. If you want to file online you can use free templates however you ca hire a lawyer to draft articles for incorporation.
After which, you can pay all the filing fees required by the state. Filing fees can be paid through money order or check or you can use credit card when filing online. Make sure to keep all receipts and confirmation numbers as you can use it for verifications in the future. Develop your own corporation bylaws that tackle with procedures in appointing company officers, voting on issues, electing members of the BOD as well as procedures in changing the bylaws. Most states require appointing minimum number of members to constitute the Board of Directors. As soon as your application is approved then you can do business as a corporation.
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