Filing business incorporation papers with your state is one of the very first steps you need to take when starting a business. There are many things to include in these filing and many reasons why filing is a necessity, find out why.
When you own a business one of the first things you should apply for is business incorporation. There are many advantages that your business will gain by being incorporated and many states also require you to file for incorporation if you are going to be doing business in their state.
State Requirements
Each state has its own rules and regulations when it comes to running a business in that state so you will need to check with them to see exactly what they require but here is the generally overall requirements, some of the details might be just a little bit different from state to state.
First you will need to fill out Articles of Incorporation and file them with the state. These articles are basically telling the state what type of business you will be running. For example will your business be one that is non-profit or will you be running a for profit business.
Another thing that you will need to specify in the articles is the business location. You should include the physical address and make sure that you make a note if the mailing address is different. This address will be recorded and should be updated anytime you move locations.
You should also state in your articles who all the officers of the company are and their titles. It is important that you weigh the decision of who to include in your company as it can have many implications and repercussions. For example there are tax advantages and worker's compensation advantages to having several officers. However if there is a falling out between officers there can be consequences to having them listed on the company.
The stock in the company will also need to be specifically laid out in the details of your Articles of Incorporation. If you do not feel like you can do all of these steps by yourself you may want to consider hiring an attorney to help you do all of the paper work according to the laws in your state. The reason for this is if you make a mistake there will be repercussions such as tax trouble.
Federal Requirements
Business incorporation is also required on the federal level. You will need the documents that you have filed with your state in order to receive your EIN. This number is your Employer Identification Number and is used for several purposes like tax filings and even to open a bank account. With the tightening on banking regulations after 9/11 you are now required to show proof that your business is properly registered at both the state and local level before you can open an account.
When you are planning to run a business you need to make sure that it is properly set up with both the state you are doing business in and the federal government. One of the absolute first steps that you will need to do is to apply for business incorporation, this opens the door to let you get all the necessary paperwork completed.
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