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From a business perspective, legal incorporation refers to the process of turning a business or professional entity into a new corporation. Through legal documents, the prospective market will then be considered and recognized by law as a corporation. However, incorporation is not just limited to industries. Entities such as sports clubs, governments, nonprofit organizations, and even newly formed cities or towns can also be incorporated.
The most current web-based version of Microsoft Word is Office 365, which is perfect for business and enterprise use. It brings together the most exceptional productivity with simple device management and security to connect people and information intelligently. In creating a legal incorporation report, here are a list of things you need to know first in incorporating a business or any entity.
All states in the U.S. have available online registration systems that allow an individual to incorporate an entity by accessing their “Online Business Filing and Registration Service” website. The online service application will enable you to file new corporations, limited partnerships, and limited liability companies. It also allows you to obtain authorizations for foreign businesses to conduct operations in the state. Additionally, it facilitates the registration of any activity for employer contributions for unemployment and disability, taxes, and obtaining temporary certificates of authority for sales taxes.
As the title implies, it allows you to reserve a unique name for your business while you complete the incorporation. It is a very convenient approach that will save you from having the same name as another business in the same locality and prevent confusion to consumers. You can find out which business names are available through your state office’s online name search. And have it reserved for a certain amount of time which is usually around 60 to 120 days.
There are standard protocols in incorporating a business or company. The diversified laws of incorporation found in a particular state’s Articles of Incorporation must be duly complied with to incorporate an entity legally. The Articles of Incorporation include the reason to organize, business location, and the amount of outstanding stock at the time of submission. Although the incorporation process varies from state to state, the surrounding guidelines and regulations outline are similar to some extent.
For stock issuing corporations, a stock certificate is required in incorporation as proof of purchase and ownership of corporate stock. Although stock holdings nowadays are most often tracked using digital technologies, you are still obliged to issue a paper share certificate upon request by investors.
In the process of incorporation, many states require the formulation of Corporate Bylaws to set the basic rules in running a business. Even if bylaws are optional in some cases, having a corporate bylaws document at hand is useful in establishing clear standards in your organization. It defines a corporation’s purpose, operation, and duties and responsibilities of the stakeholders.