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How to Incorporate in Six Easy Steps
Wondering how to incorporate? This article describes the basic steps required
to create a corporation.
- Step 1: Decide to incorporate. Does incorporation make sense for you? Incorporation separates your personal identity from your business identity. This can reduce your personal liability for any business debt or law suits and allows you to protect your personal assets. Other benefits include tax advantages, easier access to funding, unlimited life, centralized management, and a perception that you are running your business in a professional fashion.
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- Step 2: Choose a business name. A good name indicates what kind of business you are in, is easy to remember, and stands out from the competition. You want a name that catches people's attention and creates a professional image. Before choosing a business name, make sure you don't infringe on other companies' trademarks.
- Step 3: Choose a type of corporate entity. You can incorporate as either an LLC, a C corporation, or an S corporation. Each corporate entity has different benefits. It's important that you understand the main differences before choosing the company formation that's right for you.
- Step 4: Choose a state. Many entities choose to incorporate
in Delaware or Nevada because they are friendly to corporations
in a number of ways. Alternatively, you can choose to simply incorporate
in the state where you live.
- Step 5: Complete your incorporation paperwork. Fill out your incorporation forms and submit them to the state where you are incorporating. Fees will vary depending on what state you incorporate in and what company formation you choose. You can use an attorney to incorporate or you can do it yourself. There are many good online incorporation packages available that help you through the process.
- Step 6: Select a Registered Agent.
Every state requires that you appoint a Registered Agent. The registered agent is responsible for receiving important legal and tax documents, such as notice of litigation, franchise tax forms and annual report forms.
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