Here are basic ideas on getting started on a business incorporation:
- Make sure each partner's role, benefits, and responsibilities are clearly stated from the outset. You will also want to ensure your business has an exit strategy for each partner. This will protect all parties joining your company.
- Legal 'Personality': Choose which legal personality you want to give your venture. You can choose to make it a limited liability firm, general or close corporation, stock or non profit.
- Name: Choose a name for your company and have it reserved if possible because another business might register that name ahead of you. Make sure that the name you choose does not have the words insurance, university, college, bank or other words that are not legally permitted.
- Most small businesses are classified as sole partnerships or proprietorships. This means that the enterprise is owned by one or two individuals, sometimes more. Having this classification would be good if the enterprise grows big and it earns big profits because then only the owners share in the profit. However, when the venture goes down and it has to pay back its creditors, the personal property of the owner(s) may be vulnerable to seizure. Incorporating the enterprise as a separate 'body' (corpus) means that the liability of owners to creditors would only be up to the amount of his/their investment in the enterprise.
- Secretary of State Office (USA): The responsibility of governing your venture as it pertains to state law is run by the Secretary of State in your home state. They will be able to give you all legal requirements needed to run your corporation.
- Hire A Business Attorney. Your company incorporation may appear to be a large puzzle to you. A business attorney will understand each step that needs be taken and will know where to file all of the paperwork.
- You Will Need An Accountant. Taxes, payroll, benefits, and fiscal years; these are just some of the things you will need be familiar with to head up your company. They can be handled by a licensed accountant a good deal more efficiently than attempting to juggle everything on your own.
- Small ventures which are unincorporated have to fend for themselves unlike corporations which can hide under the mantle of the corporate veil. Under this principle the courts will not interfere with the operations and company decisions of a business unless very necessary. The court will only lift the veil of corporate independence when it is proven that it is causing harm to other people.
I hope these few beginner suggestions will be of some use to you in getting started on a small business incorporation. - 15246
- Make sure each partner's role, benefits, and responsibilities are clearly stated from the outset. You will also want to ensure your business has an exit strategy for each partner. This will protect all parties joining your company.
- Legal 'Personality': Choose which legal personality you want to give your venture. You can choose to make it a limited liability firm, general or close corporation, stock or non profit.
- Name: Choose a name for your company and have it reserved if possible because another business might register that name ahead of you. Make sure that the name you choose does not have the words insurance, university, college, bank or other words that are not legally permitted.
- Most small businesses are classified as sole partnerships or proprietorships. This means that the enterprise is owned by one or two individuals, sometimes more. Having this classification would be good if the enterprise grows big and it earns big profits because then only the owners share in the profit. However, when the venture goes down and it has to pay back its creditors, the personal property of the owner(s) may be vulnerable to seizure. Incorporating the enterprise as a separate 'body' (corpus) means that the liability of owners to creditors would only be up to the amount of his/their investment in the enterprise.
- Secretary of State Office (USA): The responsibility of governing your venture as it pertains to state law is run by the Secretary of State in your home state. They will be able to give you all legal requirements needed to run your corporation.
- Hire A Business Attorney. Your company incorporation may appear to be a large puzzle to you. A business attorney will understand each step that needs be taken and will know where to file all of the paperwork.
- You Will Need An Accountant. Taxes, payroll, benefits, and fiscal years; these are just some of the things you will need be familiar with to head up your company. They can be handled by a licensed accountant a good deal more efficiently than attempting to juggle everything on your own.
- Small ventures which are unincorporated have to fend for themselves unlike corporations which can hide under the mantle of the corporate veil. Under this principle the courts will not interfere with the operations and company decisions of a business unless very necessary. The court will only lift the veil of corporate independence when it is proven that it is causing harm to other people.
I hope these few beginner suggestions will be of some use to you in getting started on a small business incorporation. - 15246
About the Author:
About the author: Nick Svengali is an author for business incorporation and refinance lenders internet sites in London in the UK.
