We often get calls with the question, "How do I incorporate?" and while most of these questions mean the person would like an explanation on how our process works. While anyone can incorporate their own business (most states do not require an attorney), a lot of clients come to us so they don't have to deal with the fuss of drawing up or preparing their own articles of incorporation. Our process is one of the easiest online, and it also gives you a chance to review what we're filing on your behalf, which not many companies do. How it works is, once you place your order one of our staff members does a name search and if the name appears available, they will prepare the documents for you to sign. You are then able to log in to our website, review the information you either put in online, or gave us over the phone, and download your articles of organization. Most states allow us to accept faxed or emailed copies of your signed articles, though some will require you to mail these documents to us with original signatures. We do one last review prior to sending your documents out to the state. Once the documents are sent to the state we monitor the filing daily to ensure you're notified by email as soon as they're approved. It is a pretty simple process when you have us file your documents, as we take responsibility for making sure the state is paid their fees and you are notified upon approval. If you have any questions regarding forming a corporation, call us at 866-999-8200.
Every once in a while we hope to bring you little tips here and there about being a successful small business. Here's our first installment.
Who wouldn't want to be their own boss? While some may strive for that position more than others it's important to remember that it's not all fun and games, and there's minimum down time when you're just starting. Being the boss doesn't just mean that you can come in late and take vacations as you please, you have to make sure that you have a reliable team and that all your tasks are taken care of or assigned to a trusted employee. It's also important to be realistic in starting your own business, from the get go, you will probably be doing most of the work yourself, trying to get your business of the ground is hard work, often times worked on while you keep your day job. Too often entrepreneurs will read a success story about someone who did it on their own but they fail to recognize the road that got that successful business where it is. Because business is so competitive out there it's important to do something you like and/or know very well, anyone can pick up a camera and call themselves a photographer, but the successful one will be the one dedicated to providing great work and service. If you want to incorporate or form an LLC for your small business, please contact us.
The most common entities are Corporations, S-Corporations and Limited Liability Companies. Many people need help in deciding what type of entity to file for, we always suggest speaking to an accountant or a business attorney in your state in order to get advice for what type of entity would be best for you. Before contacting a professional it's probably a good idea to learn about the different types of entities. I'll give you a run down of the basics:
Limited Liability Company - Often referred to as an LLC, this type of entity is widely popular with smaller businesses, as it’s generally easier to take care of than a corporation. Since there are no stocks in an LLC, LLCs are owned and usually owned by members. You can have an outside party manage an LLC that you’re a member of, though it’s not usually what smaller companies choose to do since they’re so small it’s not necessary to have an outside party manage their LLC.
Corporations – Corporations are entities that have shareholders and a board of directors. While the shareholders own the corporation, the board of directors run and make decisions for the corporation in the interest of the shareholders. Every shareholder can vote on the directors, and amendments made to a corporation’s articles. Corporations might sound like huge companies, but lots of times small businesses run by one or two people are incorporated, because a corporation might benefit them more than an LLC or another type of entity. An S-Corporation is essentially the same as a corporation, though it is taxed differently than a regular corporation, also known as a c-corporation. We suggest you speak to your accountant in regards to whether an S or C corporation is best for you.