Want To Incorporate Your Business? Here’re Some Simple Tips!
Naming your business properly is important. It should be distinguishable from other companies. Depending on where you incorporate, it must contain words like Limited or Incorporated. It must also not have words that imply any other purpose other than what is stated it its articles of incorporation or the corporate laws of the state. These would be words like Bank or Government.
Picking a place of business is a crucial step. You need to decide which state or country to incorporate. Many states have different laws that govern how you incorporate business practices. These laws also may govern how you run your company.
Now that you have performed these functions, then the actual structure of your company will begin to take place. You will pick your board of directors, assign company byelaws, adopt the articles of incorporation and draft a shareholders contract.
For a small company with 1 or 2 partners naming your board of directors may be a simple process. For a larger company this may be a delicate and important task. A board of directors perform specific duties decreed by the...