Forming a corporation is an important aspect of protecting your company. Although there are some con’s to it as well, the advantage of having company security and protection from legal liability as well as the attractive management structure of a corporation enables individuals to manage and succeed to their full potential.
Forming a corporation takes time, resources and the ability to pay attention to detail. The most important first step is to find a name that you will represent what you are selling. It should reflect what type of corporation you are running and the personality of your business as well. Whatever you choose, it needs to end with LLC, Inc., Ltd.
The directors of your corporation will be the following: Board members, directors and shareholders. It is imperative to choose your directors wisely as they will be the ones overseeing the operations, budget and making many of the major policies of your corporation. Each state will require a minimum number of directors in a corporation, although most states specify three directors for any corporation. Once you have chosen your directors, the next step will be going to the office of your Department of Secretary Of State, where you can file for your certificate of corporation.
Bylaws describe the laws and policies of the corporation, and should be drawn up by your lawyer, or one of the many reputable law firms in Boston. Having a Boston law firm put together bylaws that will benefit your corporation is instrumental in the success of your corporation’s management, organizational structure and to make sure every important aspect of the corporation is in writing. Some examples of bylaws including where and when shareholder meetings are held and various requirements of the shareholder’s position.
Obtaining the necessary documents and permits are necessary for any corporation, so it’s important to check with your state to ensure you haven’t missed any paperwork that need to be filled out and filed. Once you have completed these steps, your corporation can begin a long lasting and successful history of profit and service.
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