A decade or two ago, it was hard to get a business to become a corporation. Many businesses went bankrupt before they were given corporation status. But changes in the business world and the Business Corporation Act have made the process faster and easier. Business journals list three steps for incorporating a business: getting a corporate name, sending in the necessary paperwork, and paying the filing fees. You can do these things with the help of your lawyer...
A decade or two ago, it was hard to get a business to become a corporation. Many businesses went bankrupt before they were given corporation status. But changes in the business world and the Business Corporation Act have made the process faster and easier. Business journals list three steps for incorporating a business: getting a corporate name, sending in the necessary paperwork, and paying the filing fees. You can hire your lawyer to do these things, or you can do them yourself.
First, make sure you have a name for your business. Check out the names of other businesses before you choose your own. Most of the time, businesses filing names that are already owned by other companies slow down the process of forming a business. Also, don't give your company a name that sounds or spells like that of another company. Not only can companies with similar-sounding names confuse potential customers, but they can also make your business look less important than the other one. This is especially true if they have been in business longer and are therefore better known.
Second, make sure you have all the paperwork you need for the business incorporation application. Send these documents in as soon as possible so that they can be processed faster. Third, pay all the state application fees. You have to pay taxes and other fees if you want your papers to be processed quickly. State filing fees can be as low as $100 or as high as $400, depending on the state. You have to pay these fees if you want to set up your business in that state.
If you want to apply on your own, these steps can be hard to do. For a Do-It-Yourself application, you need to know about your state's business incorporation laws. It takes a long time and a lot of work to prepare and gather all the necessary documents. You must also follow up on your own application and ask the appropriate agencies how things are going. Using incorporation service groups, on the other hand, makes your job a lot easier. After you give these companies your information, they will check the corporate name, file the necessary paperwork, and even pay your first dues. Aside from that, they will also be in charge of following up with the agencies and asking about your application. These companies have also done these application processes many times, which means they know key people inside these agencies who can give your paper or application a push in the right direction. This will lead to a business incorporation application that is easy and quick for you as their client.
Lastly, these service companies only charge small fees in addition to the state filing fees. So that things can be done quickly, clients can even send the necessary data and information online. Even though lawyers can do the job for you, they charge by the hour. Since incorporating a business usually takes about a month, the cost might be enough to make you change your mind.
