Q:

How do you start a corporation?

A:

Quick Answer

Starting a corporation involves creating a business idea and fulfilling all of the requirements as set by corporation law. In addition, you need to acquire all relevant work permits, licenses and an employer identification number.

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Full Answer

  1. Identify the your venture

    Identify a product or service you would like to produce for a profit. Draft a plan on how to produce and market the product or service.

  2. Choose the name of your corporation

    The chosen name should follow rules set by the state corporation's office. The name must not be the same as any firm registered with the state office.

  3. Appoint the directors of the corporation

    Appoint directors to make decisions on behalf of the firm. When the firm has several owners, they typically assemble and appoint the directors.

  4. Prepare the Articles of Association

    Contact the state office for documents that form the Articles of Association. Supply the information as required.

  5. File the Articles of Association

    File the Articles of Association together with the stipulated fees.

  6. Set rules on how the corporation operates

    Create rules and guidelines to be followed by all the members of the corporation.

  7. Hold the first board of director's meeting

    Convene the first board of director's meeting. This meeting adopts the bylaws, appoints corporation officers and authorizes the issuance of stock.

  8. Distribute stock certificates to the shareholders

    Distribute stock certificates as agreed by the board of directors. This is a legal requirement for all corporations.

  9. Acquire all necessary permits and the employer's number

    Obtain the employer's number from the state office. Acquire all necessary licences and permits as required by federal government, state and local authorities.

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