Starting a Corporation

START A CORPORATION

LIMITED CORPORATION -- So i was at a seminar this past week in Irvine, Ca. honestly one of the best ones i've been to yet. Especially the speaker that was a lawyer giving amazing advice. Anyway, he goes on to explain, "how to protect your assets". Setting up simple corporations/ LLC's and following a few steps to make sure your assets are protected; cars, houses, retirement, etc. --in case of divorce or death, he goes on to explain it all! But i feel that as i learn i would like to share my knowledge with others that are interested. Here im going to give you a break down of how to set up a corporation. S corporation and C corp. I'll explain tax requirements as well. A simple "How to start a corporation" step by step and no i'm not charging you. Just helping you, as i help myself.

"Recipes to Success, just follow my easy step recipe"

Setting up a Corporation:

1 STEP: Incorporation Articles

• First, start out and decide which state is best in which to incorporate.
• Second, conduct a name search with the secretary of state (the state you're going to incorporate).
• Third, complete the articles of incorporation
• Fourth, file the articles of incorporation with the designated state agency.
• Next, pay filing fee.
• Last of all, wait for the articles to be approved by the state.

2 STEP: Federal Tax ID #

• First, complete the IRS Form SS-4
• Next, obtain Tax ID # (call or go online)
• Last, just obtain seperate Tax ID #'s for each corporation.

3 STEP: By-Laws and Organizational Meetings

• First, make a list of who the directors and officers are.
• Second, get together and choose a corporate fiscal year end
• Next, issue shares of corporate stock
• Last, decide and approve appropriate corporate resolutions

4 STEP: Transfer Property

• First, purchase corporate assets or change the title of existing assets conveyed to the corporation.
• Next, promissory notes may be used to reimburse officers for set-up expenses.
• Last, personal property-attach to the minutes of organizational meeting, attach to a seperate corporate resolution.

5 STEP: Last Factors to Consider

• Open a bank account in the name of the corporation.
• Obtain a local business license.
• Obtain a corporate seal and blank stock certificates.
• Issue stock certificates to the shareholders

...well that's it for setting up a corporation. For Tax requirements -- check out my blog titled "Tax Requirements for S corporation and C corporation.

Note: I am not an attorney and I cannot give legal advice. This is what i have done for myself in setting up my corporation and taxes. Feel free to contact an attorney and see if this works for you.