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Page 16 of 32 |
How can I set up a corporation? |
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All states have a General Corporation Law or Business Corporation Law that allows virtually anyone to obtain a charter to conduct most businesses. (Certain types of corporations, such as banks, insurance companies, and public utilities often have to be formed either by act of the legislature or under special laws. This is a throwback to the days when all corporations were formed by a charter issued by the King of England, and later by a special act of a state legislature.)
The actual formal mechanics of creating a corporation is known as "incorporation." The process involves completing and filing a "Certificate of Incorporation" or "Articles of Incorporation" and paying a filing fee. Each state has its own set of laws governing the process of incorporating.
Corporate existence starts when the articles of incorporation are filed with the state office that handles incorporations (e.g., usually the Secretary of State or Corporation Commissioner), along with the required filing fees. Accelerated incorporations or same day filings are available in some states.
In addition to the standard "corporation" two relatively new forms of entities known as a "Limited Liability Company" and "Limited Liability Partnership" offer many of the same benefits as the traditional corporation, plus some unique advantages.
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