Want to start your own company corporation? Don’t worry we are here to guide you with that. Just read this full post of Start Your Own Company Corporation In Just 7 Simple Steps and start your own company corporation.
Beginning your own enterprise can be more excessive and dull than different business types, yet it will guarantee that you will not be included with any personally liable for any legal problems associated with your business.
Company Corporation In Just 7 Simple Steps
The seven basic steps by which you can start your own company corporation are as follows:
1. Choose a company name and address
Search your company name that it should be unique so that you will not face any trademark issues in the coming future.
2. Select the state in which you want to corporate a company
You have to ensure that you don’t have to corporate with your company in your home state. There are a number of factors choosing the location. It includes the cost of the corporation of the company, corporate laws, and tax rates.
3. Select the company corporation type
Ensure the best type of corporation in the business: Limited Liability Company(LLC), S Corporation, or C Corporation. You have to search the pro and cons of all the corporation types and discuss with your advisors before making a choice.
4. Determine company directors
Corporations must need a board of directors. The director’s positions will have to be filled within the articles of Incorporation and by-laws.
5. Choose Share Type
Corporations have to choose common and preferred stocks for their companies. So, choose the best type for yours.
6. Get your certificate of Incorporation
You have to get the Certificate of Incorporation. You will get it at the corporate filing office of the state in which you wan to corporate.
7. Process and file the Incorporation
You can complete the process of filing the Incorporation by a lawyer or a third party service. No, matter which option you like to choose. You can choose any method. You have to file your incorporation with a registered agent.
Benefits of Starting a Corporation or LLC
When you start a business as a corporation or LLC, you may see the benefits in the following types:
- Liability: A Corporation exists as a separate legal entity from your personal life. Any debts or lawsuits are ignored by the company, not the owner.
- Taxation: The other advantage of corporate a company is Taxation. Corporations as taxed at a low rate and have many taxation benefits. You should talk to an accountant for the advantages of taxation.
- Raising Money: Financing a small business and have a partnership is very difficult. A company can sell the shares of the company and make money easily.
- Selling the Business: A non-corporate business is very hard to manage. The corporation of the company is based on the business. If the company is corporated then it becomes very easy to sell the company.
If you want more info related to this topic then you can navigate to this site http://www.mca.gov.in/MinistryV2/incorporation_company.html
Frequently Asked Questions On The Company Registration
Where can I register my company?
If you want to register a new company in India, you must submit an application to the Mistry Of Corporate Affairs(MCA). You can make the application online at the MCA portal online also. For the registration, you need a Digital Signature Certificate(DSC) and the Director Identification Number(DIN) among some other things.
What happens if my company name is already taken?
The Ministry of Corporate Affairs(MCA), maintains a record of registered company names. You should have to access the directory and check if there is the company name already registered or not. If it is already registered then you have to take another name and if it not taken then you can continue with the same name.
How is a corporation formed?
The corporation is formed when it is incorporated by a group of shareholders who have ownership of the corporation represented by holding a common stock to achieve a common goal.
Should I start a corporation?
The main reason for the corporation is to limit the liability of the owners.
Is it better to start LLC or a corporation?
LLCs provide the limited liability of the corporation but provides more flexibility in the manging of the business and organization. LLC does not pay any income itself.
What is the difference between a company and a corporation?
The main difference between the company and the corporation is its size. The corporation is a big business whereas the company is a small business. The corporation holds the shareholders whereas the company holds the members.