Formation of Corporation
Need help starting your corporation?
When starting a business, you will have several important things to decide, such as what ownership structure you will use. Deciding which form is right for your business can be determined by what type of business you want to run and your financial situation. How many owners are involved and other needs can also help you determine what type of business to establish. Being sure to consider potential liabilities or risks, establishment expenses, income tax and your ability to invest is important when setting up your business.
Experienced business attorneys at our Oklahoma firm know the risks and liabilities as well as the simple investments strategies that business owners need to get started. If you need more information on how to get your corporation to satisfy state and corporate standards, contact us by filling out a free online case evaluation form.
Simple tasks like clearing your corporate name with the state regulated standards can be missed if you try to handle forming your corporation with professional legal help. There are more complex tasks like corporate tax returns and corporate formalities that, if not done correctly, could cost you your business and limited liability status. Organization is the key to a successful business, especially with records and other legal proceedings. While your personal assets are protected through incorporation, the money that you invested into your company could be lost if finances and other records are not kept up with.
Paying corporate income tax is equally important, as the complexity and possibilities, such as filing for Form 2553 with the IRS. This means that your business will be treated like a LCC when it comes to taxes. Staying organized with all of these factors can be stressful and overwhelming at first, which is why delegating the legal work to attorneys can be helpful. Depending on your financial situation, the business planning lawyers at The Law Office of Bryon J. Will, P.L.L.C. have the experience to give you informed and effective options.
Getting Started in Oklahoma City & Perry, OK
The first step to forming a corporation begins with filing specific articles of incorporation with Oklahoma’s state corporations division. If you are a smaller corporation, the process forms may be quick and easy to handle, asking for simple things like name of corporation, address, and registered agent. Taking care of paperwork can add up, but it all has priority and must be completed for your corporation to be successful. Corporate bylaws must be created, which direct the formalities and decision making of your corporation.
These bylaws help to maintain order and clarity in your corporation for even simple things like how many votes are needed to approve decisions from your directors or shareholders. One of the last steps to forming your corporation is the issuing of stocks. These stocks first go to the shareholders or initial owners of the corporation, which helps record who has ownership in your corporation. How to divide this up, organize meetings, or create bylaws that are effective is important for the success of your business. Having the proper representation to walk you through decisions and organization is important when getting started.
Ensuring Corporate Status Long Term
In the business world, there are certain formalities that will be required of business owners to maintain their corporation’s status as identifiable. These formalities are helpful because they keep a standard for corporations and their owners to adhere to. Owners will be required to have annual shareholder and director meetings as well as keep minutes of their major decisions. If corporate officers and directors do not sign appropriate documents in your specified corporation name, it will damage the credibility of your business.
Owners have to keep separate bank accounts from the corporation and organize detailed financial records. On top of this, corporations will be required to file a separate income tax return. With the help of our skilled Oklahoma City business lawyers, you may be able to make the most informed and effective decisions for your corporation. Avoiding tax fraud, copyright infringements, or other threats to your ensure your corporation’s success may be possible if you contact our legal team todayto discuss how we can help.
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