News and Sport · July 4, 2021 0

How to Start a C corporation

Choose a name: The first step in setting up a C corporation is choosing a name for the business daftar slot online. Most states require that it be a name that isn’t already being used and isn’t similar to one being used.

File articles of incorporation: Once an original name has been selected, the business owner must fill out and file the Articles of Incorporation form, also known as a Certificate of Incorporation, with the secretary of state’s office. The form spells out the basics of the business, including the name, address, purpose and incorporators game judi slot.

Hold board meeting: Once approved for incorporation, the business must hold a board of directors meeting in which minutes are recorded, and draft corporate bylaws.

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Obtain licenses: Before finally opening up, it is critical to obtain all the necessary state and local licenses to needed to operate.

The difference between a C corporation and other structures, such as an S corporation or a limited liability company (LLC), is in the way they are taxed. Unlike other structures that don’t tax the business directly, C corporations are required to pay both federal and state taxes. While other structures only mandate shareholders pay taxes on any profits they receive, C corporations face the possibility of being double-taxed since both the business and the owners must pay taxes on the profits. Like other structures, however, owners of a C corporation do receive limited liability protection, which guards their personal assets should the company incur and debts or legal issues.