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  • How to Incorporate in Another State | MyCorporation®
    pay fees to conduct business as a foreign entity so if your business is smaller it could end up costing you quite a bit of money The IRS when tax time comes also looks to where you do business not where you are incorporated and if they feel you are trying to avoid taxes you could be hit with tax penalties But a neat part of incorporating is that you are in fact creating a legal entity entirely separate from yourself So that entity can move and live wherever it wants depending on what is best for it Typically online businesses choose to incorporate in states that are deemed as Tax Havens Incorporating in Nevada or forming a business in Delaware are the two most commonly chosen solutions This is because online businesses do not do business in just one area and often try to sell to customers in a variety of states Interstate taxation is limited which is good for your customers but all of the taxes associated with a corporation still have to be paid at the rate established by the state in which the company was incorporated within So incorporating in a state where these taxes are low or non existent makes quite a bite of sense as it saves you money which is always a good thing Determine who your target consumer is and if you will be selling your product to people outside of your incorporation state Whatever your eventual choice be sure to do your research and consider all of your options You will need to have either a physical presence or a registered agent in whichever state you choose to incorporate within and should also be aware of any expenses or fees you will have to pay Be sure to visit the state s website and look around the secretary of state s page it will help you in becoming familiar with all of the requirements and laws applicable to businesses operating in that state s borders An online incorporation service can also be a big help in this process as the requirements and paperwork can become complicated or confusing The best course of action is always to consult with a professional like an accountant or attorney and seek recommendations from them as well Want to conduct business in another state We Can Help MyCorporation makes it easy to file a foreign qualification for only 149 Was this article helpful Get More Information LLC vs Corporation What is an LLC Operating Agreement Choose the Right Entity Governance Requirements LLC How Does A Business Adopt A DBA More Business Services Form an Limited Liablity Company File a Corporation File a DBA Doing Business As Form a Non Profit Corporation Registered Agent Services Entity Choice LLC vs corporation Choose the right entity Taxes corporation or LLC Business Formation Why incorporate Incorporate in another state When should I incorporate Where should I incorporate Maintaining a business Canada incorporation differences Corporation v LLC taxes What 501 c

    Original URL path: http://www.mycorporation.com/learningcenter/incorporate-in-another-state.jsp (2016-01-08)
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  • When Should I Incorporate? | MyCorporation®
    the number of shares purchased and so any investment into a corporation is determined through the number of shares owned by the founder Also founders can transfer their shares without risking the dissolution of the business Also if property particularly intellectual property is involved in a business with multiple founders it may be important to incorporate the business to ensure the rights of that property to the business and not to an individual founder Contract Agreements with 3rd Parties and Employees Before making any agreement with a third party a business may want to consider to whom the business wants liability to the third party Prior to incorporation liability flows to the owner s partners for any agreement between the business and a third party This liability continues even if the business is subsequently incorporated It does not matter when a disagreement occurred but rather when the agreement was first made between the business and the third party For example if an unincorporated business agrees to purchase some materials from a third party the owner s partners of the unincorporated business are liable for that purchase agreement Even if the business is incorporated at a later time the owner s partners remain liable to that purchase agreement The same holds true for any employee hired prior to incorporation For any employee hired prior to incorporation liability falls upon the owner s partners but for any employee hired after incorporation liability falls upon the business Before hiring anyone for a newly founded business the owner s partners should consider who should be liable to that employee the owner s partners or the business Third parties also include customers Although a business may have some good products services it wants to sell if sold prior to incorporation liability flows directly to the owner s partners There are other considerations for determining when to incorporate but the general rule for most businesses is once an idea is more than an idea then a business should start thinking about incorporating Was this article helpful Get More Information LLC vs Corporation What is an LLC Operating Agreement Choose the Right Entity Governance Requirements LLC How Does A Business Adopt A DBA More Business Services Form an Limited Liablity Company File a Corporation File a DBA Doing Business As Form a Non Profit Corporation Registered Agent Services Entity Choice LLC vs corporation Choose the right entity Taxes corporation or LLC Business Formation Why incorporate Incorporate in another state When should I incorporate Where should I incorporate Maintaining a business Canada incorporation differences Corporation v LLC taxes What 501 c is right for you Meetings and minutes requirements Is a corporate seal required What is a benefit corporation Delaware or Nevada What Comes Next Entrepreneur Checklist Registered Agent What is a registered agent Registered agent in another state Governance Requirements Governance requirements LLC Governance requirements corp Corporation vs LLC governance Business Name How does a business adopt a DBA Separate owner and entity Business name vs trademark

    Original URL path: http://www.mycorporation.com/learningcenter/when-should-i-incorporate.jsp (2016-01-08)
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  • What is involved in forming a non-profit corporation? | MyCorporation®
    range from 20 to 120 5 Create Bylaws Beyond the Articles of Incorporation a non profit corporation or any corporation in general should create bylaws that will detail how the corporation will be operated The bylaws should specify how the business will be run who will make the decisions how the decision makers will be selected etc This document does not need to be filed with the state however a non profit corporation should keep a copy of the bylaws within its principal place of business 6 Hold an Organizational Meeting After filing the Articles of Incorporation the non profit corporation should hold its initial organization meeting During this meeting the corporation should appoint directors to its board if not already listed within the Articles of Incorporation appoint the corporate officers i e CEO CFO COO etc adopt the bylaws set the budget for the fiscal year designate a bank and select a corporate seat Minutes of the meeting should be recorded and copies held within its principal place of business 7 Get Your Employer Identification Number You will need to apply for an Employer Identification Number with the IRS The EIN or Federal Tax Identification Number is necessary for tax purposes The EIN is also necessary to apply for tax exemption A corporation can apply for an EIN online through the IRS website over the phone 800 829 4933 from 7am to 10pm in your local time or by mailing faxing Form SS 4 available on the IRS website Your state may also require its own Employer Identification Number or account for tax purposes Please contact your Secretary of State for the necessary forms applications for your state employer identification number account 8 Applying for Tax Exemptions As with any entity corporation your non profit corporation will initially be subject to federal state and local taxes You must apply for federal tax exemption to enjoy tax exemption from the federal state and local governments Some states require its own tax exemption application however other states simply apply a federal tax exemption to state taxes as well Certain local governments also allow tax exemptions for non profit organizations You should consult your own local government to learn what tax exemptions if any are given to non profits within your jurisdiction Other Considerations Depending on the jurisdiction and the actual business of the non profit corporation other considerations are necessary Regulation of non profit organizations is generally under the authority state s Attorney General Certain states require non profits to register with the State Attorney General Businesses generally require some local and or state license permit to conduct business These licenses and permits can vary depending on the jurisdiction and the business your non profit corporation is conducting and so your local government should be contacted for more details Generally your local county or city clerk s office will be the best source of information for these licenses and permits The non profit corporation may be required to pay a nominal

    Original URL path: http://www.mycorporation.com/learningcenter/forming-an-npc.jsp (2016-01-08)
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  • Compare corporation and llc tax rules - which entity is better for taxes? | MyCorporation®
    earn from running this business There are some federal tax deductions that are only made available to corporations but taken alone those are usually not enough to make it worth paying taxes twice Happily there are some ways for smaller corporations to avoid double taxation one of the most popular methods is to elect S Corp status S Corporations An S Corp is a standard corporation that chooses to be taxed according to Subchapter S of the first chapter of the Internal Revenue Code Essentially this election allows the corporation to be taxed as a pass through structure annual income flows through the corporation directly to the shareholders who then go on to pay their income tax The corporation and its shareholders avoid the issue of double taxation as the entity is basically taxed like a partnership and they are able to avail of the FICA tax rate There are however a few drawbacks to the S Corp election Only smaller corporations are eligible meaning the corporation cannot have more than 100 shareholders and can only have one class of stock Standard corporations must also elect to receive S Corp status by the 15th day of the third month of the tax year or they will be treated as a C Corp Some states also collect tax on S Corp income California for example charges a 1 5 tax on net income Limited Liability Companies Limited Liability Companies haven t been around as long as corporations but now outpace corporate formation by nearly two to one largely thanks to the way the structure is taxed A Limited Liability Company is by default a pass through structure which means no extra paperwork or elections are necessary If the LLC has one member the total income earned by the business flows through it and to that member who will then report it as income on Schedule C of their tax return If there are multiple members then the LLC is taxed as a partnership After the LLC determines its income losses deductions and credits each member receives a K 1 report which informs them what portion of those gains and losses are theirs The members then use that information to fill out their normal 1040 Members of limited liability companies however are subject to the self employment social security and medicare tax withholding of 15 6 rather than the FICA rate that corporate directors executives pay on their compensation Because of this some LLCs choose to be taxed as S Corporations allowing them to retain the flexibility of an LLC and the pass through tax structure without the members of the LLC having to pay nearly double in self employment tax Of course every business has different needs and the structure that works well for one may be a poor fit for another If you aren t 100 sure about what structure would best suit you contact a professional and then decide on what works best Was this article helpful Get More

    Original URL path: http://www.mycorporation.com/learningcenter/corporation-vs-llc-taxes.jsp (2016-01-08)
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  • Canada Incorporations - Differences when forming a corporation in Canada | MyCorporation®
    provincial level the corporate name must be dissimilar to other corporate names within the province only Due to the limited pool of corporate names the approval period remains short and a potential corporation has a greater probability that its corporate name will be approved Although the name may be approved within a province this approval does not extend to other provinces and so the corporate name may not be used in another province that has a similar corporate name registered within that province However under federal incorporation an approved corporate name can be used throughout the nation without any further checks or approval The process for approval of a corporate name will take longer under federal incorporation and so if time is of the essence then federal incorporation may not be a good choice Also although federal incorporation allows the corporate name to be used throughout the nation federal incorporation does not necessarily protect the name from being used by provincial corporations Technically a province can register a corporate name that may be similar to a federal corporation In order to completely protect the name of a corporation whether a provincial or federal corporation trademark protection is recommended Board of Directors Federal incorporation requires that 25 percent of the board of directors to be composed of Canadian residents if less than four board members then at least one director must be a Canadian resident Provinces have differing board of directors residency requirements Some provinces e g British Columbia Prince Edward Island have no residency requirements whereas other provinces e g Ontario Alberta require 25 percent of the board of directors to be composed of Canadian residents if less than four board members then at least one director must be a Canadian resident Whether or not a corporation will have a Canadian resident as a director may help determine whether to incorporate federally or provincially Shareholders Rights Shareholder rights are generally uniform throughout Canada but there are some differences between federal corporation laws and provincial corporation laws Some difference include squeeze out transactions i e federal corporation law allows squeeze outs Ontario law remains silent on squeeze outs and proxy solicitation i e federal law mandates any corporation whether public or not to solicit proxies if it has more than 50 shareholders Ontario has no mandate A potential corporation may want to consult a lawyer familiar with Canadian corporation law if shareholder rights are a major concern Legal Concerns Quebec Beyond these main concerns there are legal logistical concerns unique to Canada Although corporation law throughout Canada is similar to one another Quebec presents certain logistical difficulty that may help deter potential corporations from registering in Quebec Quebec remains immersed in its tradition and is the only province that has French as its official language which means all official documents must be in French Also Quebec is the only province that bases its law on the Napoleonic Codes civil law and not on the common law tradition of the federal Canadian

    Original URL path: http://www.mycorporation.com/learningcenter/canada-incorporation-differences.jsp (2016-01-08)
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  • Understanding Non Profit Corporation Types | MyCorporation®
    Social and Recreational clubs squeak into fourth place by only a few hundred entities 501 c 7 s are organizations that are created for pleasure or recreation and thus do not seek out profit Most of the time country clubs college fraternities and larger university societies seek 501 c 7 exemption Again the central purpose of the qualifying club has to be to benefit its members in some way Since most of these clubs are member funded tax exemption is granted to allow members the freedom to join together to seek out recreational and social opportunities 501 c 8 Fraternal Beneficiary Societies and Associations Fraternal societies and associations that operate under a lodge or chapter system and offer a system of support to their members can qualify for 501 c 8 exemption These groups are effectively run off of member fees and donations and in return they provide insurance and other benefits to their members the most common being sickness accident or death benefits These benefits however can only be made available to members and their dependents otherwise the group s tax exempt status won t be recognized 501 c 6 Business Leagues Chambers of Commerce Real Estate Boards etc 501 c 6 status can be a bit tricky because the organizations it exempts are made up of profit generating entities 501 c 6 organizations are associations leagues and boards made up of businesses or business owners that come together to pursue a common interest That interest however cannot be profit based They have to prove that their purpose is the betterment of a particular trade or their wider community and must act to further the interests of their members Interestingly the IRS make a point to include professional football leagues as 501 c 6 eligible organizations the NFL actually has a 501 c 6 exemption 501 c 4 Civic Leagues Social Welfare Organizations and Local Associations of Employees 501 c 4 is the most popular exemption after 501 c 3 and is also one of the most controversial exemptions because 501 c 4s can lobby for legislation Now 501 c 4s have to work to promote social welfare but different groups have different ideas as to what sort of rules benefit society Action organizations the corporations and foundations that lobby for the legislation that benefits their wider mission typically qualify for a 501 c 4 exemption and do not have to list their donors publicly However before 501 c 4s are written off completely it should pointed out that not all 501 c 4 exempt groups lobby Volunteer fire stations rotary clubs and Kiwanis all qualify for 501 c 4 exemptions and are largely apolitical Tax exemption is a touchy subject If you are considering forming your own tax exempt organization remember that the IRS will be keeping a very close eye on you Research all of your options and speak with an attorney or other professional 501 c exemptions can be a tad confusing but if you know

    Original URL path: http://www.mycorporation.com/learningcenter/understanding-nonprofit-types.jsp (2016-01-08)
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  • Is a Corporate Seal Required? | MyCorporation®
    as the signature of the corporation Any legal or official document that emanated from the corporation required a corporate seal Individuals were not allowed to authorize certain corporate acts and so a corporate seal was necessary to prove corporate authority However as business became more fluid and as technology ushered in the digital age the corporate seal became obsolete and to a certain extent a hindrance Today a corporate seal may be used for deeds and for bank accounts but even these uses of the corporate seal are becoming more and more rare Rather than a corporate seal state laws recognize the signature of an individual s with actual authority i e CEO director as binding upon the corporation Corporate seals in the past were imprinted on wax upon a document As time passed rubber stamps were preferred and today most corporate seals are embossed upon a document Although no longer required the corporate seal still retains a sense of authenticity and a mark of identity for a corporation Official Stock Certificate Official stock certificates have also lost some of their value and power over time Official stock certificates were originally used as title to a corporation s stock and issued to all stock holders Made official by the corporate seal these certificates were necessary to show proof of ownership of corporate shares Today the onset of brokers and electronic filings has made official stock certificates unnecessary State corporation laws have done away with requiring corporations to issue paper stocks and as a result many publically traded corporations no longer issue paper certificates and have transitioned to electronically filing all corporate shares Stock certificates are no longer considered title but merely evidence of title and courts will generally recognize the corporation s stockholder register as the official record of true shareholders Like the corporate seal official stock certificates are no longer required but the certificates still provides an aura of authenticity although the effects are purely psychological and not legal MyCorporation makes it easy to get a corporate seal for your business starting at 40 Was this article helpful Get More Information LLC vs Corporation What is an LLC Operating Agreement Choose the Right Entity Governance Requirements LLC How Does A Business Adopt A DBA More Business Services Form an Limited Liablity Company File a Corporation File a DBA Doing Business As Form a Non Profit Corporation Registered Agent Services Entity Choice LLC vs corporation Choose the right entity Taxes corporation or LLC Business Formation Why incorporate Incorporate in another state When should I incorporate Where should I incorporate Maintaining a business Canada incorporation differences Corporation v LLC taxes What 501 c is right for you Meetings and minutes requirements Is a corporate seal required What is a benefit corporation Delaware or Nevada What Comes Next Entrepreneur Checklist Registered Agent What is a registered agent Registered agent in another state Governance Requirements Governance requirements LLC Governance requirements corp Corporation vs LLC governance Business Name How does a business adopt a

    Original URL path: http://www.mycorporation.com/learningcenter/is-a-corporate-seal-required.jsp (2016-01-08)
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  • What is a B-Corporation? | MyCorporation®
    benefit corporation is a corporation organized under a state s general corporation law that has elected to become subject to benefit corporation statutory provisions Most benefit corporation statutes require that the entity shall have the purpose of creating a general public benefit meaning it must create a material positive impact on society Benefit Corporation vs BCorp Are they the same No Although the names are often used interchangeably a benefit corporation and a B Corp are distinctly different One the B Corp is a certification and the other the benefit corporation is an actual business entity requiring incorporation by filing proper paperwork with the Secretary of State A B Corp designation is obtained via a voluntary certification process undertaken by companies that want to label themselves as sustainable businesses When a company opts for B Corp certification there is no legal filing required Instead an aspiring B Corp submits itself to an audit like process whereby a nonprofit group called B Lab measures a company s performance against strict social and environmental standards On the other hand a benefit corporation is a legally recognized organizational structure like an LLC or a traditional for profit corporation is While benefit corporations are very similar to the traditional for profit corporation they differ because of added requirements and duties Companies incorporating as benefit corporations must adopt higher standards of purpose accountability and transparency which requires including a special clause in the company s articles of incorporation and publishing an Annual Benefit Report Importantly by creating a higher standard of purpose benefit corporations also create an affirmative duty that directors and officers uphold and pursue the specified social and or environmental purpose along with turning a profit Learn More Was this article helpful Get More Information Why Incorporate Incorporate In Another State When Should I Incorporate What is Involved In Forming A NPC Maintain A Business More Business Services Foreign Qualification Dissolution Withdrawal Reinstatement Amendments Entity Choice LLC vs corporation Choose the right entity Taxes corporation or LLC Business Formation Why incorporate Incorporate in another state When should I incorporate Where should I incorporate Maintaining a business Canada incorporation differences Corporation v LLC taxes What 501 c is right for you Meetings and minutes requirements Is a corporate seal required What is a benefit corporation Delaware or Nevada What Comes Next Entrepreneur Checklist Registered Agent What is a registered agent Registered agent in another state Governance Requirements Governance requirements LLC Governance requirements corp Corporation vs LLC governance Business Name How does a business adopt a DBA Separate owner and entity Business name vs trademark How do I do a name search Other What is Payroll What local registrations are required What is an LLC operating agreement What is involved in forming a NPC Business license information Foreign corporation Have Questions We Can Help Our staff of filing experts is ready to help you whenever you need it Call Us 1 877 692 6772 Contact us Business Newsletter Sign up for our free business newsletter

    Original URL path: http://www.mycorporation.com/learningcenter/what-is-a-benefit-corporation.jsp (2016-01-08)
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