At Bourke Accounting we are a full service tax and accounting firm. A big part of our business is forming Corporations, LLC’s, Non Profits and over-all helping people figure out which entity is best for their business. With the new “Tax Cuts and Jobs Act” Corporations seem to be the “it” entity of the moment. I thought I’d give you a list of many of the questions I usually get when forming a Corporation.
Q: Can one individual hold all positions within the Corporation?
Q: Can I incorporate in more than one state?
A: No. A Corporation can only be incorporated (formed) in one state. Once legally formed, it may do business in any state in the country, but it may have to fulfill additional requirements depending on what states the Corporations wants to do business in.
Q: What is a registered agent and why does my Corporation need one?
A: A registered agent, sometimes referred to as a resident agent, is someone who resides within the state of incorporation. The registered agent is responsible for accepting official notices from the Secretary of State and service of process in the event that the Corporation is sued.
Q; What does the registered agent charge?
A: The charges varies depending on who you use. You can also be the registered agent.
Q: How often do I need to hold a shareholder’s meeting?
A: The shareholder meeting needs to be held at least annually.
Q: What do the Board of Directors Do?
A: The Board of Directors is responsible for electing the officers of the Corporations and for setting corporate policy.
Q: What do the officers of the Corporation do?
A: The officers are responsible for the day-to-day operations of the Corporation.
Q: What is my Corporations incorporation (formation) date?
A: Your corporation’s incorporation date can be found on the Corporate Charter issued by the Secretary of State or will be “date stamped” on the from page of the Articles of Incorporation.”
Q: Does my Corporation need it’s own EIN number?
Q: How does my Corporation open a bank account?
A: Many banks provide their own forms that are required to open a Corporate bank account. Most banks require the Corporation formation papers and a copy of the EIN number.
These are some of the basic questions I get when we form a Corporation. One thing I always stress when forming a Corporation is that the Corporation is now a living entity that needs to be taken care of…and looked after. And the tax benefits are amazing. Let Bourke help you form your Corporation today! Give us a call at 502-451-8773 or come by for a visit to find out more. See you soon!