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Questions
What is a corporation?
A corporation is a legal entity considered as an artificial person that exists separately from its owners, which is the shareholders.
What are the primary advantages of a corporation?
The primary advantages of a corporation is that shareholders and directors are not liable for the debts and obligations of the corporation, the life of the corporation does not depend on its member, and the ownership is easily transferable.
What are the primary disadvantages of a corporation?
The primary disadvantages to a corporation includes that it is taxed twice when the profits are distributed to shareholders as dividends, first as income to the corporation and then as income to the shareholder, the creation and operation is more complex than of that sole proprietorship and partnership.
What does an organizational structure of a corporation consist of?
The organizational structure of a corporation is consists of shareholders, directors, and officers. The shareholders are the owners of a corporation, directors are the appointees of shareholders to manage the affairs of the corporation, and officers are responsible for the everyday management of the corporation.
What are processes involved in the creation of a corporation?
In order to establish a corporation, the basic requirement provided by the law must be met such as the preparation and filing of an articles of incorporation to the concerned state agency together with the payment of related fees. After this, you must hold a meeting to adopt the bylaws of the organization.
What are the requirements to organize a corporation?
The requirements includes the creation and filing of an articles of incorporation as well as the payment of relative fees to the concerned agency in order to conform with the state law.
Is an attorney needed to in the creation of a corporation?
No, an attorney is not part of the requirements to incorporate a corporation, you can prepare and file the articles of incorporation yourself provided that you knew all the requirements in such creation but if not it is better to use a legal service of an attorney to be precise and save time or money.
How much does it cost to incorporate?
The cost specifically depends on the type of the entity to be created especially if there is extra services that are rendered.
It is allowed for a corporation to change its incorporators?
No. An incorporator cannot be changed after he signs the articles of incorporation and approved by the concerned states agency.
How many officers do a corporation needed to start its operation?
There is no specific number of officers to be appointed in a corporation, it depends upon the decisions of the board of directors.
What is a limited liability company?
A limited liability company or LLC is a business entity that limits the liability of the members in the company's financial obligation.
Do I still need to file for financial disclosures?
It depends. If your organization is a profit corporation, you no longer need to submit a financial disclosure but if the organization is a nonprofit corporation, you are required to file for a financial disclosure forms.
What will I do if I have complaints in the transaction of my business with another business?
The best way to do is to file your complaint in the courtroom or if you want you can avail a service of an attorney to discuss to you how to resolve such corporate dispute.
How long does it take to accomplish the incorporation process?
The time duration for a processing of an incorporation process varies to the location of the corporation and the load of task at the state office.
What will I do be certain that may company name is not similar with the other existing organizations?
One things you can do is to file your articles of incorporation to the secretary of state or to the government concerned agency, from that they prevent any corporation from have similar names with an entity that is already in existence.
Is it allowed for a same person to hold as a shareholder, director and all officers of a corporation?
This varies according to the jurisdiction of the location of the corporation but most states require that in a profit corporation, there be at least one director and two officers, which are the president and secretary. Most states also permit one natural person to hold both offices and be the sole director of the corporation, and that one person may also be the sole shareholder.
What is a shareholder voting agreement?
The shareholder agreements identify that all shareholders will vote according to their shares together or cooperatively.
What would be the results from a liability of businesses debts and obligations?
Most of the consequences from being personally liable for business debts and obligations are from damage awards in a court case to a tax penalty.
What are the legal obligations of an organization once it is incorporated?
The legal obligation varies from filing tax returns annually, issuing shares of stocks, creating and sustaining corporate books and records, to conducting a meeting for the board of directors and shareholders.
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Corporate Lawyers
Business Corporate Attorney's Article Of Incorporation
