How would I go about forming a corporation?

Answer 1

A corporation is one form of organization legally allowed by law. It is unique from single proprietorship, partnership and cooperative because the law assures creditors to fully collect all indetedness of a corporation before it can be dissolved. If the corporation's total asset is not enought to pay its creditors prior to dissolution, the law can order the individual incorporators' asset to cover the balance.

So, the first step in forming a corporation is to determine if that form of organization is the best for your purpose or business objective. Maybe you don't need anybody, all you need are employees. Maybe all you need is a financial partner and you are the industrial partner, vice-versa, to do business.

If you're decided on corporation, you need to find partners who can provide the required capital (Find out from your Secuities and Exchange Commission what's the minimum capital for corporation) Some laws require at least five (5) incorporators and these incorporators should not have conflict of interest. Example: an employee of Dept. of Labor and Employment cannot join a corporation running a recruitment agency.

Next, meet your incorporators and decide on your By-laws, what's the value of your shares, paid-in capital, provisions for capital build up, provisions for savings, provision for profit sharing and most of all what is the organizational hierarchy (president, directors down to the corporation's secretary), who are the active partners and the inactive partners, who are the financial partners and who are the industrial partners, then lastly what do you intend to do and how. Remember the law does not allow a corporation to register if its aim is illegal.

Last, upon documenting the minutes of your first meeting, Articles of Incopration and By-laws, register your corporation to a Registration Certificate, Tax Certificate, Business Permits, etc so you can open a bank account in the name of the corporation and start conducting your business with the full blessing of the Corporation Law.

Answer 2

To form a corportion , first you need business partners on every facets who are financially capable to contribute capital shares of stocks or even if not financially capable, at least contributor as to managment success. Then furnish a large building for your establishments wherein you place your machinery or office equipment. Then you can hire capable employees. Yes, the articles of incorporation will inquire if your staff is complete and your financial capability. You need it in filing for the formation of a corporation at the SEC (Security and Echange Commission) in order to have your corporation a personality.

Answer 3

call the state dept, and ask to send u the forms for incorporation. Its not expensive