Corporate Attorney in James City County
Are you fortunate enough to be starting your own corporation? Establishing a corporation involves several steps, and the specific requirements can vary depending on the jurisdiction in which you plan to incorporate. Hiring a corporate attorney from Montgomery, Kelley, & Dennet will help guide you on how to establish a corporation:
Choose a Business Name: Select a unique and suitable name for your corporation. Check the availability of the chosen name to ensure it’s not already in use.
Determine the Corporate Structure: Decide on the structure of your corporation (e.g., C corporation, S corporation). Each structure has different tax implications and requirements.
Appoint Directors: Appoint individuals to serve as directors for your corporation. Directors make high-level decisions for the company.
File Articles of Incorporation: Prepare and file the articles of incorporation with the appropriate government agency. This document typically includes information about the company’s name, purpose, structure, and initial directors.
Draft Corporate Bylaws: Create corporate bylaws that outline the internal rules and regulations governing the corporation. This document covers issues like shareholder meetings, director responsibilities, and decision-making processes.
Hold an Organizational Meeting: Conduct an organizational meeting with the initial directors to adopt bylaws, appoint officers, and handle other organizational matters.
Issue Stock: If applicable, issue stock certificates to shareholders based on the number of shares they own.
Obtain an Employer Identification Number (EIN): Obtain an EIN from the Internal Revenue Service (IRS). This unique identifier is used for tax purposes and is necessary for hiring employees and opening bank accounts.
Register for State and Local Taxes: Register for state and local taxes, including sales tax and other applicable taxes based on your business activities.
Comply with Licensing Requirements: Check and comply with any licensing requirements specific to your industry and location.
Open a Business Bank Account: Open a separate business bank account for your corporation to keep business finances separate from personal finances.
Fulfill Ongoing Compliance Requirements: Be aware of and fulfill any ongoing compliance requirements, such as filing annual reports and paying taxes.
It’s important to consult with legal and financial professionals during the process to ensure compliance with local laws and regulations. Additionally, the specific steps and requirements can vary, so it’s advisable to check with the relevant government authorities in your jurisdiction.
Montgomery Kelley & Dennett are here to help!
Are you in need of assistance in establishing your new corporation and live in James City County, Virginia? At Montgomery, Kelley & Dennett we have decades of combined legal experience and will thoughtfully help you plan your estate.