INCORPORATE YOURSELF: DO EVERYTHING ON YOUR OWN

2007-03-08 10:33:40

( Business )



There are three ways to undertake the incorporating process. You can hire a lawyer, employ an incorporating service provider, or incorporate yourself and do everything on your own.

Whatever method you pick, the steps to follow are generally the same. Begin by selecting a corporate name. Then draw up and file the Articles of Incorporation. Once the Articles are approved, draft the Corporate Bylaws and hold your first organizational meeting. After that, issue your shares of stock.

So what do you get if you choose to incorporate yourself? Incorporation is not that expensive. The state fees and taxes depend on the complexity of your corporate structure. But if your attorneys charge by the hour, you could face high legal fees. And although incorporating companies are not as pricey, you still need to pay a premium for the services used. Your costs are therefore minimized if you opt to incorporate yourself.

If you do decide to incorporate yourself, remember to prepare well. If not, the incorporating process may overwhelm you. Familiarize yourself with the incorporating procedures and the requirements to be submitted in your desired state of incorporation. Visit the library and look for books or manuals that provide information on how to incorporate yourself.

Be aware of the different ways to contact the people tasked to oversee corporate formation. You can pay a visit to the State Office, communicate via telephone number or mailing address, or surf the Internet for the official website.

Before taking the plunge to incorporate yourself, weigh the pros and cons. Bear in mind that an expert’s advice can be very valuable. If you want to be certain that the corporate structure is right for your business, it would be better if you consult a professional. If you make a mistake, you might lose everything instead of gaining something.


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