Incorporating A Business – Your Basic Options

2007-03-08 10:33:40

( Business )



Incorporating a business is not an easy process. Before you even begin incorporating your business, you must choose your business name and check name availability through the secretary of state’s office.

Once you have done this, you have three basic options in incorporating a business, whether you register a regular corporation or incorporate llc.

Doing Incorporation Yourself

This option is the most affordable but is not the easiest. Each state requires you to prepare articles of incorporation for your business. Note that if your information in the articles is incomplete, the filing will be rejected. Check if your state has a template in its web site that you can download and fill out.

There will be filing fees and other expenses to pay, but no legal or service fees. This makes incorporating a business yourself the least-cost, but most time-consuming, option.

Using Incorporation Services Providers

These are companies that prepare your incorporation documents and file them with the state. They are not law firms and cannot provide legal advice. If you plan to use one, find a firm that provides comprehensive incorporation information on its web site. That indicates they understand the process.

Providers charge service fees. Check what services come with the fees. Aside from basic incorporation papers, see if these include corporate kits and assistance in obtaining your employer identification number.

Using a Lawyer

This may be an expensive option. But the lawyer can customize your articles of incorporation, and assist you in preparing contracts and reviewing other legal documents. The lawyer will not do actual preparation and filing of documentation needed in incorporating a business.

When using a lawyer for incorporating a business, you will pay attorney’s fees, charged by the hour. It is advisable to get a cost estimate up front and to check what is included in that cost. Try to find a lawyer who matches your needs. You can ask referrals from family, friends or other business owners.

It will be up to you to decide on the options, but each helps you when incorporating a business.


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