To incorporate a company, new business owners must complete a large amount of paperwork. Unfortunately, when they go to found their company, many business owners are unaware of just how much paperwork is required. They can quickly become overwhelmed and miss critical deadlines that could end up harming their business significantly. Additionally, many business owners don’t understand that they need to complete paperwork throughout the life of the company.
If you’re looking to incorporate a business, you should have an idea of the paperwork required to do so. Although paperwork requirements may vary from state to state, the documents listed below are some of the most commonly-required forms. By having an idea of what they’ll need to submit, young entrepreneurs can begin gathering the required information and preparing these forms so that they can incorporate and run their business without complications.
Paperwork Requirements For Starting A Business
If you are incorporating a business, there are many critical documents and paperwork requirements with which you’ll want to be aware. One of the most essential is the Articles of Incorporation or the Articles of Organization. The type of document that you must file will depend on the state in which you’re submitting and the kind of company structure you seek.
The state in which you file will likely require this document to contain information such as who your registered agent is and from where they will be operating. Business owners must also include the name of the company, the name of the members of the company and the intended structure of the company.
You should pay careful attention to the requirements set forth by the state in which you’re filing. States often have different requirements for the fees associated with filing, the preferred method of filing, and the information that is needed within the documents. Be sure to look further into your state’s initial filing requirements so that you are well-prepared before filing.
A perfect example of this is an Initial Report. Annual reports are necessary for a company to continue conducting business – more on that below. Initial Reports contain the same information as Annual Reports, except business owners file them immediately upon opening their company. However, only a handful of these states require companies to submit Initial Reports. Again, it’s vital that entrepreneurs pay close attention to their state filing requirements.
Paperwork Requirements When Expanding Your Business
If a business wishes to open an office in another state, they must file paperwork in the new state. However, companies will register as a foreign entity as opposed to a domestic entity. To do so, companies will likely be required to file a Foreign Qualification form. One of the most critical parts of these form is the Certificate of Good Standing or the Certificate of Status.
Business owners can obtain these documents from the state in which they registered domestically. These documents inform the new state that the company is in good standing, meaning they have filed paperwork promptly and are up-to-date on all fees. Once obtained from the domestic state, the business can move forward registering in the foreign state.
Paperwork Requirements For Operating Your Business
Depending on where you conduct business, you will likely have to file an Annual Report or Biennial Report with your respective Secretary of State’s office. States use these forms to ensure that businesses are operational. There are often strict deadlines associated with these forms. Failure to file promptly could put your business at risk of steep fines, and even the possibility of dissolution.
In most states, you cannot make changes to your registered agent information when filing your Annual Report. If you wish to make changes to your registered agent information, including the name of your agent or the address at which they operate, you will likely need to file a Change of Registered Agent form. However, this information can vary from state to state. It’s imperative that entrepreneurs meet the requirements set forth by the state in which they conduct business.
Paperwork Requirements To Dissolve Your Business
Many business owners believe that when it is time for them to close their business, they can merely walk away without any consequences. Unfortunately, this is not the case. Even when shutting down a company, business owners are required to file paperwork with the Secretary of State’s office.
There’s a good chance that the state in which you operate will require you to file Articles of Dissolution or a similar type of document. There could also be fees associated with filing this paperwork as well. Additionally, business owners are required to submit paperwork in states in which they’ve registered as a foreign corporation, not just their state of domestic corporation. Failure to do so could again subject your business to fees that you are liable to pay even.
Don’t Miss Any Critical Paperwork
Once you incorporate your business, paperwork will be something with which you must become accustomed. Not only is paperwork necessary to incorporate your business, but you’ll also likely need to file annual reports in the states in which you conduct business. If you wish to begin operations in another state, you’ll have to require paperwork there as well. You’ll also have to file paperwork when you make changes to your registered agent or seek to close your business.
However, when you’re trying to run the day-to-day operations of your business, it could become overwhelming trying to worry about completing paperwork with state governments on time. For that reason, you should consider hiring DoMyLLC, a third-party professional services company.
DoMyLLC has extensive knowledge of the paperwork requirements for starting, operating, and closing a business in all 50 states. No matter which state you conduct business, we are here to help guide you through the entire process. Not only can we help you complete the required forms, but we can also remind you of upcoming deadlines as well. At DoMyLLC, we handle your paperwork needs so that you can dedicate yourself fully to running your business.