Filing a Hawaii Corporation
Many first-time business owners find that registering as a Hawaii Corporation is advantageous. That’s because a Hawaii Corporation offers numerous benefits, such as tax perks and the ability to gain credibility in the eyes of customers. However, there are many administrative requirements needed to register a Hawaii Corporation. Be sure to follow the steps below.
Steps To Filing a Hawaii Corporation
Choose A Name
The first thing that new business owners must do is choose a name for their entity. Owners must be careful not to choose something that is already in use, as the state of Hawaii does not allow two organizations to have the same name. To prevent this from happening, be sure to check out the DoMyLLC Name Availability Check Page.
Additionally, the state of Hawaii requires all companies to include an indicator in their name. In this case, the name should contain something like, “Corporation,” “Incorporated,” “Limited,” “Company,” or any similar abbreviation, such as “Inc.”
Choose An Agent For Service Of Process
After settling on a name, owners must then choose a registered agent. The registered agent plays a critical role in the company, as they are responsible for accepting all legal correspondence on behalf of the business. Because the position is so vital, many business owners choose to utilize a professional third-party company, such as DoMyLLC.
File Articles Of Incorporation & Pay Filing Fees
Once owners have chosen a name and registered agent, they can begin filing the Articles of Incorporation with the Business Registration Division of the Hawaii Department of Commerce and Consumer Affairs. There is a $51 fee associated with doing so. Owners can also elect to expedite this service by paying an additional $25. Some of the information requested in this document includes:
- The name of the corporation
- The mailing address of the corporation’s initial principal office
- Registered agent information, including name and address
- The number of common shares all of the same class which the Corp shall have authority to issue
- Name and address of each incorporator
- Signature of at least one incorporator
File Initial Report
The state of Hawaii does not require companies to file Initial Report. However, if the entity ever wishes to expand across state lines, they may be subject to Initial Reporting requirements.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
Once authorized by the state to conduct business, a Hawaii Corporation can hold its initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once in place, the board can draft corporate bylaws, elect officers, and define the roles of these officers. Corporate bylaws serve as an internal operating manual for the Corporation. Although the bylaws are private, many banks and insurers require proof of them to enter into business with a Corporation. A Corporation cannot exist or conduct business until the board has adopted a set of bylaws.
While at the initial corporate meeting, the board of directors can also issue stock. The board is responsible for issuing stock throughout the life cycle of the Corporation. The amount of stock that directors can issue is defined in the Articles of Incorporation. They should also establish and begin to maintain a stock ledger, as this will protect the corporate veil and provide transparency to future investors.
Obtain Employer Identification Number
The new Hawaii Corporation will also need to contact the IRS to secure an Employer Identification Number. The company will need this to file taxes, hire employees, and open a business banking account.
File Hawaii Required Annual Reports
Each year, the Hawaii Corporation will need to file an Annual Report. The reports are due during the quarter that contains the anniversary registration date. For instance, if owners established the company on January 14, the report is due no later than the end of the first quarter on March 31. There is a $15 fee to file this form. Learn more on our Hawaii Annual Report page.
The Hawaii Corporation must also file taxes and renew all licenses and permits each year.
How DoMyLLC Can Assist With Streamlining The Process
DoMyLLC seeks to make it easier to run a business. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Hawaii’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
We can handle your administrative needs so that you can focus on growing your company. Contact us today to learn more.