Filing An Iowa Corporation
Many first-time business owners find that registering their company as an Iowa Corporation is beneficial. Doing so could provide numerous tax benefits and also allows owners to gain credibility with their customers. However, many administrative requirements go into creating an Iowa Corporation.
Steps When Filing
Choose A Name
The first step that owners will take is to choose a name for their entity. Owners will want to make sure that the name they choose is not already in use by another organization. Otherwise, the state of Iowa will not accept it. To ensure this does not happen, owners can use the DoMyLLC Name Availability Check Page. Furthermore, the state of Iowa requires organizations to include an indicator in their name. In this case, owners will need to add something like, “Corporation,” “Incorporated,” “Limited,” “Company,” or an abbreviation of these terms, such as “Inc.”
Choose An Agent For Service Of Process
After choosing a name, new owners will then need to select a registered agent. The registered agent is responsible for accepting all legal correspondence on the company’s behalf. The registered agent position could be integral to a company’s success, which is why many owners elect to utilize the services of a professional third-party company, such as DoMyLLC.
File Articles Of Incorporation & Pay Filing Fees
Once a name and registered agent are secured, owners will need to submit the Articles of Incorporation to the Secretary of State’s office. There is a $50 fee to do so. Information that owners will need to provide on this form includes:
- The name of the company
- The number of shares the corporation is authorized to issue
- Name and address of the registered agent
- Name and addresses of those permitted to serve as initial directors
- The purpose for which the business is organized
- Par value for authorized shares
- Imposition of personal liability on shareholders for the debts of the corporation
- Authorized signature
File Initial Report
The state of Iowa does not require Initial Report. But if the Iowa Corporation wishes to expand into other states, they may need to file an Initial Report.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Articles of Incorporation, the Iowa Corporation can hold its initial corporate meeting. In attendance at this meeting should be the directors who were listed on Articles of Incorporation. These directors will serve in this capacity on the board until the next annual meeting of shareholders, where directors are up for re-election.
Once in place, the board can define the role of officers, elect officers, and draft corporate bylaws. Bylaws are integral to corporate compliance, as a Corporation cannot exist or conduct business until the board of directors have adopted them. Bylaws are private and serve as an internal operating manual. However, many insurers and banks require them before entering into business with a Corporation.
While at the initial corporate meeting, directors should also issue stock and begin to maintain the corporate ledger. Approval from the board is required to issue stock. The board is responsible for doing so throughout the life cycle of the Corporation. The amount that the board can issue should have been defined in the Articles of Incorporation. A ledger is necessary to protect the corporate veil and provide clarity to investors.
Obtain Employer Identification Number
The Iowa Corporation will also need to contact the Internal Revenue Service to secure an Employer Identification Numbers. They’ll need this number to file taxes, open a business banking account, and hire employees if they wish to do so.
File Iowa Required Annual Reports
Iowa requires a Corporation to file an Annual Report only on even years. These Biennial Reports are due on April 1. If filing fee, it will cost $45 to submit. Mailing the form costs $60. Learn more at the DoMyLLC Iowa Biennial Report page.
Even though Annual Reports are filed every other year, there are still yearly requirements for the Iowa Corporation. This includes submitting state and federal taxes, as well as renewing all licenses and permits.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we understand that administrative processes are burdensome, especially when growing a business. That’s why we offer comprehensive packages that streamline the process. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Iowa’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
We’ll work with you to help you meet the administrative requirements of registering an Iowa Corporation and remaining in good standing.