Those looking to form their first business in Louisiana may find themselves overwhelmed by the different structural options available. One of the choices that may be most appealing is the Louisiana Corporation. This page breaks down everything you need to know about forming a Louisiana Corporation.
Filing a Louisiana Corporation
Many business owners find value when forming a Louisiana Corporation. That’s because choosing the Corporation structure can provide tax benefits and credibility with customers. However, the process of filing for Corporation status is a bit extensive. New owners will want to make sure they’re diligent during the filing process.
Steps When Filing
Choose A Name
The first thing that those looking to form a business must do is choose a name for their Louisiana Corporation. The state requires companies to include an indicator in their name that reflects the structural status they’ve elected. So, in this case, owners will need to add something like, “Corporation,” “Incorporated,” “Company,” “Limited,” or a similar abbreviation, such as “Inc.,” to their name.
Furthermore, Louisiana does not allow two companies to have the same name. To ensure that the name they’ve chosen is unique, owners can take advantage of the DoMyLLC Name Availability Check Page.
Choose An Agent For Service Of Process
After choosing a name, owners will need to select a registered agent for their new company. Registered agents are responsible for accepting legal correspondence on the company’s behalf, thus making them an integral part of the company’s operations. Because of how vital a registered agent can be, many owners elect to hire the services of a professional third-party company, such as DoMyLLC.
File Articles Of Incorporation & Pay Filing Fees
Once owners have secured a name and registered agent, they can file the Articles of Incorporation with the Commercial Division of the Secretary of State’s office. There is a filing fee of $75 required with this form. Additionally, there is an expedite fee ranging from $30 to $50. Below, owners will find some of the information they’ll need to include in this form:
- The name of the company
- The name of the person filing the document, along with a return address
- Purpose of formation
- Duration of the Corporation
- Number of shares the Corporation will have the authority to issue
- Par value for authorized shares
- Name and address of each incorporator
- Address of registered agent office
- Address of initial principal office
- Names and address of the initial directors
- Whether there will be protection against liability for directors and officers
- Other provisions
- Signatures of incorporators and registered agent
File Initial Report
The Louisiana Corporation will need to submit an Initial Report as well. The fee for the Supplemental Initial Report is included in the incorporation fee. Organizers should provide this form when filing the Articles of Incorporation.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Articles of Incorporation, members should hold the 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 roles of officers and elect individuals to these positions. The board must also draft corporate bylaws. Bylaws are private and serve as an internal operating manual. The Corporation cannot exist or conduct business before the board of directors have adopted bylaws. Additionally, many banks and insurers require proof of bylaws before entering into an agreement with a Corporation.
While at the initial corporate meeting, directors should also issue stock and begin maintaining the stock ledger. Board approval is needed to issue stock. The board is responsible for issuing stock throughout the life cycle of the Corporation. The amount of stock that they can issue is defined in the Articles of Incorporation. A stock ledger is also integral, as it provides transparency to investors and protects the corporate veil.
Obtain Employer Identification Number
The Louisiana Corporation will also need to obtain an Employer Identification Number from the IRS. They can use this number to open a business bank account, hire employees, and file taxes.
File Louisiana Required Annual Reports
The Corporation must file an Annual Report each year. It is due no later than the company’s registration anniversary. The fee to submit the form is $30. Learn more at our Louisiana Annual Report page.
The Louisiana Corporation will need to file state and federal taxes each year as well as ensure licenses and permits are up to date.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we offer comprehensive administrative services to assist Louisiana business owners. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Louisiana’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Because we focus on your administrative requirements, you can focus on the daily operations of your business.