Filing a Maine Corporation
Many first-time business owners find a Maine Corporation to be advantageous. For one, filing under the Corporation structure provides numerous tax benefits. Secondly, doing so could also provide instant credibility, making you more trustworthy in the eyes of customers and other entities. The process to file as a Maine Corporation is very detailed. New owners should ensure they complete every step.
Steps To Filing a Maine Corporation
Choose A Name
The first thing that organizers must do is select a name for their new corporation. The state of Maine requires that the name of each company be unique. This means that no two corporations can share a name. To ensure they don’t select a name that’s already in use, owners can use the DoMyLLC Name Availability Check Page.
Also, Maine requires businesses to include an indicator in their name. This means that owners will need to add something along the lines of “Corporation,” “Company,” “Incorporated,” “Limited,” or any abbreviation of such terms, such as “Inc.”
Choose An Agent For Service Of Process
After settling on a name, organizers will then need to secure a registered agent. The registered agent is responsible for accepting legal correspondence on the company’s behalf. Their position is more integral than most realize. Because of how critical the registered agent is, many business owners choose to hire a professional third-party company, such as DoMyLLC, to serve in the position.
File Articles Of Incorporation & Pay Filing Fees
Once owners have obtained a name and registered agent, they can file the Articles of Incorporation with the Secretary of State’s Bureau of Corporations, Elections, and Commissions. There is a $145 fee to do so. There is an optional expedite fee between $50 and $100. Information that owners must provide includes:
- The name of the company
- Whether the organization is a Professional Corporation
- Name and address of the registered agent
- How many classes of shares there will be and the number of shares in each
- Whether the Corporation will have a board of directors and if so, how many
- Whether the Corporation elects to have preemptive rights
- Additional provisions
- Name and address of incorporators
- Signature of authorized person
File Initial Report
The Maine Corporation does not need to submit an Initial Report. But, Initial Reports are worth keeping in mind should the company try to expand across state lines.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Articles of Incorporation, members should hold the initial corporate meeting. If incorporators elected to have a board of directors, then those board members should be in attendance at this meeting. 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 the board is in place, they’ll need to define the role of the company’s officers and elect individuals to these positions. They will also need to draft corporate bylaws. Bylaws are a private, internal operating agreement. However, they are an essential part of corporate compliance, as the Corporation cannot exist or conduct business until the board of directors has adopted a set of bylaws. In addition, many banks and insurers require a Corporation to provide proof of bylaws before entering into a working agreement.
While at the initial corporate meeting, directors should also issue stock and begin to maintain the stock ledger. The Corporation cannot issue stock without approval from the board of directors. The board is responsible for issuing stock throughout the life cycle of the Corporation. The amount that they can issue is defined in the Articles of Incorporation. The ledger is also critical, as it provides transparency to investors and protects the corporate veil.
Obtain Employer Identification Number
The IRS can issue an Employer Identification Number. The Maine Corporation will use this number to open a business banking account, hire employees, and file taxes.
File Maine Required Annual Reports
The Corporation will need to file an Annual Report by June 1 each year. There is an $85 fee to do so. Companies can learn more at the Maine Annual Report page.
The Maine Corporation will need to submit taxes and renew all licenses and permits each year. This should occur at both the state and federal level.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we work with Maine business owners to provide comprehensive, streamlined administrative solutions. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Maine’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
We understand how overwhelming it can be to register a Maine Corporation, which is why we are here for you. Contact us today to learn more about how we can help.