Filing North Dakota Corporation
Many first-time business owners find it in their best interest to register their new entity as a North Dakota Corporation. A Corporation can be advantageous, as it provides numerous tax benefits for owners. It also allows owners to gain instant credibility with new customers and clients. However, there are many steps involved with creating a North Dakota Corporation, and potential owners must ensure they follow each one carefully.
Steps To Filing a Corporation
Choose A Name
The first thing that new business owners are going to want to do is choose a name for their entity. The name they choose should be unique to their company. North Dakota does not allow two Corporations to share a name. To prevent themselves from selecting a name that’s already in use by another Corporation, owners should use the DoMyLLC Name Availability Check Page.
Additionally, the state of North Dakota requires businesses to include an indicator in their name. In this case, owners will want to add something like, “Incorporated,” “Corporation,” “Company,” or “Limited.” They can also add an appropriate abbreviation, like “Inc.”
Choose An Agent For Service Of Process
After choosing a name, new owners will want to find a registered agent. A registered agent is responsible for accepting all legal correspondence on behalf of the company. Experienced business owners know that the registered agent is vital to a company’s success. That’s why many elect to hire the services of a professional third-party company, such as DoMyLLC, to serve as their registered agent.
File Articles Of Incorporation & Pay Filing Fees
Once owners have selected a name and registered agent, they can move forward filing the Articles of Incorporation with the Secretary of State’s office. There is a $100 fee to do so. Information that owners must provide on this form includes:
- The name of the company
- The address of the principal executive office
- Name and address of the registered agent
- Effective date
- Purposes for which the Corporation is organized
- Number of shares the Corporation can issue
- Par value of shares
- The class structure of the shares
- Other provisions for inclusion
- Name and address of each incorporator
- Signatures of the incorporators
- Contact information for the person who wishes to be contacted about the document
File Initial Report
When forming a North Dakota Corporation, you will not have to file an Initial Report. However, Initial Reports could be required when expanding across state lines.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Articles of Incorporation, members will want to hold an 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 the board is in place, directors will define the roles of company members and elect officers. They should also draft corporate bylaws. Bylaws serve as an internal operating manual. A Corporation cannot exist or transact business until its board of directors has adopted a set of bylaws. Also, many banks and insurers require a Corporation to display proof of bylaws before engaging in a working agreement.
While at the initial corporate meeting, the board of directors should also issue stock. They are responsible for doing so throughout the life cycle of the Corporation, and stock cannot be released without the board’s approval. The amount of stock that they can issue is defined in the Articles of Incorporation. The board will also want to create a stock ledger. This will provide transparency to investors and protect the corporate veil.
Obtain Employer Identification Number
The North Dakota Corporation will also need to contact the IRS to secure an Employer Identification Numbers. This number allows the Corporation to file taxes, hire new employees, and open a business bank account.
File North Dakota Required Annual Reports
The Corporation will also need to file an Annual Report by August 1 each year. There is a $25 fee to do so. Learn more on our North Dakota Annual Report page.
There are other yearly requirements besides the annual report. The North Dakota Corporation will need to file state and federal taxes. It will also need to renew all licenses and permits.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we provide comprehensive solutions for owners of a North Dakota Corporation. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of North Dakota’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
We understand how easy it is for first-time owners to become overwhelmed with administrative duties. Contact us today to learn more about how we can help.