Filing a Vermont Corporation
Many new business owners find a Vermont Corporation enticing because of the many advantages it offers. A Corporation can provide numerous tax benefits to owners. It can also allow them to gain instant credibility with customers and clients. However, registering as a Corporation can be intimidating because of the complexity of the filing process.
Steps To Filing a Corporation
Choose A Name
Those looking to form a business should begin by choosing a name for their new entity. The state of Vermont requires companies to include an indicator in their name. In this case, owners should consider adding something such as “Corporation,” “Incorporated,” “Limited,” “Company,” or an appropriate abbreviation of such terms, such as “Inc.” Additionally, Vermont does not allow two Corporations to share the same name. To ensure that they don’t choose a name already in use, owners should utilize the DoMyLLC Name Availability Check Page.
Choose A Registered Agent
After choosing a name, new business owners will need to find a registered agent for their company. The registered agent is responsible for accepting all legal correspondence on behalf of the company. As you could imagine, their role is integral to the success of a new Corporation. Because this is the case, many owners elect to hire the registered agent services offered by a professional third-party company, such as DoMyLLC.
File Articles Of Incorporation & Pay Filing Fees
Once owners have secured a name and registered agent for their company, they can file Articles of Incorporation with the Secretary of State’s Division of Corporations. The fee to do so is $125. The information that owners will need to provide on these forms includes:
- The name of the company
- The Corporation type
- Fiscal year end month
- Business description
- Business email address
- Initial principal business office
- Registered agent name, address, and email address
- Total number of shares and the par value of each
- The division of capital stock
- Name and address of incorporators
- Whether the Corporation will operate with a board of directors
- Name and address of the board of directors
- Delayed effective date
- Signature of incorporators
File Initial Report
The state of Vermont does not require Initial Report
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After submitting the Articles of Incorporation, the Vermont Corporation will need to hold an 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.
If incorporators chose not to list directors on the Articles of Incorporation, they then are responsible for overseeing the initial meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records.
Once a board is in place, directors will define corporate roles while electing officers. The company will also need to draft corporate bylaws. Bylaws are a private, internal operating manual. The Corporation cannot exist or conduct business until the board of directors has adopted a set of bylaws. Additionally, many banks and insurers request proof of bylaws before engaging in activity with a new Corporation.
While at the initial corporate meeting, the board of directors should also issue stock. They are the only group with authority to do so. The board is responsible for issuing stock throughout the life cycle of the Vermont Corporation. The amount of stock that they can issue was defined in the Articles of Incorporation. The board will also want to maintain a ledger to protect the corporate veil and promote transparency for future investors.
Obtain Employer Identification Number
The Vermont Corporation will also need to secure an Employer Identification Numbers from the IRS. This is necessary to file taxes, hire new employees, and open a business bank account.
File Vermont Required Annual Reports
Two and a half months after the end of the Corporation’s fiscal year, they will need to file an Annual Report. If the Corporation’s fiscal year ends on December 31, the Annual Report would be due by March 15. There is a $45 fee to submit this report. Officers can learn more at our Vermont Annual Report page.
In addition to filing an Annual Report, other yearly requirements include paying state and federal taxes and renewing all licenses and permits.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we understand how quickly it is for new owners to become overwhelmed when forming a Vermont Corporation. That’s why we offer comprehensive, streamlined solutions. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Vermont’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Be sure to contact us today to learn more about how we can handle your administrative needs and help your company succeed.