Filing a Colorado Corporation
Many first-time business owners tend to find a Colorado Corporation advantageous. The Corporation structure offers many benefits, such as tax breaks and the ability to gain credibility with customers. However, there are many administrative requirements that new business owners must complete to ensure they remain in good standing.
Steps To Filing A Colorado Corporation
Choose A Name
The first thing that prospective business owners in Colorado should do is choose a name for their entity. The name that you select for your Colorado Corporation should be unique to your company and should not already be in use by another business. To prevent that from happening, feel free to utilize the DoMyLLC Name Availability Check Page.
Also, the state of Colorado requires companies to include an indicator in their name. This can be something like “corporation,” “incorporated,” “company,” “limited,” or some abbreviation, such as “Inc.”
Choose An Agent For Service Of Process
Those looking to form a business will also need to choose a registered agent. The registered agent accepts all legal correspondence on the company’s behalf. A quality registered agent could help improve a business’ likelihood of success, which is why many choose to hire the services of a
professional third-party company, such as DoMyLLC.
File Articles Of Incorporation & Pay Filing Fees
Once new business owners have secured a name and registered agent, they can file the Articles of Incorporation form with the Secretary of State’s office. There is a $50 fee to submit this form. Information required for this form includes:
- The name of the company
- The principal office address
- Registered agent information, including name and address
- Name and mailing address of incorporators
- Classes of shares and the number of shares issued
- Delayed effective date, if any
- True name and mailing address of the individual causing the document to be delivered
File Initial Report
Colorado does not require a Corporation to submit an Initial Report. However, if the entity were ever to expand to another state, there may be Initial Reporting requirements. Learn more at our Initial Reports page.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
Once the state of Colorado has approved the Articles of Incorporation filing, incorporators can hold their 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.
One the board is in place, they can elect officers and define the role of each member of the organization. They should also draft corporate bylaws. The Corporation cannot conduct business until the board of directors have approved a set of bylaws. Additionally, many banks and insurers require bylaws to work with a Corporation. Bylaws serve as an internal operating manual for the company and are not made public.
Issue Stock
Directors will also want to issue stock while at their initial corporate meeting, as the board must give its approval before doing so. Issuing stock and maintaining a ledger are required by the state of Colorado for a Corporation. The Corporation’s Articles of Incorporation should have outlined how much stock the board can issue. The board can issue stock at any point during the life cycle of the company. The stock ledger is essential to protect the corporate veil and provide clarity to future investors.
Obtain Employer Identification Number
A Colorado Corporation will also need to secure an Employer Identification Number. This number, provided by the Internal Revenue Service, allows companies to file taxes and open a business banking account. The number is also required by state and federal governments if the Corporation wishes to hire employees.
File Colorado Required Annual Reports
The Secretary of State’s office requires a Corporation to follow a Periodic Report each year. This report, which costs $10 to file, is due within three months of the first day of the incorporation anniversary month. Learn more about these requirements at the Colorado Annual Report page.
Ongoing Maintenance
A Colorado Corporation will need to meet regulatory requirements each year. This includes filing state and federal taxes, in addition to ensuring that all licenses and permits are renewed.
How DoMyLLC Can Assist With Streamlining The Process
If you’re a first-time business owner, the initial administrative requirements and annual requirements could become overwhelming. Fortunately, DoMyLLC is here to help streamline the process. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Colorado’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Utilizing our services could allow you to dedicate yourself fully to growing your new business. Be sure to contact us today to learn more about how we can help.