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The most common type of corporation is a General for Profit Corporation or C-Corp. If you have determined that a corporation is right for your business needs, we are here to help.

Here at DoMyLLC, our trained LLC specialists understand the needs of small businesses and are dedicated to providing excellent customer service. Incorporating with DoMyLLC takes 15 minutes of your time. Simply place an order and provide a signature if needed. We make it that easy to DO.

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Have Questions? Speak with a DoMyLLC specialist at (888)-DoMyLLC (366-9552).

A C-Corp is business structure that offers assett protection to individuals that own and operate the company. A C-Corp is a separate legal entity that can raise capital, build credit, enter into contracts and be sued like an individual.

A C-Corp is formed for business in order to:

  • Asset Protection – owners are not personally liable for the debts of the company.
  • Reduce tax liability (corporate tax rates are much less then individual tax rates).
  • Less chance of being audited.
  • More professional business structure in the eye of consumers.

Management

Like all companies there are people that must run, maintain and own the business. In a C-Corp there are three levels of management, Shareholders, Directors and Officers.

  • Shareholders – Own the corporation based on the amount of share of stock they have purchased.
  • Directors – Are appointed by the shareholders and are responsible for carry out the wishes of the shareholders.
  • Officers – Are appointed by the directors responsible for running the day to day activities of the company. They are responsible for carrying out the wishes of the directors.

It is important to note that individuals can serve in multiple levels of management. A person can be a shareholder, director and officer in a corporation. In most corporations it is not uncommon for someone to be in more then one level of management.

Formalities

There are formal requirements in order to maintain corporate liability protection for owners of the corporation. Corporations are required to:

  • Maintain bylaws.
  • Hold annual meeting.
  • Record meeting minutes.
  • Issue stock.
  • File state annual reports.
  • File taxes.

These requirements are what insure separation between the corporation and shareholders who own the company. If the corporation does not comply with these formalities the corporate veil can be pierced and shareholders can be liable for business debts.

Taxation

Corporations are subjected to what is called, “Double Taxation.” The corporation is going to file taxes for the revenue it makes, once completed any remaining dividends that are distributed to shareholders are taxed as well. This might sounds very unpleasing however; corporate tax rates are much lower than sole proprietorship and partnerships.

Corporations can avoid double taxation by filing an S election with the IRS. When a corporation files for S tax status, the profits of the business pass through the company to the shareholders. The shareholders will then report the profits of the company with their individual tax returns. For more information on S Corporations click here.

The process of starting a corporation is just a click or phone call away. Protect yourself and your business before it is too late. DoMyLLC will ensure your Articles are filed properly with the state so you can focus on running your business.

What is the difference between a corporation and an LLC?

The main between the two are the formalities. Corporations are required to hold annual meetings, take meeting minutes and issue stock. With an LLC, the company is not required to hold meetings, take meeting minutes or issue stock. Do to the fact that there are far less formalities in an LLC, they have become a very popular entity structure in recent years. If you have questions, please contact our office toll free at (888)-DoMyLLC (366-9552).

What information is needed when incorporating?

The information needed to file the Corporation:

  • Corporate name
  • Business address
  • Registered agent and physical address
  • Officers of the corporation
  • Directors of the corporation
  • Authorized shares and par value
  • Business activity

Who owns a Corporation?

The owners of a corporation are called “Shareholders.” The shareholders own the company based on how much stock they have purchased.

Example: Tom and Mark go into business together. The Articles of Incorporation state that they are authorized to issue 1500 shares of stock. Tom purchases 600 shares of stock and Mark purchases 400 shares. Since 1000 shares have been issued and Tom owns 600, he would own 60%. Since Mark owns 400 shares, he would own 40%. (Keep in mind there are still 500 shares left that can be sold at a later date which will affect ownership % once they are sold).

What is a Board of Directors?

The Board of Directors are appointed by the shareholders. The directors jointly oversee the activities of the company. It is the responsibility of the board members to carry out the orders of the shareholders. In most small corporations the Board of Directors are also the shareholders.

Who are officers in a Corporation?

Officers are responsible for running the day to day activities of a corporation. Officers are generally appointed by the board directors. Although many different officer positions may be appointed, there are three main officers in a corporation:

  • President – Is the top executive in the company. They are responsible for the overall management of the company and ensure the duties set forth by the Board of Directors are carried out.
  • Secretary – Is generally responsible for maintaining all corporate records and documents.
  • Treasurer – Is the chief financial officer of the company and is responsible for all corporate finances and bank accounts.

What is a Registered Agent?

A Registered Agent is a person or authorized entity, who can accept legal documents and notifications from a government office on behalf of an LLC. All LLCs must designate a person or entity to act as their registered agent. The agent can be anyone in the state as long as they are at a physical location and available during normal business hours. Our office includes this service in our package in order to ensure proper state requirements are met. For more information on our registered agent services please click here.

What is the process once you complete an order?

  • Review & Processing – Your order will be reviewed and processed by one of our document filing specialists.
  • Signature – Documents need to be signed.
  • State Approval – the documents will be sent to the state for approval.
  • Completion – Once we receive the final paperwork back from the state, we complete your order and send the final documents for your records.

What will I receive in my package?

All standard packages include the following:

  • Filed Articles of Incorporation
  • Customized Bylaws
  • Minutes for Meeting
  • Stock Certificates
  • Registered Agent Service for 1 year
  • Document Storage
  • Compliance Reminders & Tips

What is required once the Corporation paperwork is completed?

Most states require that a Corporation file an annual report with the state and pay a filing fee. The company is also required to file taxes just like an individual. Our office can assist with the annual report filing, however, we are unable to assist with taxes (speak with a CPA or tax professional).

How do I file taxes for a Corporation?

The best way to find out about taxation questions for your business would be to speak with an accountant. Here at DoMyLLC we specialize in prepare state paperwork and are not qualified to answer specific tax questions. .

Comparison Chart– Compare all entity types to determine the proper structure for your business.

Advantages of Forming an LLC

How to Form an LLC

Types of LLC’s

Tax Savings Calculator – See how much in taxes can potentially be saved when filing for S Corporation status.

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For more information on how we can help you start an LLC please call our office toll free at (888)-DoMyLLC (366-9552). ORDER NOW!