Question

Can someone please help me I am doing business law not economics. it should be written in 100 words and it should at least one citation from reliable source per response.

what steps are required to form a corporation?

Answer 1

corporation

a legal entity created and recognized by state law.
Can have one or more shareholders .

CLassifications of Corporations

Domestic, Foreign, Alien
Public & Private
NonProfit
Closely Held
S Corporation
Benefit Corporation
Professional

2 steps to form a corporation (incorporation)

1. Preliminary and Promotional Activities
2. Set up the Legal Process

Incorporation Procedures

1. Promotion
2. Name Search
3. Subscription
4. Files of Incorporation
5. State Charter
6. 1st organizational meeting

Corporation Requirement

1. Must be domestic
2. corporation must not be a member of an affiliated group of corporations
3. The shareholders of the corporation must be individuals, estates, or certain trusts and tax exempt organizations
4. must have no more than 100 shareholders
5. must have only one class of stock although all shareholders do not need to have the same voting rights.
6. Shareholder of the corporation may not be a non resident alien.

Step required in business formation.

• choose corporations name and address :- first to choose name of corporation which is unique so you have no trade mark problem.

• select the state to incorporate in:- there are number of factor which help in choosing location. You don't need have to incorporate in your own state too.

•select a corporation type:- select the best type of corporation for your business and for that see advantage and disadvantaged of each type.

• determine company director:- corporation must have board of directors and which is filled within articles of incorporation by law.

• choose your share type:- corporation issues common and preffered stock select best according to situation.

• obtain your certificate of incorporation:- take it from corporation filling office for state in which you incorporate.

• process and file the incorporation:- with the help of lawyer or third party you will need to file incorporation with registered agent.