subject: Hey, Business Incorporation Is Easy [print this page] Just a decade or two ago, business incorporation was such a tedious process that businesses often reached bankruptcy before being awarded corporation status. However, recent developments in the business world and the creation of Business Corporation Act make the process quicker and easier. The 3 steps for business incorporation are: securing the corporate name, submitting the documents required, and paying the filing dues. These process can be done with the services of your lawyer or you can opt to D-I-Y.
First thing to do is to secure your corporate name. Make sure to check the other businesses' names beforehand. Many times, business incorporation processes are disrupted because the name filed are already owned by other companies. You should also avoid naming your corporation with names that sound and spell like the other companies' names. Not only same sounding names might confuse possible clients, these can also cause your business to be overshadowed by the other company. This especially applies if the other company is in business longer than you have been, so they are more popular.
Next, you have to prepare the documents that are needed for the business incorporation application. You should file them as early as you can. Third, pay all required state fees for application; taxes and other fees is a must if you want an efficient processing of your papers. State filing rates vary from state to state, these can be as low as $100 or as high as $400. Paying these dues is necessary to establish your company in that particular state.
You might find these steps tedious if you apply by yourself. D-I-Y application requires you to be knowledgeable about state laws concerning business incorporation. Even preparing and collecting the documents can be such a big task. And you would need to follow up your application with the authorized agencies. However, using incorporation service groups reduces your burden considerably. After they furnish the companies with information, they will check the corporate name for you, file the required documents, and pay initial dues for you. In addition, they will also assume the duty of following up and inquiring about your application with the respective agencies. And the companies would be very experienced with the whole application process, so they would know important people inside the agencies. So the whole process would be easier.
The service companies need minimal and nominal fees aside from the state filing dues. To promote fast processing, they even allow clients to submit necessary data and information online. Lawyers can do this for you, but you have to pay them by the hour. There would be too big of a cost, which can sometimes cause businesses to cancel their business incorporation plans.
