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Incorporation
Incorporation is the act of selling out shares of a company to generate revenue. Questions about incorporating, companies that are or will incorporate, or companies that are already incorporated can be asked here.
500 Questions
Chain of command in a business?
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A system whereby authority passes down from the top through a series of executive positions in which each is accountable to the one directly superior.
What does P C mean after a legal firms name?
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Professional Corporation, indicating that those providing services are licensed to provide legal services.
== == Professional Corporation
What are the advantages with joint venture with a foreign firm?
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If taxed as a partnership why is a joint venture different. why is it not considered a partnership too Can a member of the joint venture spend whatever they want without consulting the other member
What is profit prior to incorporation?
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"Profit prior to incorporation" is the profit earned or loss suffered during the period before incorporation. It is a capital profit and is not legally available for distribution as dividend because a company cannot earn a profit before it comes into existence. Profit earned after incorporation is revenue profit, which is available for dividend.
Define a vote of no confidence?
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A confidence motion in Canada is one where members of the House of Commons are asked to vote on the Speech from the Throne, a tax bill, or spending bill. The government can also declare that a specific bill is a confidence motion. Failure of the majority of Members of Parliament to support the bill would result in the collapse of parliament and thus trigger an election. The opposition can also put forward a motion during opposition days to ask for a vote on the condidence of Government.
In Canada a vote of non-confidence is voteing to decide if the majority of members in the House of Commons still have confidence in the Canadian government's ability to lead the country.How can you file for incorporation?
Asked by Wiki User
In the US, the process of incorporation of a for-profit company is not difficult. For whatever state you are in go to the Secretary of State web site, you should be able to get the company incorported by submitting the right paperwork to the Secretay of State. You should also be able to find what form to use on this web site as well. Each state usually charges a small fee for this.
General steps:
1. Locate your SOS web page (Google "Secretary of state _ Your state here")
2. Click on "Company Incorporation"
3. Download the paperwork.
4. Do a search to ensure you have a unique business name.
5. Fill out the paperwork and mail your check with it. To expedite, it usually costs about $100 more.
6. Wait about a week to receive your registration number.
7. Get your EIN from www.irs.gov. You will need this to open a business bank account and to hire employees/IC's.
You can also google "company incorporation" and buy a package from a legal document provider to simplify the process. While it makes it somewhat more organized, it is generally unnecessary.
Also, keep in mind that you may want to incorporate in a different state than that in which you reside. For example, many real estate companies choose to incorporate in Delaware due to its well documented case law and business owner protection statutes.
See related question "How do you incorporate a business?" linked below.
Who receives the profit from a sole proprietorship?
Asked by Wiki User
Either the sole proprietor or the profit may be reinvested in the business in which case the sole proprietorship.
Where can one find samples articles of incorporation?
Asked by Wiki User
Every corporation has a set of rules regarding their company, which is called their Articles of Incorporation or Corporate Charter. In order to have these, the company must be classified as a corporation, not a limited liability company. Limited Liability companies have something similar, called Articles of Organization. These are created when the company first begins providing services or products. They must be filed with the appropriate state office, where they will be retained for future reference.
Finding a company's Articles of Incorporation is beneficial for competing businesses. It may also be helpful to know if someone is thinking of filing a lawsuit against a company where they feel the company may have broken their own rules. If consumers feel a lawsuit is necessary in such a case, it is best to find the company's Articles of Incorporation independently. Attorneys can also do this, but they will charge for their time and effort. Obtaining a copy of the articles will eliminate that amount of time and also help the consumer verify if the company broke any of their own rules. If so, most attorneys will be willing to accept such a case for a settlement percentage.
Articles of Incorporation filings are not confidential, so anyone may choose to look them up. This was determined so that businesses would feel the enforcement of ethical work practice. To obtain a copy of these documents, visit the Secretary of State's website. Each state has their own site for this office. Be sure to choose the state in which the company became incorporated, as this may be different from the state the affected consumer resides in. It may be necessary to perform an internet search to find the name of the company, along with their corporate address.
After locating the correct Secretary of State's website, choose the search filings option. Not every state's website is set up the same, so depending on how technologically advanced the state's site is, it may be easy or hard to find this information. Some states invest in high-quality search tools, while others do not for public records of filings. If no results are found for one search field, such as the company name, try searching with the address. Some sites will only require one fragment of information, while others may require full information. There should be a link when the results are returned that offers the option to view business filings. Choose the appropriate link for the Articles of Incorporation to view them. Most sites allow printing also.
What is the need for external and internal customers?
Asked by Wiki User
Some could relate to the following.
- A choice of products, goods, and services
- Full disclosure of information before they purchase
- The right to be heard
- A contact to handle complaints
- The right to service
Is exxonMobil a limited liability corporation?
Asked by Wiki User
Not exactly, ExxonMobile is a Limited Liability Company (LLC). An LLC is a company not a corporation.
What is a corperate policy?
Asked by Wiki User
A Company Policy is an acknowledged set of broad guidelines that lays down the company's response to specific known and knowable situations and circumstances, determines the formulation and implementation of strategy, and directs and restricts the plans, decisions, and actions of the company's officers in achievement of its objectives. The policy is devised by the company's board of directors after a thorough assessment has been done of all the internal and external factors, including all applicable state and federal rules and regulations, that can affect the corporation's objectives, operations, and future ambitions.
A company policy is a unilateral statement by the employer of a decision it does not want to make again and again over time - what days we are open, what times we open and close, who gets how much vacation and sick leave, etc. Once announced, we need not decide anything but exceptions.
What factors characterize a free enterprise system?
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Private ownership and free markets are characteristics of a free enterprise system. This means that there is no interference from the government in terms of regulating the market and this may hurt consumers.
What is Share Allotment?
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The process of allocating shares between shareholders usually pro rata or according to some prior agreement. The allotment may have conditions, which must be satisfied before the shares are issued, eg payment for them. This precedes the actual issue of shares.
Definition of limited liability company?
Asked by Wiki User
A limited liability company (LLC):
- is a type of business ownership combining several features of corporation and partnership structures
- is not a corporation or a partnership
- may be called a limited liability corporation, the correct terminology is limited liability company
- owners are called members not partners or shareholders
- number of members are unlimited and may be individuals, corporations, or other LLC's
A limited liability company is a corporate structure whereby the members cannot be held personally liable for the company's liabilities or debts. The laws that govern vary in different jurisdictions. It is similar to a corporation in some respects but not all. If you are interested in forming an LLC you should consult with an attorney who specializes in business law.
In general, limited liability is a type of liability that cannot exceed the amount that has been invested in a partnership or limited liability company. Limited liability protects personal assets from the risk of being seized to satisfy creditor's claims, debts and other obligations. For privately or publicly held corporations, a shareholder's responsibility for the company's debts is limited to the par value of paid up shares. The company itself as a legal entity is liable for the rest.
Does a corporate officer have personal liability?
Asked by Wiki User
Usually not, that is one of the main reasons businesses are incorporated. The corporation becomes its own entity and the officers are shielded, to a certain extent, from personal liability for the acts of the corporation.
Can a non-profit corporation have an owner?
Asked by Wiki User
Actually, with nonprofits there is a way for say the founder to make sure they can't be voted out or that the board doesn't decide to go another direction. When the bylaws are written it is possible to have one or more of the board members assigned the voting rights. Almost like a for profit can have different levels of stock, except of course nonprofits don't need stock, but if you are the founder of a nonprofit, and as a board has to be assigned to get approval for nonprofit status, it may in some cases make sense to have the authority of the vote assigned to the founding member
Surely thequestion makes sense only if the non-profit has assets/property which need managing. That being so, how is the managing controlled? As a corporation the non-profit will have directors - who will have apparent control? If all directors serve for an indefinite term , and if appointment of a repacement director is done by the diectors, the directors surely control everything hence are the owners.
At the other extreme if all directors are elected and/or subject to recall by a defined body of voters, and if the corporate bylaws are subject to approval/amendment by that body, then ownership at any tie surely lies in that body
What is the registered agent of an LLC?
Asked by Wiki User
A registered agent is someone to accept legal documents served against the company on behave of the company. Every limited liability company (LLC) in the U.S. must select a registered agent.
How do you form a corporation?
Asked by Wiki User
If you've sorted through the many types of business structures and decided to create a corporation, you're facing a list of important -- but manageable -- tasks. Here's what you must do:
- Choose an available business name that complies with your state's corporation rules.
- Appoint the initial directors of your corporation.
- File formal paperwork, usually called "articles of incorporation," and pay a filing fee that ranges from $100 to $800, depending on the state where you incorporate.
- Create corporate "bylaws," which lay out the operating rules for your corporation.
- Hold the first meeting of the board of directors.
- Issue stock certificates to the initial owners (shareholders) of the corporation.
You do not need to check with your tax guy OR wait a couple of years! If you are interested in forming a corporation, there are a number of entities out there that can help you. You will need to let them know: 1. The type of corporation you are trying to form, i.e. the purpose; 2. The individuals you would like to have listed on your Board of Directors; 3. The state within which you would like to be incorporated.
Let me show you where to start, check this out: http://www.youtube.com /watch?v=LthDTtqxfNU&list=UUo8f2h_Re4Ja6tfzEz1hEKA&index=1&feature=plcp
Your state will have the paperwork required. You need to check the states corporate affairs group. It is relatively simple to fill it out and submit with the appropriate fees.
First of all, understand that incorporating is one of the smartest things you can do because it creates a legal entity that is seperate and apart from you, the small business owner. This is called the "corporate shield." The value of the corporate shield is that should something go wrong with the business, it is the business, and not you personally, that is liable. Incorporating therefore protects your personal assets from business debts.
Of course you can hire a lawyer to help you incorporate your business, but incorporating is also one of those things that can fairly easily be done on your own. Use a service like LegalZoom or Nolo.com to do it yourself.
What are the heroic qualities of the military?
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very smart,strength,Leadership,courage, and most of all passion.
What are the importance of negotiable instruments?
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A Negotiable Instrument means " a written document transferable by deliver".
What is Human relations approach in Management?
Asked by Wiki User
The human relations approach says; A happy worker is an efficient worker.
that means if an organization can keep its workforce happy, it would bring more prodctivity and more profit because if a worker is happy with the emoluments and all the benefits that he deserves and the organization provides, he will have a sense of belongingness towards the organization and would do utmost efforts to lift the organization up in the market.
Impound car fees?
Asked by Wiki User
Check your local ordinances, but most likely you can let the police department keep the car and auction it off at some point to recoup their expenses incurred in towing and storing your gift.
