Business incorporation is essential to establish a separate entity for your business, distinct from the owners and shareholders. Incorporation permits your business to enter into contracts, buy, and sell property, and even sue or be in a lawsuit. Your business does not suffer due to the death of any partner, shareholder, or officer.
Process of Incorporation:
Until recently, incorporation was a very long and drawn-out process sometimes taking many years to complete. The scenario is very much different now. Creation of the Business Corporation Act has made the process simpler and quicker too.
There are three main steps in business incorporation. These are:
1) Procuring a proper corporate name
2) Submitting all necessary documents
3) Paying all filing dues
Successful completion of these three steps can incorporate your business. You can hire the services of a lawyer or incorporation service companies to complete necessary work for business incorporation. Although you can try doing it yourself too, it would be too tedious. Hiring of lawyers is a costly process as they charge by the hour. Incorporation could take few hours or days to complete. Incorporation service companies are the best bet, as they charge modestly and complete the process professionally.
Simple and Easy Incorporation Process:
Supply all the necessary information to incorporation service agencies for speedy, systematic, and correct completion of the total process.
The very first step is to secure a unique corporate name. The name should not be the same as that of any other business. It should also not be similar sounding names. Incorporation companies will select a distinct corporate name.
Incorporation requires filing of many different types of documents. Collecting all these documents from different sources could take a longtime. Incorporation service agencies collect these easily, as they know the legal requirements of incorporation and necessary documents too.
Quick filing of the documents with the necessary amount of fees can ensure fast completion. The filing fees differ from state to state. Incorporation agencies are very adept with the fees of each state. Since these companies do the same process day-in-and-day-out, they are aware of the important people with the incorporation offices. This can help expedite the proceedings of your case.
Most of the incorporation service agencies function online. You only have to submit your details online and you can complete the business incorporation process within the same day or within hours too. These companies charge you nominally for all the rendered services.
Types of Incorporation:
You can decide on the type of incorporation according to the volume of your business. There are two different types of incorporation, provincially or federally. Provincial incorporation allows you to conduct business only in the particular province.
Federal incorporation helps you conduct your business in all provinces by registering. You can function with the same name in all the provinces even if there is some other company functioning with a similar name. However, you have to maintain detailed annual paperwork of your business. You have to file the details with different provinces too.
