File For Incorporation with the State
By BuildMyBiz on November 19th, 2014
Now that you’ve chosen a state, you have to file the actual paperwork. Corporations and LLCs have their own forms, known respectively as the Articles of Incorporation or Certificate of Organization. These documents act as a sort of birth certificate for your new business. These documents include such things as: the entity’s name, address, registered agent information, and manager/owner information. Oftentimes, you can ask your state for a template of these documents, and they’ll send you a link to a page on their website where you can just fill in the blanks.
Though, these documents only meet the minimal requirements for filing an Incorporation or LLC. After you file for incorporation with the state, there are some other legal documents your business would benefit from filling out.
Your CB will define:
- What the functions of each corporate office are
- How to call meetings
- What the various board committees do
- How to limit the transference or issuance of shares
Governance is all about maintaining a sense of structure for your business, but things can still get complicated. A good set of corporate bylaws will simplify things while maintaining the structure.
Whereas corporate bylaws maintain the structure for your incorporation, an operating agreement defines the rules that would otherwise be left unmentioned for the governance of your LLC.
Most states don’t require LLCs to have an operating agreement, but they can still benefit your business a great deal. A lot on important rules are left out when you simply file an LLC with the state, so you need an operating agreement to let you know what the rules are.
Your operating agreement will:
- Outline the responsibilities of the members/managers of the LLC
- Inform you who’s entitled to what assets
- Outline the distribution of profit and losses,
- Teach you how business decisions can be reached
- Tell you how to dissolve your LLC, if you so choose
Nearly every state, however, requires that your business have both a registered agent and an Employee Identification Number.