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A corporation is a legal entity separate and distinct from its owners. The forming of a corporation, also known as “incorporation” requires the filing of documents (Articles of Incorporation) with the Secretary of State. The corporation can have as few as one person as the incorporator and owner of all the shares of stock. Small corporations are typically formed with 200 shares of no par value stock. That is the lowest number of shares for tax purposes and havingshares with no par value allows you to set the price at any amount later on after your business becomes successful.
The limited liability of the corporation generally means that the shareholders (and incorporator,directors and officers) are not personally liable for obligations of the obligations of the company. As long as the corporation’s income and expenses are kept separate from those of the individuals, the only risk is to their investment in the business. They generally cannot be sued for debts of the corporation or for any other responsibility of the corporation.
What you need to know about how to form a corporation: All corporations formed start out as what is called “C” corporations. However, most small businesses file forms with the state andfederal government to elect to be converted to a “Subchapter S” corporation. Filing the paperwork to become an “S” Corp allows profits and losses to flow through the entity directly to the owners. As a result, the owners/shareholders avoid double taxation and are not taxed twice, only once on their own individual tax returns.
Our fee of $324 to form the corporation includes a Free Name Check (to see if the name you have chosen for the corporation is available, the Certificate of Incorporation, Employer Identification Number (EIN) information, and Subchapter S Election documents. We can also provide a "Corporate Kit" for $75 which includes Minutes, Bylaws, Seal, Stock Certificates and Transfer Ledger. There are no hidden charges or undisclosed fees as with some of our competitors.
We The People of NY can help take your ideas and business to the next level. Let We The People provide all the legal document assistance necessary to prepare and walk you through the process of how to form a corporation. Get started today by calling or stopping by our conveniently located office. No appointment is necessary. We The People provides honest, personal service you can trust.
Other Business Services that We the People Offers: LLC
$324 + state filing fees
Incorporating your business can be very exciting as well as a big step towards reaching the goals for your ideas. We The People can walk you through the steps of how to form a corporation or LLC.