All companies in the market today, began as an idea in someone’s mind. This idea was then shared to another person, and these bright minds came up with a solid plan which gave birth to a stand-alone organization. Starting a company is truly a dream come true, but there are a few key documents one needs to secure before getting the company from the inception stage to the incorporation stage.
Below is a list with some of the crucial documents needed to complete the company incorporation process.
- The Business Name Search And Reservation Form
Before even one gets to go through the whole process, they do need a name for their company. This specific form indicates that the title you settled for is unique to your business. It completely eradicates confusion where two different companies have the same name. They may sound the same, but there has to be a distinct difference in the title. A name search and reservation form certifies the name chosen and has been allowed by the government to proceed.
- The Articles Of Incorporation
This document contains detailed information about the business. Details such as the full business name, the number, and type of shares the company holds are included. The names, contacts, and address information of the individual members of the board are also indicated. From this document one should be in a position to tell if the business is a public or a private entity. If it is a limited company or not.
- The Company’s By-Laws
The company’s bylaw document contains all the management procedures that the company will undertake once it is operational. It states the day-to-day managerial processes in detail. Such methods may include meetings, record keeping, the number, type, and authority in the issuing of company shares. As well as clearly stating the company’s dissolution process.
- Meeting Minutes And Board Resolutions
Every business needs a proper record keeping process, which mainly starts with the recording of every meeting. All official meetings need to be recorded in minutes. Each minute should indicate the purpose of the meeting, the date, the number of members in attendance. And finally note what the members discussed, debated on and what they agreed on. These meeting minutes need to be brief and straight to the point. Board resolution documents, on the other hand, indicate any decisions reached by the board members that may require voting. Issues such as the hiring of a new member, the allotment of shares, the appointment of a new shareholder as well as the approval of a loan or a contract, are clearly stated here.
- Tax Compliance Documents For Directors
Every board member is required by law to hold a tax compliance certificate. These documents act as a stepping stone into the acquiring of the certificate of incorporation for your business. It is to ensure the government that the company will be able to pay taxes by the state’s laws. This form is to differential your business so that if you are a small business, you don’t get to be taxed doubly.