How to Incorporate an Existing Business
The process of how to incorporate an existing business is no different than starting any new venture. From the filing of the company’s Articles of Organization to the provision of its Memorandum and Articles of Association, everything must be carefully and thoroughly considered. Once that paperwork has been filed with the appropriate government agencies, then it becomes time to figure out how to incorporate an existing business. Some business owners prefer to handle this issue themselves, while others prefer to retain the services of third-party incorporation assistance firms.
If you have already decided to incorporate your business, you should know what kind of entity you are going to create. In most cases, you need to select a business name that will stick in the customer’s mind. Your chosen name must be easy to remember and descriptive enough to give customers an idea of what your company offers. Once you’ve created the perfect business name, then it’s time to choose the structure of your company.
To help you get started on how to incorporate an existing business, there are a few things you should take into consideration first. For instance, does your business have its own phone number? Having your own telephone number allows customers to reach you directly for any inquiries. Will you use email or direct mail campaigns in order to communicate with prospective clients? Both email and direct mail campaigns are very effective ways of reaching potential clients, but only email can ensure that your messages arrive to your intended recipients promptly. When it comes to incorporating your new business, having a reputable mailing list is essential.
While it’s important to have a distinct address for your company, that alone isn’t enough. If you want to learn how to incorporate an existing business correctly, you also need to keep track of its mailing address and physical location. What’s the best way to go about keeping tabs on your business’s whereabouts? Most business owners find it helpful to create a spreadsheet, which can then be used to keep track of physical and mailing addresses, fax numbers, and telephone numbers. In addition to keeping track of physical locations, it can also be helpful to create a map of where your business is located. By knowing where your business is located, you’ll know whether or not it is convenient for you to travel to reach all of your customer base.
How to incorporate an existing business also requires knowledge of how to register your new company. One of the first things that you must do when you want to incorporate a business is to obtain a business license. Depending on the type of business you’re attempting to incorporate, obtaining a business license may require a great deal of legwork on your behalf, and can affect the success of your efforts. While every state has different laws regarding business licenses, most require that your proposed company meet a set of criteria, which will vary by state.
Another important piece of how to incorporate an existing business is to ensure that you have the proper corporate structure in place. The simplest way to incorporate a company is to add a new director or officers, who will act as the company’s leaders and maintain its control and ownership. Many business owners choose to form a limited liability corporation, which limits their personal assets to whatever they are able to translate into tangible assets. Other options include a partnership, limited liability company, or corporation.
One of the most important aspects of how to incorporate an existing business is determining how much control you will have over your company. Will you retain total control or will you delegate some control to other members of the company? Some businesses choose to have a board of directors, while others prefer to have a “softer” structure, which allows for “self-directing” policies. Ultimately, how to incorporate an existing business involves determining how much control you will have over the business, and what type of relationship you want to have with each of the individuals that will comprise the company. While some companies view directors as a benefit, others view them as a liability, especially if things go south between you and your directors. You have to decide what is best for you and your business.
If you need help in how to incorporate an existing business, contact a business attorney that can help you understand the ins and outs of incorporating a business. If you’re not quite sure how to incorporate a business, you should know that there are many resources available that can help you get started and help you through the process. These include business magazines, web sites, and even books written on the subject. With a bit of help and effort, you can be on your way to incorporating your business.