When you start a new business, one of the first steps you need to take is determining the business structure you will use. Forming a corporation is more complicated than, say, forming a sole proprietorship or partnership, but so long as you go through all of the appropriate steps, you’ll be able to have your new corporation up and running in no time.
Here’s some information about contract law in Miami, FL to help you get your corporation started:
- Choose your business name:
Choosing a name for your new corporation is a natural first step. You’ll need to make sure your proposed name hasn’t already been trademarked, or doesn’t infringe on existing trademarks. The best method to determine this is by going through the U.S. Patent and Trademark Office. You should also check the list of restricted words for Florida that you cannot use in your corporation’s name, and choose a corporation designation, such as “Incorporated,” “Corporation” or “Limited” (or their abbreviations).
- Register a DBA:
If you will operate your business under a name that is not your business’s legal corporate name, you’ll also need to register an alternate or “doing business as” (DBA) name. Check in your local area or ask your attorney about the specific laws affecting you.
- Appoint directors:
The owner of a company will typically appoint the directors. Most of the time an owner will appoint himself or herself as a director, but a director does not need to be an owner. How many directors you appoint depends on the regulations affecting your business and your area.
- Draft and file articles of incorporation:
This is an important step that other business types do not need to complete. You must draft and then file articles of incorporation with the Florida Secretary of State’s office. These papers might also be known as your charter.
- Write bylaws:
Your bylaws will lay out all the rules for how you will govern and run your corporation. Information could include how you’ll manage stocks, which stocks the corporation is allowed to issue, how many directors you’ll have, procedures for meetings and keeping records and anything else that could affect your company. You have a lot of room for creativity in your bylaws depending on how you wish to run your organization, but there are some legal requirements, so you’ll want to make sure you have an attorney help you draft them.
- Issue stock:
Small corporations are often exempt from the more stringent requirements the SEC imposes for stocks, but once you’re ready and your board of directors has authorized stock issuance, you can release certificates for public purchase.
- Get all the permits and licenses you need:
Before you officially open up your corporation, you’ll need to get certain licenses and permits, which vary depending on your industry. Your attorney will know exactly which permits and licenses you need.
For more information about the steps you must take to set up a corporation, contact Rubén J. Padrón, PA to discuss corporate law in Miami, FL.
Categorised in: Corporate Law