Get FREE Quote

The Basics of Incorporating a New Business

One of the most important reasons to incorporate a business is the legal protection granted by the process. The people who work for the business would not be personally liable for problems like debts, and this would mean the company would be the one who would be sued. Additionally, the incorporated entity would be responsible for things like taxes and could even be charged with a crime, just as if it were human.

Deciding to incorporate is not a decision to be taken lightly. The legal benefits are significant; however, the tax burden for the new entity might be quite high for a new business and it’s important to speak with a tax professional about the best timing for incorporation.

Application and Basic Details

The process for incorporation first requires filling out an application with simple details required by the state in which the incorporation is to occur. Such details may include:

  • Names of the owners
  • Purpose of the incorporation
  • Stock that may be issued after incorporation

Incorporation commonly occurs because of a business owner’s wish to create stock associated with the company. Stock holders who own a piece of the company aren’t legally bound to the company when it is incorporated.

Fees Must Be Paid

In addition to the basic information provided to the state regarding an incorporation’s primary details, there are also a variety of fees associated with the process, as well as deadlines. Additionally, there may be lawyer fees involved, and the account information on the merchant accounts, as well as the credit card processing equipment, would need to be updated.

Extensive Details for Incorporation

It is the responsibility of those at the head of the company to create a document defining the articles of incorporation. Some states offer a form for this purpose. Additionally, the company must also create bylaws that will further define the basic details of operation within the company. These documents must be created by the secretary of state after which a certificate of incorporation will be printed.

Final Details After Incorporation

After the incorporation is complete, it’s essential to assign someone to change over all the bank and merchant accounts into the name of the incorporation as well as lease new office equipment or credit card processing machines under the new entity. Legal proof that the new entity exists will be required by most companies with which a new incorporation already does business.

Leave a Reply

GET FREE QUOTE TODAY AND START SAVING


Testimonials

It took me a while to decide who I wanted to settle with to handle all of my credit card transactions because every company wants to make it sound like they're offering you the best rates. CreditCardProcessing.com was able compare and beat all of the other offers I received. They were also able to provide me the fairest price on my EMV-compliant terminal. My sales representative and the support team were there to assist every step of the way. Ultimately, I'm looking forward to a long term relationship with this company.

Roland Tran from the Hong Kong Kitchen

It is a pleasure dealing with these folks. Their pricing is fair, their statements are understandable and their employees are knowledgeable and friendly.

John MacMillian from the Great Lakes Baking Company

The service was very professional, my sales person (Steven B.) was very well versed in the product and most helpful in getting our company set up to accept credit cards via my cell phone. Their rates are some of the lowest on the market and their service is unparalleled. I will recommend them to anyone requiring a credit card processing service.

Michael Harper from Deluxe Auto Body

Jonathan C. is wonderful to work with. He is very helpful, accommodating and resolves any issue quickly. It is hard these days to find someone who gives great customer service, but I can say, Jonathan is the best! I would not hesitate to recommend him to any business owner and to assist you in helping to grow your business.

Linda Garner from Regali Da Forno

I called indecisive about getting a device, but speaking to your Sales Consultant completely settled me. He was very professional, knowledgeable and patiently walked me through the process. He always responded to my voicemails and answered all my questions. After I received my merchandise, he called following up to ensure that I had received it. Customer service I would say is 5 stars. Stellar! Thanks Credit Card Processing, I will definitely recommend you.

Sarah Morgan from Vision International Ministries
Call Us Today!

© 2017 CreditCardProcessing.com. All rights reserved. Privacy Policy
CREDITCARDPROCESSING.COM, LLC is a registered ISO of Wells Fargo Bank, N.A. Concord, CA

*Further terms and conditions may apply. Promotion contingent upon CreditCardProcessing.com's receipt of written competing offer(s).

**Certain restrictions may apply.

Promotional offers brought to you by CreditCardProcessing.com.

EMV™ is a registered trademark of EMVco, LLC. Apple, the Apple logo, iPhone and Apple Pay are trademarks of Apple, Inc., registered in the U.S. and other countries. Android™ is a trademark of Google, Inc.

Call for details.