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Corporation and Partnership Professional Liability Claims Made Application A. AGENCY INFORMATION Agency Name: Agency License Number: Soliciting Producer: Last NameFirstMiddle InitialAddress: StreetCityStateZipOffice
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How to fill out corporation and partnership
How to fill out corporation and partnership
01
To fill out a corporation, follow these steps:
1. Choose a name for your corporation.
2. Determine the type of corporation you want to form (C corporation, S corporation, etc.).
3. Prepare and file articles of incorporation with the appropriate state agency.
4. Obtain any necessary licenses or permits.
5. Create corporate bylaws.
6. Hold an organizational meeting to appoint directors and officers, adopt bylaws, and issue stock.
7. Obtain an employer identification number (EIN) from the IRS.
8. Comply with any ongoing reporting and filing requirements.
To fill out a partnership, follow these steps:
1. Choose a name for your partnership.
2. Determine the type of partnership you want to form (general partnership, limited partnership, etc.).
3. Draft a partnership agreement that outlines the rights and responsibilities of each partner.
4. Register the partnership name with the appropriate state agency, if required.
5. Obtain any necessary licenses or permits.
6. Obtain an employer identification number (EIN) from the IRS, if required.
7. Comply with any ongoing reporting and filing requirements.
Who needs corporation and partnership?
01
Corporations are typically suitable for businesses that desire limited liability protection, want to raise capital through the sale of stock, and plan for long-term growth and expansion. They are often chosen by larger businesses, especially those with multiple owners.
Partnerships are suitable for businesses with multiple owners, such as professional practices (law firms, medical practices, accounting firms), where two or more individuals want to combine their skills and resources to run a business together. They also provide flexibility in management and taxation, but do not offer limited liability protection like corporations.
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