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TECHNIQUES FOR TAX EFFICIENTLY WITHDRAWING CAPITAL FROM A CLOSELY HELD COMPANY First Run Broadcast: May 21, 2014 1:00 p.m. E.T./12:00 p.m. C.T./11:00 a.m. M.T./10:00 a.m. P.T. (60 minutes) The ultimate

How to fill out a closely held company

How to fill out a closely held company?

1. Research and understand the legal requirements: Before filling out any paperwork, it is crucial to familiarize yourself with the laws and regulations related to closely held companies in your jurisdiction. This includes understanding the necessary documentation, procedures, and any specific requirements for filing.
2. Choose a name for your company: Select a unique and suitable name for your closely held company. Ensure that the chosen name complies with the relevant naming guidelines for companies in your jurisdiction. Check for the availability of the name and register it if necessary.
3. Determine the company's structure: Decide on the structure of your closely held company, such as whether it will be a limited liability company (LLC), a partnership, or another form of entity. Consider consulting with legal and financial professionals to determine the most suitable structure for your specific needs and circumstances.
4. Draft and file the necessary documents: Prepare the required legal documents for your closely held company. This typically involves drafting articles of organization or incorporation, bylaws, and any other pertinent agreements or contracts. Ensure that all documents comply with the legal requirements of your jurisdiction.
5. Obtain necessary licenses and permits: Identify if there are any licenses or permits required for your closely held company's operation. This may vary depending on the nature of your business and the location where you plan to operate. Research and apply for any necessary licenses or permits to ensure legal compliance.
6. Appoint company officers and directors: Determine who will hold positions of responsibility within the company. Appoint officers such as the CEO, CFO, and directors who will oversee the company's operations and make key decisions. Clearly define the roles and responsibilities of each individual.
7. Obtain an Employer Identification Number (EIN): Apply for an EIN from the appropriate government agency, such as the Internal Revenue Service (IRS) in the United States. An EIN is necessary for tax purposes and will be used to identify your company.
8. Establish necessary corporate records and policies: Set up a system to maintain essential corporate records, including meeting minutes, shareholder agreements, and financial records. Develop policies and procedures to govern the company's operations, such as accounting practices, employment policies, and compliance guidelines.

Who needs a closely held company?

1. Entrepreneurs and Small Business Owners: Closely held companies are often chosen by entrepreneurs and small business owners who wish to maintain a high degree of control and privacy over their businesses. These individuals may prefer the flexibility and autonomy offered by closely held companies.
2. Family Businesses: Closely held companies are frequently used for family-owned businesses, enabling the family to maintain ownership and control while passing the business down through generations.
3. Professional Service Providers: Professionals such as doctors, lawyers, accountants, and consultants may opt for closely held companies to structure their practices. This allows them to manage their business affairs while still providing professional services.
4. Investment Holding Companies: Closely held companies can serve as investment vehicles for individuals or groups seeking to strategically hold and manage assets such as stocks, bonds, real estate, or other investment opportunities.

In conclusion, filling out a closely held company involves thorough research, legal compliance, and careful decision-making. It may be suitable for entrepreneurs, small business owners, family businesses, professional service providers, and investors looking for specific benefits and control over their business endeavors.

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