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CHAPTER2INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO LEARNING OUTCOMES At the end of this chapter, you will be able to: Explain the Formation & Incorporation of company, One person company
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01
Step 1: Choose a business structure - Decide on the type of legal entity you want to incorporate (such as LLC, corporation, etc.).
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Step 2: Choose a business name - Select a unique and suitable name for your company that complies with the regulations of your jurisdiction.
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Step 3: File the necessary documents - Prepare and file the required incorporation documents with the appropriate government agency. This may include the articles of incorporation, certificate of incorporation, etc.
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Step 4: Pay the required fees - Make the necessary payment for the incorporation process, including any filing fees or initial capital requirements.
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Step 5: Obtain necessary permits and licenses - Depending on the nature of your business, you may need to acquire specific licenses and permits to operate legally.
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Step 6: Create corporate bylaws or operating agreement - Establish the rules and regulations that will govern your company's internal affairs and management structure.
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Step 7: Issue shares or ownership interests - Allocate and issue shares of stock or ownership interests to the initial shareholders or members of the company.
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Step 8: Obtain an Employer Identification Number (EIN) - Apply for an EIN from the appropriate tax authorities to identify your business for tax purposes.
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Step 9: Comply with ongoing legal obligations - Ensure compliance with all legal and regulatory obligations such as annual filings, tax filings, maintaining corporate records, etc.
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Step 10: Consult a legal or tax professional - It is advisable to seek the guidance of a legal or tax professional throughout the incorporation process to ensure compliance and minimize risks.

Who needs incorporation of company and?

01
Entrepreneurs looking to start a formal business entity.
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Small businesses or startups seeking limited liability protection.
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Companies planning to raise capital from investors.
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Businesses looking to establish credibility and professionalism.
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Companies expanding their operations and entering new markets.
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Organizations aiming for tax benefits or certain legal protections.
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Businesses operating in regulated industries.
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Companies with multiple owners or shareholders.
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Businesses engaged in high-risk activities.
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Entrepreneurs looking to separate personal and business assets.
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Incorporation of company is the legal process of forming a new corporation.
Anyone wishing to start a new corporation is required to file for incorporation.
Incorporation forms can typically be filled out online or with the assistance of a lawyer.
The purpose of incorporation is to create a separate legal entity, which limits the liability of the owners.
Information such as company name, address, shareholders, and business purpose must be reported on incorporation forms.
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