Steps to Incorporate a Family Business

~by Donya Zimmerman~

The most valuable step to starting a family business is to ensure protection from lawsuits and loss of personal assets. So you’ll want to incorporate your business.

Family Business

Incorporate Your Family Business

Here are some steps and considerations when incorporating a small business with your local governmental agency:

  • Formation Documentation: The formation documentation to incorporate a business is normally called the Articles of Incorporation or Certificate of Incorporation, it depends on the governmental agency terms used.
  • Fees. The fees for registering a business as a company runs from $50 to $400.    
  • Waiting Period. The normal waiting period to have the formation documentation approved by the governmental agency varies from four to six weeks (non-expedited services). But, for an extra fee for expedited services, a business can have their paperwork approved within a few days or even a few hours. In many countries and states, you are now able to fill out the formation documentation online, which will speed up the approval process.
  • Disclosure. You’ll need to disclose certain information in the incorporation documentation, such as:
    • Company Name.
    • Business purpose, both general purpose and specific purpose.
    • Registered Agent.
    • Incorporator – the person or company who is incorporating the business.
  • Registered Agent. Must have a registered agent who is the individual who can accept service of paperwork for the company.


These are just some general considerations when deciding to incorporate your small business as a legal entity in your particular state or country. It is advisable to consult with your attorney, accountant, and business consultant to determine the best incorporation form for your family business.

 

This is the third article in my Starting a Family Business series.

Stay tuned for more articles in this series.

 .


Share this post on freedom to choose


Meet the Author: Donya Zimmerman

Donya Zimmerman

Donya Zimmerman

Donya Zimmerman is a business consultant, mediator, and legal professional with over ten years of experience. Donya is also a public speaker and aspiring author. 

She is owner of Family & Community Mediation and Business Consulting (FACMBC) and Powerful Biz Woman (subsidiary of FACMBC), both of which are based in Baltimore, MD.

Services provided by FACMBC:  Mediation and Conflict Resolution Services; Business Registration Assistance; Business Plan Drafting Assistance; Business Certification Assistance; and Business Organization Assistance. 

If you are thinking about starting your own small business or non-profit organization, do not hesitate to contact me because I can show you how to do so.

For more information about Donya:



Categories

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Business Blogging 101: How to Create and Sustain a Successful Blog

Business Blogging 101: How to Create and Sustain a Successful Blog

For businesses, business blogging is becoming a powerful tool to not only attract and engage new customers but also to build brand authority and ultimately grow your brand.
This comprehensive guide will equip you with the essential knowledge and strategies you need to start and succeed in the dynamic world of business blogging.

How to Protect Your Merchandise From Theft

How to Protect Your Merchandise From Theft

Protecting your merchandise from theft is a critical aspect of running a successful business. In a world where security threats are ever-present, safeguarding your inventory is essential. Not only does it protect your bottom line, but it also ensures the safety of...

Experts You Need to Have at Your Business

Experts You Need to Have at Your Business

In the dynamic world of business, having the right team of experts is not just beneficial; it is essential for success and growth. For female leaders who are carving out their paths in business, marketing, or HR, knowing which experts to have on board can make a...

7 Tips for Asserting Yourself as a Woman in a Medical Workplace

7 Tips for Asserting Yourself as a Woman in a Medical Workplace

As a woman in a medical workplace, you have a lot of responsibility, not just to yourself but to other women who will come along after you. Asserting yourself in your workplace and gaining the respect of other employees and leadership is essential to a successful career. You have worked hard to get where you are, you don’t want to lose momentum.

Continue to grow with online leadership training and more. Follow these tips to assert yourself in the medical workplace.