Every business entity filed on a state level with the Secretaries of State of each state is required to file an “annual report” in order to remain active and in good standing. Failure to file such an annual report may result in penalties or revocation of the corporate or business charter. While the time of filing of a company’s annual report may vary with the state in which it is filed, it is a requirement to remain in business.Continue reading “What is an “annual report”?”
Companies which own or lease real estate, employ people, conduct business and/or generate income in a state are considered to be “doing business” in that state. A small business that is “doing business” in only one state should, in most cases, organize in that state. If, however, you are contemplating doing business in more than one state, the decision about where to organize your business gains importance. Continue reading “In Which State Should You Organize Your Business?”
We strongly recommend that customers file the LLC or corporation—or at least reserve the name with the state filing office—before ordering the kit. As with the name on a passport or birth certificate, the exact LLC or corporate name matters. It must be exactly the same on all related legal documents. Continue reading “When Should I Order My LLC or Corporate Kit?”
Forming an LLC (limited liability company) is an important milestone in starting your business. Here we provide a general overview of the steps that must be taken to fulfill the legal requirements for filing an LLC, which vary from state to state. Continue reading “How to Form an LLC”
A Delaware Statutory Trust (DST) is a legal entity in which each beneficiaryhas a “beneficial interest” and for Federal income tax purposes is treated as owning an undivided fractional interest in the property held by the trust.Delaware statutory trusts are formed as private governing agreements under which either (1) property (real, tangible and intangible) is held, managed, administered, invested and/or operated; or (2) business or professional activities for profit are carried on by one or more individuals who act as trustees for the benefit of a party who is entitled to a beneficial interest in the trust property.
The Corporate Kit or LLC Kit is a customized organizational binder–and a convenient, tried-and-true way to gather and maintain your company’s management records.
When you form your corporation or LLC (Limited Liability Company), it is critical to objectify the management of the business. This includes an orderly organization of key documents —including minutes of the activities of the company, bylaws, operating agreements, shareholder agreements, share certificate and stubs and transfers.
Not-for-Profit Corporations are formed for many reasons. In New York State there are two types of formations: charitable and non-charitable. New York now allows for filings of each with a purpose as simple as: any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a charitable corporation or any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a non-charitable corporation. Continue reading “How to Form a Not-for-Profit Corporation”
If you are starting a business as a sole proprietor or partnership you must file a document with the city, county or state as required by the laws of the state in which your business will be conducted. The name you choose for the business is a “fictitious name.” It is also called a “DBA” (doing business as). The laws are intended to protect those doing business with the company by providing a public record of the owner’s identity and the address of the business.