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    Licence For Nonprofit

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    joyce
    After incorporating a business, there are several common and specific steps that must be completed depending on the type of business entity. These include filing initial reports, publishing notices of incorporation, holding organizational meetings, obtaining licenses and tax IDs, and establishing financial accounts. Annual requirements include filing annual reports, paying franchise taxes, and fulfilling tax obligations. Maintaining compliance is important to protect personal assets and keep the business in good standing.

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    Licence For Nonprofit

    Uploaded by

    joyce
    48 views6 pages
    After incorporating a business, there are several common and specific steps that must be completed depending on the type of business entity. These include filing initial reports, publishing notices of incorporation, holding organizational meetings, obtaining licenses and tax IDs, and establishing financial accounts. Annual requirements include filing annual reports, paying franchise taxes, and fulfilling tax obligations. Maintaining compliance is important to protect personal assets and keep the business in good standing.

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    After incorporating a business, there are several common and specific steps that must be completed depending on the type of business entity. These include filing initial reports, publishing notices of incorporation, holding organizational meetings, obtaining licenses and tax IDs, and establishing financial accounts. Annual requirements include filing annual reports, paying franchise taxes, and fulfilling tax obligations. Maintaining compliance is important to protect personal assets and keep the business in good standing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    48 views6 pages

    Licence For Nonprofit

    Uploaded by

    joyce
    After incorporating a business, there are several common and specific steps that must be completed depending on the type of business entity. These include filing initial reports, publishing notices of incorporation, holding organizational meetings, obtaining licenses and tax IDs, and establishing financial accounts. Annual requirements include filing annual reports, paying franchise taxes, and fulfilling tax obligations. Maintaining compliance is important to protect personal assets and keep the business in good standing.

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    Important Steps to After Business Take

    Incorporation
    Category: Staying Compliant If you are considering incorporating your business or forming a limited liability company, you either know or are realizing that the process involves certain steps: file the appropriate paperwork, pay the necessary fees, etc., but what happens after incorporation? What must businesses do after the incorporation is complete?

    Steps by business type


    For the most part, what you need to do varies by the type of business you incorporate: C corporation, S corporation, limited liability company (LLC), limited liability partnership (LLP), limited partnership (LP), or nonprofit corporation. The chart below outlines post-incorporation steps specific to these business types. For a list outlining steps businesses, in general, often need to take after incorporating, view our Business Startup Checklist.

    Common requirements after incorporating


    Post-incorporation requirements for all business types include:

    File initial report/list, if state requires it.

    Publish notice of the incorporation or formation in local newspapers, if the state requires it.

    Annual requirements for all business types include:


    File annual report with the state, if your state requires it, and pay necessary fees. Pay franchise tax, if your state requires it. Pay necessary federal and state taxes.

    Requirements by business type


    Type C corporation Post-incorporation requirements Publish notice of the incorporation, if state requires it (AZ, GA, NE and PA*). Create bylaws. Issue shares of stock to owners (shareholders) and record in stock transfer ledger. Hold and document initial meeting of directors (also called the organizational meeting). Hold and document initial meeting of shareholders. Obtain federal tax identification number (EIN). Obtain necessary business licenses. Open a business bank account, obtain business credit card and begin establishing establish clear separation of business and personal assets.

    Unique annual requirements Hold and document annual meeting of directors. Hold and document annual meeting of shareholders.

    S corporation

    File Form 2553 with the IRS to elect S corporation status. File state-level S corporation election, if state requires it (AR, NJ, NY and OH). Publish notice of the incorporation, if state requires it (AZ, GA, NE and PA). Create bylaws. Issue shares of stock to owners (shareholders) and record in stock transfer ledger. Hold and document initial meeting

    Hold and document annual meeting of directors. Hold and document annual meeting of shareholders.

    Type

    Post-incorporation requirements of directors (also called the organizational meeting). Hold and document initial meeting of shareholders. Obtain federal tax identification number (EIN). Obtain necessary business licenses. Open a business bank account, obtain business credit card and begin establishing clear separation of business and personal assets.

    Unique annual requirements

    LLC

    Publish notice of the LLC formation, if state requires it (AZ, NE, and NY). Obtain federal tax identification number (EIN). Obtain necessary business licenses. Open a business bank account, obtain business credit card and begin establishing establish clear separation of business and personal assets. Recommended Create an operating agreement. Recommended - Issue membership interest certificates to owners (members) and record in membership transfer ledger. Recommended - hold and document initial meeting of members (and also the managers, if your LLC is manager-managed). Publish notice of the LLP formation, if state requires it. Obtain federal tax identification number (EIN). Obtain necessary business licenses. Open a business bank account, obtain business credit card and begin establishing establish clear separation of business and personal assets. Recommended Create a partnership agreement.

    Recommended Hold and document annual meeting of members (and managers, if your LLC is manager-managed).

    LLP

    n/a

    Type

    Post-incorporation requirements Recommended - Issue partnership interest certificates to partners and record in partnership transfer ledger.

    Unique annual requirements

    LP

    Publish notice of the LP formation, if state requires it. Obtain federal tax identification number (EIN). Obtain necessary business licenses. Open a business bank account, obtain business credit card and begin establishing establish clear separation of business and personal assets. Recommended Create a partnership agreement. Recommended - Issue partnership interest certificates to partners and record in partnership transfer ledger. Publish notice of the incorporation, if state requires it (AZ, GA, NE and PA). File Form 1023 with the IRS to apply for federal tax-exempt status, if applicable for your nonprofit. File necessary forms with the state to apply for state tax-exempt status, if applicable for your nonprofit and your state requires it. Create bylaws. Issue shares of stock to owners (shareholders) and record in stock transfer ledger. Hold and document initial meeting of directors (also called the organizational meeting). Hold and document initial meeting of shareholders. Obtain federal tax identification number (EIN). Obtain necessary business licenses. Open a bank account for the nonprofit, obtain business credit card and begin establishing establish clear

    n/a

    Nonprofit

    n/a

    Type

    Post-incorporation requirements separation of business and personal assets.

    Unique annual requirements

    *The State of Illinois also requires publication for corporations, and business owners must ensure to undertake this requirement on their own after incorporation. Ensuring you undertake all necessary post-formation and ongoing requirements, such as annual report and franchise tax filings, for your business is important. Doing so both helps protect the personal asset protect of owners (protects the corporate veil) and keeps your company in good standing with its state of incorporation, which means your company has met all state requirements in a correct and timely manner. After incorporation, establish a business calendar for yourself that notes all the important steps and deadlines for your company, or use an online business compliance management tool.

    Continue Your Research


    Business Compliance Requirements Franchise Tax Obligations State Guides Your State Corporate Taxes

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    Federal Tax ID (EIN) Obtainment Business License Application Package Compliance Kit & Seal Company Forms CD

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    Federal Tax ID (EIN) Obtainment Business License Application Package Compliance Kit & Seal Company Forms CD

    Most Popular Articles 1. 2. 3. 4. 5. Forming a Corporation: S Corporation vs C Corporation LLC vs S Corp ? Which Business Type is Right for Me? How to Select a State for Incorporation Business Compliance Requirements & Consequences Business Startup Checklist

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