12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
Get the North Carolina Legal Documents You Need in Only Minutes!
  • Written by expert Attorneys
  • Guaranteed for your State
  • Personalized for your situation
  • Finish and print in minutes!

Orientation to Incorporation in Zip Code 28403

Orientation to Incorporation in Zip Code 28403


Many companies expect loyal customers without providing loyal service. This has been the visionary failure of countless corporations.
 
- Steve Maraboli


Forming a corporation limits the personal liability for business debts.

How to Form a Corporation

• File an "Articles of Incorporation" at the corporate divisions in the secretary's office of your state government.

• Create a corporate "bylaws" that states the basic rule that govern the ongoing decision or formalities of the corporate life.

• Issue stock certificates of the initial owners or shareholders of the corporation and document the ownership interest or the shares of stock in the business.


To retain the corporate status as a legal, separate entity, certain formalities should be observed by the owners of the corporation. This includes:

• Holding of directors' and annual shareholder meetings

• Minutes of meetings and agreement or decisions should be documented

• Signing of documents by the corporate officers and directors should be done under the name of the corporation

• Bank accounts are separate from the personal accounts of the owners

• Maintain a detailed financial records

• Income tax return should be filed separately

Limited Personal Liability

Personal assets of the people involved in the corporation are protected from the creditors. In cases where a corporation owes a creditor, your personal assets is protected because only corporate assets will be use to pay the debts. The only money you will likely end up losing, is the money you have invested in the corporation.

Exceptions to Limited Liability

There are situations where the owners' personal asset is not protected by limited liability. The owner of the corporation will be held personally responsible if:

• Directly and personally injured another person

• Personally guarantees a bank or business loan which the corporation fail to pay

• Fail to deposit withhold taxes from employees

• Intentionally engage in fraudulent causes that can harm the company

• Treats the corporation like an extension of his personal affairs and not as a separate legal entity

Corporation should be treated as a separate legal entity. This is the very important especially in cases involving court proceedings. The court can rule that the corporation does not exist and the owners should not be shielded from their personal liability for their actions. This is likely to happen if you did not follow the routine corporate formalities such as:

• Adequately investing money in the corporation

• Formal issuance of stock to the initial shareholders

• Holding of meetings regularly of the directors and shareholders

• Keeping a separate business records and transactions from those of the owners


Liability Insurance

Forming a corporation can protect your personal assets but it should not be an excuse for not getting insurance. Insurance can be a good investment that can protect the company from lawsuit and claims. The risk of doing business can be minimized by getting a solid liability insurance policy. Any claims made by the corporation can be covered by the insurance as long as the corporation is also doing its part like paying the bills and other corporate responsibilities.

Paying Corporate Income Tax

Corporate income tax refers to the taxes paid by the corporation on whatever profits they left after it has paid all the available expenses like salaries, bonuses, overhead and other expenses. It uses a tax return form to be filed to the IRS and pay taxes at a special corporate rate tax. In terms of the owner, if he is working for the corporation, he should be paid a salary and possible bonuses like other employees and pay their taxes using their own personal tax return.

Corporation shareholders can choose to elect an S corporation status by filling at the IRS a tax Form 2553. Using this form can mean that the corporation will be treated like a Partnership where business profits and loss will be reported on the each shareholder‘s individual tax returns.

 
Download & Print a Free NC Last Will Personalize This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Download & Print a Free NC Living Will Personalize This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
  Answer Easy
Questions
answer simple questions online step by step
Easy Questions, Instant Documents
  • Finish in Minutes
  • Download Immediately
  • Written by Attorneys
  • 100% Guaranteed
  Get Instant Legal
    Documents

Print, save or email your finished legal document immediately!
Last Will & Testament
Related Legal Services near Zip Code 28403
May Kevin
5700 Oleander Dr
Wilmington, NC 28403
(910) 790-9944
Wills, Trusts & Estate Planning Attorneys, Attorneys, Criminal Law Attorneys, Tax Attorneys, Real Es
Parker Robbie
5700 Oleander Dr
Wilmington, NC 28403
(910) 790-9944
Real Estate Attorneys, Attorneys
Mako & Associates PA
3208 Oleander Dr
Wilmington, NC 28403
(910) 343-9920
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Divor
Mako & Associates, P.A.
3208 Oleander Drive
Wilmington, NC 28403
(910) 343-9920
Automobile Accident Attorneys,  Personal Injury Law Attorneys,  Attorneys,  Wrongful Death Attorneys
Fletcher Toll & Ray LLP
131 Racine Dr
Wilmington, NC 28403
(910) 251-9900
Attorneys,  Business Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Corporation & Partners
Fletcher Ray Satterfield
131 Racine Dr Ste 201
Wilmington, NC 28403
(910) 251-9900
Civil Litigation & Trial Law Attorneys, Attorneys, Bankruptcy Services
Christopher Johnson
109 Hinton Ave Ste 19
Wilmington, NC 28403
(910) 338-9854
Family Law Attorneys, Attorneys, Legal Service Plans
Thomas J. Lamb
1908 Eastwood Rd
Wilmington, NC 28403
(800) 426-9535
Attorneys,  Personal Injury Law Attorneys,  Asbestos & Chemical Law Attorneys,  Wrongful Death Attor
Ttorney At Mark Terrell A
100 Old Eastwood Rd
Wilmington, NC 28403
(910) 794-9090
Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
Adams Matthew
1712 Eastwood Rd
Wilmington, NC 28403
(910) 250-9071
Corporation & Partnership Law Attorneys, Personal Injury Law Attorneys, Legal Clinics, Attorneys, Ta
Hodges & Coxe
3907 Wrightsville Ave
Wilmington, NC 28403
(910) 338-9036
Civil Litigation & Trial Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Medical
Collins, David B Jr P C
5725 F-2 Oleander Dr
Wilmington, NC 28403
(910) 793-9000
Criminal Law Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
Fuss William
1904 Eastwood Rd
Wilmington, NC 28403
(910) 256-8252
Real Estate Attorneys, Attorneys, General Practice Attorneys
Christina Rivenbark & Associates
4009 Oleander Dr
Wilmington, NC 28403
(910) 251-8080
Personal Injury Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Traffic Law Attorneys,  Automob
Adr Center
140 Cinema Dr
Wilmington, NC 28403
(910) 362-8000
Mediation Services, Arbitration Services, Arbitration & Mediation Attorneys
Horne Roseanna
2315 Market St
Wilmington, NC 28403
(910) 777-7682
Attorneys,  Family Law Attorneys,  Employment Opportunities,  Personnel Consultants
Speaks Law Firm
2808 Market St
Wilmington, NC 28403
(910) 341-7570
Criminal Law Attorneys, Attorneys, General Practice Attorneys
Hutchens Senter Kellam & Pettit P.A.
7029 Wrightsville Ave
Wilmington, NC 28403
(910) 509-7480
Employee Benefits & Worker Compensation Attorneys,  Real Estate Attorneys,  Personal Injury Law Atto
Greg Jones Law
3015 Market St
Wilmington, NC 28403
(910) 693-6903
Social Security & Disability Law Attorneys,  Attorneys,  Legal Service Plans,  Criminal Law Attorney
Roberts Law Group, P
5725 Oleander Dr Ste D4
Wilmington, NC 28403
(919) 838-6643
Criminal Law Attorneys, DUI & DWI Attorneys, Attorneys
Wesley Scott Jones, P.C. Law Office
1904 Eastwood Rd, Suite 301
Wilmington, NC 28403
(910) 256-5800
Legal Service Plans, Corporation & Partnership Law Attorneys, Criminal Law Attorneys, Attorneys, Bus
Mahn Daniel D
6209 Oleander Dr
Wilmington, NC 28403
(910) 392-5440
Real Estate Attorneys, Attorneys
Zisa Jim
1508 Military Cutoff Rd Ste 203
Wilmington, NC 28403
(910) 256-5040
General Practice Attorneys, Attorneys
Oden III William A
127 Racine Dr # 101
Wilmington, NC 28403
(910) 794-4813
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US