A corporation is a type of business that is independent of its individual owners. It is a complex legal structure that allows investors to participate in the company's profits without being personally liable for debts or legal issues. Louisiana provides a favorable legal environment for starting a corporation, because it has relatively low incorporation costs, a sophisticated business infrastructure, and liberal corporate law practices that are friendly to investors. In this article, we will explore the steps needed to start a Louisiana corporation.
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Step 1: Select a unique name for your corporation
The first step in starting a Louisiana corporation is to select a unique and memorable name for your new business. The name should be original and not already be in use by another business entity in Louisiana. You can check whether the name is available through the Louisiana Secretary of State's website or by telephone.
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Step 2: Choose a Registered Agent
Your corporation must have a designated registered agent in Louisiana. The registered agent is a person or organization who provides the address for service to receive legal notices, subpoenas, and other legal documents on behalf of the Corporation. You can either become your corporation's registered agent or hire a commercial registered agent.
Step 3: Prepare and File Articles of Incorporation
The articles of incorporation are filing documents that provide the Secretary of State with basic information about your Corporation. It also states what kind of business you intend to engage in.For Louisiana incorporation, you will need to file your articles of incorporation with the Louisiana Secretary of State. You can file these documents on the Louisiana Secretary of State's website or by mail.
Step 4: Hold an Organizational Meeting
After filing of the articles of incorporation, without totalizing information corresponding to the status of incorporators, this act will be blank and invalid out of the articles of incorporation until certain actions are undertaked. At a minimum, you should hold a Board of Directors' meeting to elect officers, approve bylaws, and other steps required to formally establish your corporation's structure.
Step 5: Issue Stock Certificates
A corporation's authorized shares may be issued or reserved for various purposes, and establishing ownership of the corporation is typically done through the issuance of shares in the corporation. Certificates representing those shares should be issued to the initial shareholders.
Step 6: Obtain Necessary Louisiana Business License and Permits
Depending on various factors, states require licenses and permits to operate your business legally with certain goods and services. Your particular industry or geographic area may have additional specific requirements.
Starting a corporation is like starting any new business; it is complex yet engaging. In Louisiana, forming a corporation is a beneficial way of providing both growth and protection to investos particularly whose interest require an organizational structure of large investors or diversifying the business niche. Additionally, familiarizing oneself thoroughly makes the process of starting a Louisiana corporation less troublesome.
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