Corporate Writing on "Establishing a Corporation"
Corporate Writing 4 pages (1005 words) Sources: 1+
[EXCERPT] . . . .
Chet Smith and Dean Smith, the sons of my clients, will be listed as directors.Those eligible to be directors must in addition to being neutral also be above the age of 19. Unless the company's bylaws or articles specifically state so, a director need not be a shareholder in the entity.
There is no specific requirement that directors be listed in the articles. Additionally, directors need not reside in Alabama.
Stock Information
Share classes must be listed in the articles. Further, the number of shares that the corporation is permitted to issue for each class should be listed. In coming up with the necessary stock information, I will take into consideration the initial investment capital Allen and Bob intend to float, which is in this case a total of $500,000.
Additional Information
In addition to the initial registered office's address, the state requires that the principal office address be clearly indicated. The principal office address will in this case be my clients' garage which according to the information at my disposal is located at 123 Memory Lane, Orange Beach, Alabama, 36561.
Bylaws
There is no specific requirement by the state that the corporation's bylaws be filed with the state. Instead, they could be maintained at the corporation's principal office. I will be developing custom bylaws for my clients on the basis of their operation requirements.
Registered Agent
The state requires that every corporation have an agent who is duly registered. The said agent must be stationed in Ala
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Fees Associated with Filing
Filing of the Name Reservation for Domestic Entities: $10
Filing a Certificate of Formation: $100
(Source: NOLO, 2014)
Part 2
(Drafts of each document to be filed during the process of incorporation will be attached alongside this text.)
Part 3
The Documents that Ought to be Filed by the Corporation Every Year
The corporation will be required to file a number of documents on an annual basis. These are identified below:
Annual Report
Between 1st January and 15th March, the corporation will be required to file the above named report with the Secretary of State. Amongst other things, the said report will essentially include the name and address of the corporation, nature of business the corporation engages in, etc.
Tax Returns
The corporation will be required to file annual tax returns with the Department of Revenue.
References
Alabama Secretary of State (2014). Incorporating your Domestic Corporation. Retrieved from http://www.sos.alabama.gov/businessservices/DomesticCorps.aspx
NOLO (2014). How to Form a Corporation in Alabama. Retrieved from http://www.nolo.com/legal-encyclopedia/how-form-corporation-alabama.html
Spadaccini, M. (2007). Business Structures: Forming a Corporation, LLC, Partnerships, or Sole Proprietorship. New York: Entrepreneur… READ MORE
Quoted Instructions for "Establishing a Corporation" Assignment:
“Establish a Corporation
In this exercise you will complete the steps necessary to establish a corporation. Remember, that a corporation does not exist until the corporation documents are both filed and accepted by its home state.
You can complete the assignment by using the Secretary of State*****s web site in the State of Delaware or the Secretary of State's web site in the state where you live (or appropriate authority, depending on your state).
Allen Smith and Bob Smith ask you to file the necessary corporate documents to form a corporation for the purposes of buying and selling vintage American racing cars within the United States and internationally. This has always been a lifelong dream of theirs, ever since they were children and built model cars as a hobby. They both have
$500,000 as initial investment capital and each one has a son who will be a shareholder in the corporation. The Smith brothers would like to make sure that the corporation can be passed on to their sons in the future. They will operate the business out of their garage located at 123 Memory Lane, Orange Beach, Alabama, 36561. They would like to name the corporation Brother*****s Automotive, Inc. Allen Smith, Bob Smith and their sons, Chet Smith and Dean Smith, are all residents of Foley, Alabama. The Smiths also request that you research an entity to serve as the Registered Agent for the corporation.
PART 1: Describe the process you will need to complete in order to file the documents and have them accepted by the State. Your answer should include the following:
A. Research the name to see if it is available. If it is not available, then offer the Smiths two alternative names that
are available.
B. Identify and describe the documents required to file in the State.
C. Identify the various methods that may be utilized to file with the State.
D. Identify the fees accompanied with the filing.
PART 2: Once you identified the documents necessary to form the corporation in your chosen state, prepare a draft of
each document you will file to create the company.
PART 3: Identify and describe the documents the corporation will need to file on an annual basis in the future.
You may upload the completed documents combined in one single Word or PDF document. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Any references or citations must be in the APA style.
How to Reference "Establishing a Corporation" Corporate Writing in a Bibliography
“Establishing a Corporation.” A1-TermPaper.com, 2014, https://www.a1-termpaper.com/topics/essay/establish-corporation/5453003. Accessed 6 Jul 2024.
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