Whether you started out as a small business ownership or partnership and then incorporated, or incorporated originally when starting your business, there are a number of steps you need to be aware of once you’ve incorporated. With incorporating done online more frequently, you’re not always given the “what do I have to do now” scenarios. Here are 7 steps that must be considered after incorporating your business.
1. Year End
You must determine your year end. This must be established within 53 weeks of your incorporation date. You may have stated your year end when incorporating but you do not have stick with it. The first filing of your year end will determine what it will be going forward. You may want your year end to be when your inventory level is at its lowest level or during your slow period, when you can gather all your information required for filing your corporate taxes.
2. Company Directors
You need to determine the number of Directors the company will have. The Directors will be responsible for creating the by-laws, appointing the Officers and making bank arrangements.
3. Director Meetings
Where will the Directors meet and how frequently? If it’s not convenient for the Directors to meet physically, then the resolutions can be written and passed.
Establish who is authorized to sign documents on behalf of the company.
5. Appointment of Company Officers
You will need to appoint Company Officers. President, Treasurer, Secretary are some of the types of Officers you will require. An individual may hold more than one Company Officer position.
Where will the Shareholders meet and how will those meetings be handled? The purpose of the meeting is to;
- Confirm the election of the Directors named in the articles of incorporation or
- Elect new directors.
- The Shareholders also need to adopt the by-laws passed by the Directors. By law, the Shareholders are required to meet.
7. Minute Book
Create a Minute Book for the company. This book, usually kept up to date by the Secretary, contains the following;
- Articles of incorporation
- Record of the names and addresses of the company’s Directors and Officers, indicating dates they started and stopped their position with the company
- Blank share certificates
- Record of names and address of the company’s Shareholders, indicating the number and class of shares issued to each of them
- All additional documentation as it pertains to major contracts, government reporting and financial statements.
So if you’re now incorporated and some or all of the above steps have not been addressed, it’s extremely important to talk to your accountant or lawyer. You need to ensure you remain in good standing with the government agencies that you are required to report to.
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