Outsource Business Incorporation Services
Business Formation processes that can be outsourced to India include -
- Creation of the Articles of Incorporation
- Creation of the Articles of Organization
- Amendments to the Organizing Documents
- Drafting of the Bylaws
- Drafting of the Operating Agreements
- Application for Employer Identification Number
- S-Corporation Election Application
- 501(c)(3) Tax-Exempt Applications
- State Tax-Exempt Applications
The Articles of Incorporation
The Articles of Incorporation is the first document that needs to be filed with the appropriate government agency, typically the Secretary of State, for the business entity to receive legal recognition as a corporation. This legal document generally provides information regarding the corporation's name, business purpose, names of the incorporators and initial board of directors, the number of shares the corporation is authorized to issue, address of the registered office, etc. The Articles of Incorporation is required to be filed by both for-profit corporations as well as non-profit corporations.
The Articles of Organization
The Articles of Organization is the first document that needs to be filed with the appropriate government agency, typically the Secretary of State, for the business entity to receive legal recognition as a Limited Liability Company. As in the case of the Articles of Incorporation, the specific information contained in the Articles of Organization vary from state to state. Most states require the Articles of Organization to contain the LLC's name, mailing address, names of the LLC's organizer and registered agent, the LLC's stated period of duration or date of termination, etc.
During the life of a corporation or an LLC, the Articles of Incorporation or the Articles of Organization may require to be amended. All such amendments need to be filed with the appropriate government agency, typically the Secretary of State, in a prescribed format.
Bylaws are the internal rules and regulations by which an organization is governed. Although, the bylaws of every organization are unique, in general, they cover various operational procedures such as memberships, elections of directors, conduction of meetings, establishment of committees, etc. The bylaws need to be adopted by the Board of Directors.
An Operating Agreement is the internal rules and regulations by which a Limited Liability Company (LLC) is governed. The Operating Agreement of an LLC is similar to the Bylaws of a corporation. In general, an Operating Agreement is an agreement among the LLC's members about the business of the LLC, the rights and duties of the members, management structure and operation, etc.
Application for Employer Identification Number
An Employer Identification Number (EIN), which is also known as a Federal Tax Identification Number, is used to uniquely identify business entities. This is similar to a Social Security Number used to identify individuals. The EIN is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States. EINs are used by employers, sole proprietors, corporations, partnerships, non-profit organizations, trusts and estates, government agencies, certain individuals, and other business entities. In order to receive an EIN, one must submit a completed Form SS-4 application to the IRS. All non-profit organizations are required to obtain an EIN prior to applying for Tax-Exempt status from the IRS even if the organization will not have any employees.
All corporations that have filed their Articles of Incorporation with the state can elect to be an S-Corporation by filing Form 2553 with the IRS and any required filings with the state tax authorities. As S-Corporation is different from a regular corporation as it is not a separate taxable entity under the Internal Revenue Code. In general, the income of an S-Corporation is taxed to the shareholders rather than to the corporation itself.
501(c)(3) Tax-Exempt Application
All organizations seeking to be recognized as a Tax-Exempt organization as per section 501(c)(3) of the Internal Revenue Code must submit a completed Form 1023 application to the IRS. Examples of Tax-Exempt organizations include churches, schools, hospitals, and in general, charities that work for the benefit of the public.
State Tax-Exempt Applications
Many states require separate applications to be filed with the state tax authorities so that non-profit organizations be exempt from state taxes. Examples of such states include California, Florida, and New York.
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