Can incorporate myself

Here's what you need to know about this process and why it may be beneficial for sole proprietors. As a business owner, incorporating your sole proprietorship may improve your business's credibility with your clients and the community. Becoming a corporation also protects your personal assets from business liability. It can also make it easier to get business financing and to keep personal and business income and assets separate. This is a benefit at tax time as well. Contrary to popular belief, it is possible to incorporate a sole proprietorship.

The first step is to check whether your business name is available for use in your state. Each state's Secretary of State's website has a database for this purpose. If your name is taken, you can continue to search until you find a name that is available. Self-incorporation is a long process and requires that you fill out several forms depending on your specific situation.

If this paperwork is not done correctly, it can be detrimental to the incorporation process and waste valuable time. For this reason, consult with an expert when you decide to incorporate your sole proprietorship.

Business owners often decide to incorporate to protect their personal and business assets. As the incorporation process can be complicated, you might want to seek the help of an expert. There are many attorneys on the UpCounsel marketplace who could help you incorporate your business. Expert advice will help you save time, increase your business's credibility, and protect your assets.

They can also answer all your questions. For example, you might be wondering if you should incorporate your business in a different state from the one you live in, or how you should structure your business. An attorney can provide the legal advice you need during this process. The documents that govern a corporation are called bylaws , and for an LLC, they are called operating agreements. Business formation requires many decisions.

A central question in determining how to start a business is whether to structure it as a sole proprietorship, some type of partnership, a limited liability company LLC , or a corporation.

Once you decide to organize your business as a corporation, you need to officially register your corporation with the appropriate agency. At one time, this involved obtaining the necessary paper forms, filling them out, and either mailing or delivering them to the proper state agency.

Fortunately, you can now incorporate online. All states, as well as the District of Columbia, have a government agency that controls the formation and registration of corporations and other business entities.

These agencies can be accessed through their websites, which provide detailed information about forming a corporation online, including the necessary forms.

They will also tell you what fees are charged, and how they can be paid. The incorporation fees vary by state. In 38 states, corporations are registered with the Department of State or the Secretary of State.

In Arizona and Virginia, with the Corporation Commission. In Maryland and Utah, with the Department of Commerce. Hawaii, Indiana, Kentucky, Michigan, New Jersey, and Wisconsin have special websites dedicated to forming corporations. The website for your particular state can be found by doing a search for the state's agency.

For example: "Texas corporation registration. Some states have special rules and forms for certain types of businesses, such as banks and insurance companies. In some states, you will also need to register with a state taxing authority. Before filing an application to register your corporation, you need to be sure that the name you would like to use has not already been registered.

All of the state websites have a feature that allows you to search whether the name you desire has previously been registered. Generally, the identical name, or a name that's so similar that it's likely to be confused with the name, will not be allowed.

If the name is available, you will be able to reserve the name while your application is being processed. Reservation of a name may require payment of a separate fee, so you may wish to just file your application for registration instead. As a practical matter, it's unlikely that someone else will reserve or register the same name, or a similar name, before your application is processed—but it is possible.

The application form to register your corporation can be completed and filed online. The particular requirements and forms vary from state to state. Reviewing the forms and information on your state's website will tell you what information will be needed to complete the online filing.

Generally, the initial filing document is called the Articles of Incorporation, which typically includes the following information:. Once all of the required information is filled in, the application form can be submitted online.

The website should indicate the period of time that is typically required for registration approval. An alternative to registering directly with the agency is to use the services of a commercial online service. Such a service will have you fill out an online questionnaire with the details about your company, and will then prepare and file the registration forms for you.

A partnership is a pass-through entity, which means profits and losses are reported on each individual's personal tax return. An LLC provides advantageous taxes along with limited liability protection, which makes it a good compromise between a corporation and a partnership.

Corporations may be categorized as either an S or C corp. The former can have no more than shareholders and offers personal liability protection while maintaining pass-through taxation. On the other hand, a C corp offers the highest level of personal liability, but much higher taxes as well. Corporate profits are taxed at both the business and personal levels.

If you need help with incorporating a person, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.