Business Formation

A step by step guide of several considerations for forming a business.

Select an Entity Type
Choose a name
- Be sure to include the correct identifier (Corp., Inc., LLC, etc.)
(Who will be the) Registered Agent
Articles of Incorporation
- Make sure to include:
  - Organization name
  - Purpose statement
  - Registered agent
  - Names of incorporators
- File with secretary of state
Governance Documents
- Bylaws -
  - Size of board and election procedures
  - Initial Board Members
  - When board meetings are held
  - Voting procedure
  - How to handle conflict
  - How to create or end committees
  - Officers / Employees
  - How to change or amend bylaws
- Operating Agreement
  - Identity of the Members
  - Each Member’s ownership share
  - Member or Manager-managed company
  - Voting rules for members
  - Procedures for removal or admission of members
  - Allocation of profits / losses
Apply for a Federal Employer Identification Number (FEIN/EIN)
Open a Business Bank Account
Register for Limited Liability Entity Tax (LLET)
Obtain the required licenses and permits
- Municipality / County
- Specialized business