Starting a corporation in Alaska is an excellent way to establish a successful business. With a robust business environment and strong infrastructure in place, Alaska offers various opportunities for any corporation to thrive. Here are the steps you can take to start your own Alaska corporation.
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Step 1: Choose a Name for Your Corporation
The first step when starting an Alaska corporation is to find a suitable name for your business. You should choose a name that is creative, descriptive and unique. However, it must also follow the requirements set forth by the State of Alaska. Here are some crucial guidelines to remember when choosing a name for your corporation:
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- The name must include one of the following words: Corporation, Inc., Ltd., or Company.
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- The name must not be similar to an existing corporation or limited liability company (LLC) name in Alaska.
- The name should not be offensive to the public’s morals and could adequately reflect the type of business you operate.
Once you have selected a name for your corporation, you should verify that this name is available through the State of Alaska Division of Corporations, Business and Professional Licensing (DCBPL).
Step 2: Choose the Right Business Structure
Selecting the right business structure is essential when starting your Alaska corporation. To make an informed decision, you should research and consider the following business structures:
- S Corporation
- C Corporation
- Limited Liability Company (LLC)
The S Corporation and C Corporation offer similar features, such as a separate legal entity and personal asset protection. The primary difference between both the entities is in how they get taxes. Another cost-effective option is to go for an LLC business structure. It offers less annual fees and liability protection options than corporations; it is an informed choice and generally considered for start-ups.
Step 3: File Articles of Incorporation
The articles of incorporation document is essential when registering your company with the state of Alaska. This document contains your corporation's name, company details, and primary objectives. It also covers the following requirements:
- List of Incorporators
- Statement Purpose of the Corporation
- Registered Agents information
- Number of Shares Distributed to Owners
If you take the help of a professional filing services, they will charge you an additional fee to submit your articles of incorporation in person. Alternatively, you can fill out the form online through Alaska’s ‘Business Name Availability Search and Reservation.’
Step 4: Establish By-laws and Corporate Records
By-laws are the rules set internally that guide how day-to-day finances and management operate with shareholder approval. Also, it is important to establish appropriate records to maintain your corporation’s agreements and documents. This may include:
- Articles of Incorporation
- Corporate By-laws
- Minutes of Meetings
- Stock Registry
- Annual Filings
- Officer’s Roles
- Meetings History
Keeping business records consistently is helpful to prepare for any funding from investors or a merger with another organization in the future. Creating these documents will mitigate legal challenges, improve shareholder trusts, and enhance securities law compliance.
Step 5: Obtain a Business License
Registering your corporation with the State of Alaska requires a general business license or other specialty business licenses. Corporations engaged in specific occupations or industries or those that sell tangible products should register before starting their corporate planning.
For example, businesses involved in construction and contractors that have annual references meant for these licenses: General Business License, Professional Licensing Title Certification requirements.
Conclusion
Starting a corporation in Alaska is a process that requires patience and attention to detail. By following through the above highlighted steps, you will gain an understanding of all legal procedures for successful business formation. Yes, the complexity of forming an Alaska corporation can come up as overwhelming, but by being thorough, and with the help of professionals, it becomes practicable to focus on the necessary steps and can create a successful business.
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