Incorporation FAQs for Independent Contractors
How Do I Incorporate?
- Articles of Incorporation must be filed with the State. This document contains basic information about the company, its owners and directors. In some states you have to file, publish, or record in a county in order to complete the incorporation process. A filing service such as DSD Insurance can take care of all of the necessary paperwork.
How Should I Name My Corporation?
- Your name must be unique and not deceptively similar to any other trademarked name of business.
Do I Need A Registered Agent?
- All corporations are required to a have registered agent on file with the State at all times. The agent can be you or a company that has a physical address in the State. Using a company is suggested because you need to be at the physical address provided during normal business hours Monday – Friday. The role of the Registered Agent is to receive any and all communications from the government to the corporation.
What is an EIN?
- An employer identification number (EIN) is a nine-digit number assigned by the IRS. It's used to identify the tax accounts of employers and certain others who have no employees. The IRS uses the number to identify taxpayers who are required to file various business tax returns
How Do I Become an S-Corporation?
- Once you incorporate and have a Federal Employer Identification Number (FEIN), you have to file a Form 2553 with the Internal Revenue Service within 75 days of your incorporation date.
What are Bylaws?
- Bylaws are internal rules that govern the day to day operations of a corporation, such as ownership, officers, shareholders meetings etc.
What is an annual report?
- An Annual report is required by almost all states. They use the information on the report to ensure that your name, officers, directors, and address are current. In most states it is an annual requirement. If you fail to file your report the state will revoke your company. It is important to make sure you know when your report is due and file it on a timely basis.