Incorporation Services
The most frequently asked tax questions related to Incorporation Services
For Tax Payers
Need professional help with a specific tax issue or have general tax questions? Ask a CPA is the easiest way to get advice from a licensed accountant in our network.
Ask a Tax QuestionFor Accountants
Provide answers to tax questions and introduce your practice to new potential clients. Build your CPAdirectory profile and earn reputation points.
Answer Tax QuestionsHow many officers and directors does a corporation need to have ?
Asked Monday, October 16, 2000 by an anonymous user
Generally, only one officer or director has to be appointed with the Articles or Certificate of Incorporation. This requirement may vary from state to state. Generally no more than three are created. Requirements for LLC's also vary from state to state. Speak to your local CPA about your corporations requirement's in your state.
What is the difference between Co, Inc and Ltd ?
Asked Monday, October 16, 2000 by an anonymous user
All these terms refer to incorporated companies. A limited corporation or company is an incorporated business.
What is a Limited Partnership ?
Asked Monday, October 16, 2000 by an anonymous user
A limited partnership includes both general and limited partners. A limited partner is liable only to the extent of what he or she has contributed capital to the business. Limited partners are often investors that do not participate in the business decisions.
Is there a fee for reserving a name when incorporating ?
Asked Monday, October 16, 2000 by an anonymous user
Generally yes. In most states a fee ranging from $20 to $75 will be charged for name reservations.
Does one stock certificate represent one share of stock ?
Asked Monday, October 16, 2000 by an anonymous user
Generally not. One stock certificate can represent any number of shares of stock up to the amount authorized, as stated on or in the Articles or Certificate of Incorporation.
Does a corporate name have to include a suffix ?
Asked Monday, October 16, 2000 by an anonymous user
The corporate name you select must include a suffix.
It must be either spelled out or abbreviated. When you fill out the incorporation request, include your choice of Incorporated (INC), Corporation (CORP), Professional Association (PA), Professional Corporation (PC) or Limited Liability Company (LLC) / (LLP).
It must be either spelled out or abbreviated. When you fill out the incorporation request, include your choice of Incorporated (INC), Corporation (CORP), Professional Association (PA), Professional Corporation (PC) or Limited Liability Company (LLC) / (LLP).
In the incorporation process , what is the minute book ?
Asked Thursday, October 12, 2000 by an anonymous user
The corporation's minute book is where various important records are kept. It should include the Bylaws, Articles of Incorporation, and minutes covering all meetings and actions by the Board of Directors and shareholders. The minute book must be kept current and contain pertinent, necessary documentation. The minute book should be stored at the corporations registered office.
What are the components of a Corporations Bylaws ?
Asked Thursday, October 12, 2000 by an anonymous user
Generally, a corporation's bylaws cover the size of the Board of Directors; when and how board meetings occur; when and how shareholder meetings occur; the duties and responsibilities of the officers; The procedures for exercising voting rights; the procedure for dividends; the company's calender or fiscal year; and the indemnification of the directors, officers and agents of the corporation.
In the incorporation process , what are the bylaws ?
Asked Thursday, October 12, 2000 by an anonymous user
The bylaws of a corporation contain the procedures and rules that govern the rights and powers of the directors, shareholders and officers. The bylaws are usually adopted by the Incorporator or by the Board of Directors in an organizational meeting or with the written consent in place of the organizational meeting.