Incorporating your business is a significant milestone that marks the beginning of an exciting new chapter for your venture. However, incorporation is just the first step in a series of important actions you’ll need to take to ensure your business is set up for success. At Omni Law, P.C., our team of experienced business transaction attorneys, serving clients in California and New York, is here to guide you through the crucial steps that follow incorporation. To contact our California office please call (323) 300-4184 or 646-736-4184 to reach our New York office.
1. Obtain Necessary Licenses and Permits
This would be depending on your geographic location and industry you are entering. There are various licenses and permits to operate your business legally. For example:
- Business licenses
- Professional licenses
- Zoning permits
- Health and safety permits
Our attorneys can help you identify the specific licenses and permits required for your business and assist you in navigating the application process.
2. Set Up a Business Bank Account
Separating your personal and business finances is essential for maintaining proper accounting records and protecting your personal assets. After incorporating, you should set up a dedicated business bank account and use it exclusively for business transactions. This will also make it easier to track your business expenses and prepare your tax returns.
3. Establish Bylaws and Corporate Records
As a corporation, you’ll need to establish a set of bylaws that govern the internal operations of your business. These bylaws should outline the roles and responsibilities of your directors, officers, and shareholders, as well as the procedures for meetings and decision-making. Additionally, you’ll need to maintain accurate corporate records, including meeting minutes, resolutions, and stock ledgers. Our attorneys can help you draft comprehensive bylaws and ensure that your corporate records are properly maintained.
4. Issue Stock to Shareholders
If your corporation will have multiple shareholders, you’ll need to issue stock to each shareholder in accordance with your incorporation documents and bylaws. This process involves determining the number and class of shares to be issued, setting a fair market value for the shares, and ensuring that all securities laws and regulations are followed. Our attorneys can guide you through the stock issuance process and help you avoid potential pitfalls.
5. Comply with Ongoing Reporting Requirements
As a corporation, you’ll be subject to ongoing reporting requirements at the state and federal levels. These may include:
- Annual reports
- Tax returns
- Payroll tax filings
- Securities filings (if applicable)
Failure to comply with these reporting requirements can result in fines, penalties, and even the suspension of your business’s legal status. Our attorneys can help you understand your reporting obligations and ensure that you stay in compliance.
6. Develop Key Business Agreements
As your business grows, you’ll likely need to enter into various agreements with partners, employees, vendors, and customers. These may include:
- Employment agreements
- Independent contractor agreements
- Non-disclosure agreements (NDAs)
- Lease agreements
- Service contracts
Having well-drafted agreements in place can help protect your business’s interests and prevent costly disputes down the road. Our attorneys can help you develop customized agreements tailored to your business’s unique needs.
Partner with Omni Law, P.C. for Your Business’s Legal Needs
At Omni Law, P.C., we understand that navigating the legal landscape after incorporating your business can be overwhelming. That’s why our team of experienced business transaction attorneys, serving clients in California and New York, is here to provide the guidance and support you need to set your business up for success.
If you’ve recently incorporated your business and are ready to take the next steps, we invite you to contact Omni Law, P.C. to learn more about how we can help. Our team is ready to partner with you and ensure that your business is on a solid legal footing as you pursue your goals and dreams.
