* The name cannot use any name the same as or deceptively similar to the name of any domestic corporation or qualified foreign corporation without authorization. The name cannot use a reserved name. The name shall not contain any word or phrase which indicates it is organized for any purpose not permitted by the Act.
Articles of Incorporation Requirements
- Minimum Number – Three or more. If only one or two shareholders, the number of directors can be less than three but not less than the number of shareholders.
- Residence Requirements. – No provision.
- Age Requirements – None.
- Directors are required to be listed in the articles of incorporation.
- The officers are not required to be listed in the articles of incorporation.
- An increase in the shares may cause an increase in the initial filing fee.
- File annually, on a staggered basis as determined by Secretary of State, for preceding 12-month period a $60 fee must accompany report.
Income Tax Rate
- A tax is imposed on Maine net income (MNI) of taxable corporations, except insurance companies and financial institutions, equal to 3.5% of MNI not over $25,000; 7.93% of MNI over $25,000 but not over $75,000; 8.33% of MNI over $75,000 but not over $250,000; 8.93% of MNI over $250,000.
For more information on taxes, visit http://www.maine.gov/revenue/
- Shareholders have limited liability protection
- May be listed and traded as a publiccorporation on the stock market or “over the counter”
- Has a separate and independent tax status from its owners
- Profits are not subject to “double taxation”
- Corporate losses may be “passed through” to share holders
- Shareholders are afforded the same protection as C Corp.
- Contains characteristics of both corporation and partnership
- Shareholders may take advantage of “Pass-Through” taxation
- Limited liability for share holders
Not for profit corp
- Eligible for tax-exempt status
- Limited Liability protection
- Qualify for public and private gains