Corporate Name Endings
* The name must contain the word “corporation”, “company”, “incorporated”, or “limited” or the abbreviation corp., inc., co., or ltd. The name shall be distinguishable from the corporate name of a corporation incorporated or authorized to transact business in this state; a corporate name reserved or registered; the fictitious name of a foreign corporation; the corporate name of a not-for-profit corporation incorporated or authorized to transact business in this state; and a trade name registered in the state that of domestic or foreign corporations entitled to do business in state, or name that is reserved or registered. However, the similar name may be registered if corporation affected consents in writing, or by court decree.
Articles of Incorporation Requirements
- Minimum Number – One or more.
- Residence Requirements. – No provision.
- Age Requirements – None.
- Directors are not 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.
- Report filed with Secretary of State between January 1 and April 15 of each year on prescribed form. Annual fee is 15 dollars.
Income Tax Rate
- 5.58% of the first $50,000 of taxable income and 7.81% of taxable income over $50,000.
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- 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