CORPORATE FORMATION
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  • NAME YOUR COMPANY

    §13.1-630 of the Code of Virginia states that a “corporate name shall contain the word "corporation," "incorporated," "company," or "limited," or the abbreviation "corp.," "inc.," "co.," or "ltd." Such words and their corresponding abbreviations may be used interchangeably for all purposes.” We will check with the State Corporation Commission (SCC) to determine whether the same is available. Just in case it is not, please supply us with a second choice.!
  • SUPPLY THE NAME AND ADDRESS OF THE REGISTERED

    Virginia law requires that the articles of incorporation name a registered agent (RA) of the corporation. All communications between the SCC and the corporation are addressed to this person. Also, if the corporation is sued, this will be the person on whom the sheriff would serve papers so the address may not be a post office box. In the usual, small corporation, the president also acts as the RA. You may want to name your attorney as registered agent but this will involve an annual payment to him.
  • IDENTIFY THE DIRECTORS AND OFFICERS OF THE COMPANY

    You should have at least two (2) people on the Board of Directors who as you might imagine direct the business of the company. You must name a president, secretary and treasurer of the corporation. The president and secretary cannot be the same person. In the usual, small corporation, the secretary and treasurer are the same person. If desired, you can name as many vice-presidents as you like.
  • IDENTIFY THE INITIAL SHAREHOLDERS OF THE COMPANY.

    Your corporation will be authorized to issue 1000 shares of common stock. Usually, the initial issuance of stock will leave the great majority of the shares in the treasury. Please supply the “consideration”, that is, the money, services or other property given in exchange for the stock.
  • IDENTIFY THE BANK WHERE THE CORPORATION WILL HAVE ACCOUNTS.

    When you open the corporate accounts, your banker will give you a corporate resolution which identifies the person or persons who will be authorized by the corporation to sign checks and conduct other business with the bank. This is a good time to apply for an Federal Tax Identification Number with the Internal Revenue Service by visiting irs-tax-id.com. Have the resolution handy for the organizational meeting of the Board of Directors when the bank will be named the depository of the company.
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