Creating a Corporation
This is
taken from the business section of the Alaska State
Page, and tells how to actually form a Corporation
in the State of Alaska. Each state is a bit different,
you will need to go to your State's webpage or office
to find out exactly what needs to be done there. This
will give you an idea of what is involved. You can
find your state site at http://
state.(your states abbreviation).us for example Alaska's
address is http://state.AK.us
You
do need to incorporate before purchasing your business
license, because the business license will ask for
your incorporation number.
Incorporating
in the State of Alaska
Facts About Corporations
One or more
“natural” persons 19 years or older may act as incorporators
by filing Articles of Incorporation with the Department
of Commerce and Economic Development Corporations
Section. Once the Articles are filed in conformance
with Chapter 10 of the Alaska Statutes and all necessary
fees and taxes are paid, a Certificate of Incorporation
is issued naming the corporation and date of incorporation.
Articles of Incorporation
Although
the Corporations Section does have forms for completing
Articles of Incorporation, it is strongly recommended
that clients seek legal counsel before incorporating.
Once the
Articles of Incorporation are signed and verified
by the incorporators, an original and exact copy,
along with the filing fees and biennial corporate
tax are delivered to the Corporations Section. The
filing fee is $150 and the biennial corporate tax
is $100. If the Articles are found to be in compliance
with AS 10.06, a Certificate of Incorporation is issued.
The Articles must conform to and include the following
provisions:
Corporate Name
If you cannot
reserve a corporate name while incorporating, it is
advisable to check for a name availability before
filing Articles of Incorporation, obtaining licenses,
printing checks or stationery. A tentative name availability
check can be given over the phone if you ask specifically
for name availability.
Name availability
cannot be guaranteed over the phone because the number
of calls and documents received each day prevent making
a thorough name check. A more definitive name availability
search is available for those who write in and request
a name. If you wish to possess a particular name before
proceeding to file, you should submit a name reservation,
signed by the owner or incorporator of the corporation,
along with a $25 filing fee. If the name reservation
is accepted, you will be the sole owner of that name
for 120 days, and your subsequent filing will be accepted.Please
keep in mind that the reservation of a name with the
Corporations Section does not necessarily mean that
you can use the name without penalty. There may be
users who did not file, but who have a prior common
law right to the name. They may be able to prevent
you from using a name, even though it is available
in the files.
Purpose and SIC Code
A corporation
may be organized for any lawful purpose. The SIC (Standard
Industrial Classification) codes most closely describing
the type of business must be stated.
Period of Duration
The period
of duration is the life expectancy of the corporation.
Duration can range from a brief period to perpetual.
Registered Agent and
Registered Office
All corporations
are required to maintain a registered agent and registered
office in Alaska. The registered agent can be an individual
or another corporation but must be registered and
in good standing with the Corporations Section. The
registered agent is the person upon whom process is
served on behalf of the corporation. The registered
address is the address used to mail corporate reports.
A change of Registered Agent and/or Office may be
made by requesting Form 08-184.
The Number of Authorized
Shares
The corporation
may authorize any number of shares. The Articles need
only list the total number authorized. No par value
or stated value is required, although the Articles
may include par value.
Names and Addresses
of Directors
The initial
number of directors on the board must be stated in
the Articles. Each director holds office until his/her
successor is elected and qualified. A director who
is not elected at an annual meeting holds office until
the first annual meeting of shareholders.
Names and Addresses
of Alien Affiliates
Any Articles
being filed must list the names and the mailing address
of any foreign national either individuals or legal
entities whether located in the state or outside the
state.
Names and Addresses
of Incorporators
The Articles
must list the names and mailing addresses of each
of the incorporators. There must be a least one incorporator.
Each incorporator must be a “natural” person of at
least 19 years of age.
Signatures/Acknowledgments
The Articles
must be signed by each of the incorporators, and the
signatures must be notarized. In addition to the above
requirements, the Articles may set forth any provision
not inconsistent with law, which the incorporators
elect to set forth for the regulation of the internal
affairs of the corporation, including a provision
which, under AS 10.06.210, is permitted to be set
out in the bylaws.
Articles of Amendment
A corporation
may amend its Articles of Incorporation to include
or modify any provision not specifically required
to be included in the Articles.
Procedures to Follow
When Filing Your Corporate Report
The following
sections cover: the Biennial Report (description),
certain steps to follow when filing the report, time
required for filing and processing the report, and
common reasons why documents are returned unapproved
and not accepted for filing by the Corporations Section.
Biennial Corporate Report
Both domestic
and foreign corporations are required to file a corporate
report every two years. The report is due January
2nd and is delinquent after February 1st when penalties
apply. Upon incorporation, a domestic corporation
has six months to file an initial biennial report.The
report is mailed to the registered agent of the corporation.
It is important that the Corporations Section be advised
of any change of registered agent and/or registered
office address. The biennial corporate tax is payable
upon filing the corporate report.
Failure
to file the report or pay the tax will result in involuntary
dissolution of the Certificate of Incorporation or
revocation of the Certificate of Authority.
Steps to Follow When
Filing With the Corporations Section
STEP 1
To ease
the filing process, standard forms are made available
from the Corporations Section for many of the documents
required. The guidelines described in this booklet
should not serve as substitutes for statutory analysis
and consultation with legal advisors.
STEP 2
The document
must be typewritten with dark black ink. All documents
are microfilmed, this process demands a high quality
black typewritten copy. Handwritten documents, documents
typed with a light ribbon, or those typed on colored
paper, cannot be accepted for filing.
STEP 3
Proper fees
must accompany the document.
STEP 4
Documents
should be mailed to:
Division
of Banking, Securities & Corporations
Corporations Section
Time Required
for the Filing and Processing of Corporate Documents
At least
two weeks should be allowed for reviewing and processing
corporate documents.
Common
Reasons Why Corporate Documents Are Returned Unapproved
and Not Accepted for Filing