Forming a New Corporation
How Do I Form a New Corporation?
The First Step
It is a big step to decide to start your own corporation. It can be a lot to think about. You don’t want anything to slip through the cracks or be an afterthought, but where do you start? There is so much to plan and think about. Here is a simplified guide to through your first steps in getting your corporation approved and off the ground.
TRUiC CEO Nagabhushanam “Bobby” Peddi says the company has helped more than 250 000 people who face difficult decisions by providing simple and useful information. Their site that is full of free guides, recently passed the 1M traffic mark as America is getting back to work and business.
First things first, what is the name of your corporation? There are some rules on naming Corporations you’ll want to be mindful of. For example, you can’t use anything banking related (Bank, Trust, etc) unless you get approval ahead of time. You also can’t use anything that would confuse with government agencies (Treasury, State Department, Etc.) You’re going to want to try to find something unique that communicates the type of business you are aiming for. The website TRUiC (The Really Useful Information Company) has a name generator to help if you are stuck. Be Sure to visit their site https://startupsavant.com/how-to-form-a-corporation. This will also help you make sure a domain name is available for your website coinciding with the name of your business. If you want to operate under a name different from the company’s legal name, you’d have to set up a DBA (Doing Business As) as well.
You’ll also want to think about taxes and find some information on this. You may refer to an accountant for guidance as there are different rules for corporations regarding taxes and even tax breaks you can get. You’ll need someone on hand that can help with your tax questions and prepare you for what you’ll need to handle. This will affect your bottom line, so this may be something to think about when in the planning stages of your business. This plays a role in your company the same way operating cost does.
Finding an Agent
Once you’ve got all that sorted out, you’ll want to connect with a Registered Agent. This person will guide you through processes to get your business going and assist you in working with the government to meet all the requirements to start your corporation. Some people even hire a service to do this work for them instead of an individual as this at times has its own perks. These agents will communicate with the government on your behalf and help make sure all your documents are in compliance with government standards. If they need to, they’ll get in touch with you for revisions and clarification to make the process go smoothly. This may add some time to your process, but ensuring the documentation and planning is correct will help in the long run. Michael Stemley, accountant and author says that “most of my clients who are HNWI’s prefer to use an agent – it just makes more sense to them, because it is about convenience and protection”.
Directors and Shareholders
As The next thing you’re going to want to do is start looking for your initial directors and shareholders. Corporations are run by a combination of management and shareholders who decide what moves the company makes and how. Until you have your shareholders in place, you can select an initial director to help select and review bylaws and more. After the shareholders are in place, a meeting will be called to create formation documents. At this meeting directors will be appointed. After the meeting, the formation documents will be filed with the state. This process could take some time so it is ok to start thinking about the next steps and working toward your goals while you wait. Once these documents are approved, you’ll officially have a corporation and can then file for an EIN number. The EIN number is important to work with your company’s taxes and so you can begin hiring employees. This number will be on your tax paperwork and your employees w2 forms. You’ll need to set up a company bank account with this to do your banking from such as paying taxes.
One business owner Marco Antonio Henriquez Moreno who succeeded in establishing a huge fashion brand “Marcoahz”, says that “Once you started a business, there will always be lots of ongoing changes that require specialist advice. Things you could not have imagined during the planning phase. So planning is continuous and dynamic. My preference is always to ask an expert and get things done right”.
So it is fair to say: now that you’ve made a start – you’ve gotten your corporation started and have to do the rest of the work. This is where you’ll start implementing policies and procedures, looking for staff, and really putting your business together. You’ll need to start working on how to smoothly run your corporation. You’ll start working on rules and policies, roles of directors and management, how records are kept, how disputes are handled, how bylaws will be added. There are still so many things to think about now that your corporation has been approved. The shareholders will assist in selecting directors and creating bylaws, roles, and more. A lot of times bouncing ideas and thoughts between others invested in your company can be helpful. Everyone is there to create a successful business one way or another. Before you know, you’ll be working on more exciting things like social media policies, and planning all your future expansion.
SamBoat Makes Waves in the US
The sharing economy’s massive popularity has led to the creation of blockbuster companies like Airbnb, VRBO, eBay, Uber, and Lyft, to name just a few. According to a report by Proficient Market Insights, the size of the sharing economy was $113 billion in 2021 and is predicted to reach $600 billion by 2027.
One of the newest companies to enter this space, SamBoat, now enables the owners of sailboats and motorboats to offer their vessels for rent. Because yachts are expensive to buyand maintain — in many cases, more expensive than purchasing and maintaining a home — yacht owners can offset some of their costs by listing their craft on the platform.
Those who may not be able to afford their own boat can still experience life on the water, however. No knowledge of boating is required, as many charters include the possibility of hiring a skipper.
When young French entrepreneurs Laurent Calando and Nicolas Cargou met, a friendship, as well as a new venture, was born. Cargou was an avid Airbnb user, and Calando had grown up sailing with his family. Throughout the course of their conversation, they realized that the sharing economy covered a lot of bases, but it didn’t include boating, which they were both passionate about.
The pair sensed an opportunity, which quickly led to action. In April 2014, they officially launched SamBoat in the Bordeaux region of France.
“SamBoat’s marketplace exploded in Europe over the next few years,” explains Robert Harrington, SamBoat’s US Country Manager. The company offers yachts throughout the Mediterranean, Aegean, and other popular travel destinations.
As evidence of the popularity of the boat-sharing model, SamBoat grew by over 70 percent in 2022. Since its founding, the company has enabled more than a million people to take to the seas. Now, the platform is rapidly expanding its listings throughout the US.
Where SamBoat operates in the US
SamBoat has already — albeit indirectly — served its American customers for quite some time, as American vacationers have often rented boats in Greece, France, Italy, or Spain through its platform. But now, the company is beginning to serve Americans on the other side of the Atlantic, right here at home.
SamBoat rentals are currently available in many American ports. The marketplace currently offers hundreds of boats just in the state of Florida, where the fleet extends up the Keys to West Palm Beach, and throughout the west coast, including Tampa, Clearwater, Naples, and Ft. Myers. SamBoat also has many boats in Chicago and Seattle, as well as throughout New England.
In the near future, the company will expand its offerings in San Diego and Los Angeles. SamBoat also plans to open in Lake Tahoe, Lake of the Ozarks, Lake Havasu, and Lake Champlain by mid-summer 2023. It also aims to have fleets available in Martha’s Vineyard and Nantucket by the same time.
“Our goal is to offer thousands of boats to rent throughout the United States by the end of the year,” Harrington says.
SamBoat operates anywhere boat owners choose to list their craft for rent. “Just because the marketplace might not already have a whole regatta in a given port doesn’t mean it can’t or doesn’t operate there,” Harrington says. “Listings grow organically, cropping up wherever opportunity calls boat owners to take advantage of existing demand.”
For instance, while SamBoat only officially launched in the United States this past year, the platform was open to US-based boat owners and renters last year. From January 2022 compared to January 2023, the platform experienced a 500% increase in US-based business.
This means that, if you own a boat, you can bring SamBoat to your home port. All you have to do is go to SamBoat’s website, follow a few simple steps, upload photos of your boat along with its relevant details, and respond to rental inquiries.
“Now is the right time for boat owners to get in early and beat the rush,” Harrington says.
The secret to SamBoat’s success
American consumers have responded enthusiastically to SamBoat’s arrival for a number of reasons. First and foremost, the platform offers the very same boats as other companies, yet their prices are on average 10 percent cheaper.
The reason for this is simple: unlike most other yacht and boat rental services, SamBoat doesn’t charge its customers inflated “junk” fees.
In addition, SamBoat makes renting a yacht simple and easy. Generally speaking, other boat-sharing websites outsource customer service to the owners of the listed yachts. They will only answer the phone or attend to you if you are booking something of a high dollar amount, while the average boat rental costs under $1,000. This can lead to a very frustrating process for someone who has questions but can’t seem to get a response from a boat’s owner.
At SamBoat, however, a real human being answers every inquiry. “Sometimes, that person is me,” Harrington says. This makes it much easier for people to rent the perfect boat that will meet their individual needs.
SamBoat fulfills a long-awaited need for sailing and boating enthusiasts worldwide. With the arrival of SamBoat in the US, it’s an even more exciting time for Americans to participate in the sharing economy.
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