Are you among those people who always wanted to have their own business? Read this guide and learn how to start a corporation quickly in a few simple steps.
Some people are born to be entrepreneurs. They see opening of a company as a worthwhile challenge and nothing can stop them on the way to success. Then again, some others know that having their own business will give them many benefits, but are afraid to open this new chapter in their life.
According to government data, there is a constant increase in new businesses. No matter which of the two groups you belong to, you must agree that having your own business has many advantages. Apart from being your own boss, it gives you the freedom to set your rules and deadlines, select working hours that suit you, and allows you more spare time to spend with family and friends.
If you have decided to open a company, the first thing you must do as a business owner is to decide on the best way to structure the business. In the US there are several ways to start and operate a business: you can select among a sole proprietor, a partnership, a limited liability company (LLC), or a corporation. If you are a group of people who have big plans for their business, then you should consider opening a corporation.
Why is a corporation a popular way to run a business?
When selecting the best way to operate their business, entrepreneurs are trying to understand which one will suit their needs and give them more benefits.
A corporation is an organization that usually includes a group of persons or a company and is authorized by the State to act as a single entity. It is also recognized as such by law for certain purposes.
It is also easier to raise capital for a corporation than for an LLC. A corporation also enjoys several corporate tax benefits and doesn’t need to pay self-employment tax, unlike an LLC. Also, a corporation has a more formal management structure and the possibility of unlimited capital generation so it is more credible in the eyes of potential investors.
Several states have created laws to make corporations more attractive for future business owners. Also, non-citizens can start a corporation in the United States if they have a physical mailing address and a bank account in the US.
By keeping in mind that the initial cost of opening a corporation can be as low as $45, depending on the state, then it is a wise business structure to consider.
What are the types of corporation and which should I select?
Depending on your business and goals, you can select among several different types of corporation.
C Corporations (C Corps) are the most basic and all businesses start with this type. They can be owned by many people and can have an unlimited number of stockholders. C Cops also have a board of directors; they can also be listed on a stock exchange and become public.
S Corporations (S Corp) are known as unique type of corporatios. They are not a standard business structure, but offer a type of tax status. Their difference from C Crops is that ownership is limited to 100 shareholders and they can pass-through any business income to the shareholders to avoid double taxation.
Professional corporations are formed from professionals, licensed individuals from the same field. These are usually groups of lawyers or accountants who want to work together as a business entity for various reasons, including the tax and liability advantages offered by corporations.
Nonprofit corporations are charitable, educational, religious, or science organizations which do not pay income taxes on their profit. They are formed to use profits for a company’s mission rather than to distribute it to shareholders.
How to start a corporation
The process of starting a corporation requires several steps that should be followed before successfully completing the registration process.
Select a Proper Name
This is a very important step in forming a corporation. You should select a name that is simple and unique but also fulfills any of your state requirements. It must include the word “corporation,” “company,” “incorporated,” “limited” or an abbreviation of any of these terms. There are some names that you should avoid, like those which have words that cannot be used without approval, are trademarks or names which can be confused with the names of government agencies.
To be sure that a trademark or service mark is available, make sure you have checked the Federal trademark Database to make sure that the name you have selected for your corporation is available.
Select a Registered Agent
A registered agent will conduct the necessary processes on behalf of your business, like dealing with the correspondence and paperwork for the state. A registered agent can be an individual or a business and is a service that is recommended in most of the states to prevent any negative consequences.
Hold an Organizational Meeting
Holding an organizational meeting is an obligatory process before filing the formation documents for the corporation. The organizational meeting requires the fulfillment of several tasks, including setting the rules which will determine how your organization will run, determining the share structure, and appointment of directors. It culminates with everyone present signing the Incorporator’s Statement.
File the Formation Documents
File the Formation Documents which cover the basics of your organization with your state. In most states, you can find these documents online.
Identify Your Business Entity
Get an EIN to identify your business entity. It is used by the federal government and obtained by the business owner of the company to be able to open a bank account, hire employees, and use it for tax purposes.
Once the business is registered, you can open a business bank account, get a business credit card, take out insurance, and sign legal documents on behalf of your corporation.
Speqta CEO Fredrik Lindros Teaches Us How to Say No to Black Box Bidding on PLAs with Their New AI-Based Bid-Optimization Tool Bidbrain™
Stand out from the crowd by investing in Speqta’s new SaaS tool, Bidbrain™! An AI-based solution for Google Shopping ads that specializes in bid optimization. Developed specifically for the e-commerce industry and dedicated to getting you ahead of the competition by optimizing your Product List Ads (PLAs.)
In the interview below with Speqta’s CEO, Fredrik Lindros, learn more about this smart new tool and how you can bid more confidently and feel more secure about your businesses’ growth.
Please tell us something that not everyone knows about yourself!
Fredrik Lindros: I’ve always been personally driven by innovation and change, obsessed as I was over sci-fi shows like Star Trek and Battlestar Galactica, both of which instilled upon me an acceptance and an inclination towards new technology and innovation. .
As for my passion for being equally strategic and creative, I have my time as a magician to thank for that. Unorthodox, yes! But I did, in fact, work as a professional magician some time ago. And, after working odd gigs at kindergartens, company gatherings, and various other stages, I developed skills that would later show itself in my business work as a talent for presentation, communication, and marketing.
And how do you usually start your days? (Are you a proactive or reactive type?)
Fredrik Lindros: I would say that I am a bit of both. I have a very particular schedule that I follow to the ‘T’ most days as a result of my waking habits. But, I’m flexible enough that I can deal with the unexpected when they come.
More specifically, every day, I wake up while the rest of my family is still asleep. Usually in the time between 4 AM and 5 AM. I start things off with a cup of coffee and then work entirely at home until it’s time to go to the office to catch up with whoever is there for the day — we’ve done a lot of juggling to account for the global pandemic, but the work must go on.
The rest of the workday is spent hosting meetings, regularly communicating with others through email or Slack, and just working as efficiently as possible so that I can go back home and spend time with my children before the day ends and the routine starts anew.
Please introduce Bidbrain™! What is it? And, how can we use it?
Fredrik Lindros: In short. Bidbrain™ is a SaaS solution outfitted with both artificial intelligence and machine learning. We at Speqta developed it for the e-commerce industry to use for optimizing bids for Google Shopping Ads.
How would you say Bidbrain™ compares to manually bidding on PLAs?
Fredrik Lindros: E-retailers that show a preference over manual rule-based bidding on Google PLAs usually prize control over their bidding strategies. After all, at least then, they won’t have to suffer through Google’s automated black-box bidding strategies.
However, the main issue with manually bidding on PLAs, at least, when compared to BidBrain™, is that it just cannot beat the kind of results that you can achieve with an AI-based system. There’s no question there. Bidbrain not only optimizes your bidding strategies to receive the best outcomes, but it is also capable of product feed optimization in order to increase the quality score of your PLAs. Furthermore, all you need to do to keep it working is to continue feeding it data in order to fuel its intelligence.
I know that there are many e-retailers out there that are reluctant to use new technology like this. But, there’s no denying that compared to those who work manually, those who use AI-based optimization tools like Bidbrain, in the long-run, will always win over their competition.That’s just how technology advances.
How about those e-retailers that already use the automated bidding tools provided by Google? What kind of benefits would Bidbrain™ offer to them?
Fredrik Lindros: One thing that we addressed during the creation of Bidbrain is transparency. Many online retailers that use Google’s own tools can never be fully confident that the program is working for them at 100%. In fact, if you dissect the bids made by Google’s Target-ROAS or Smart Shopping, you’ll find that they are extremely high CPC-bids worth around 30-50 Euros each that result in very few conversions.
As a retailer, it’s just hard to feel secure with such black box bidding methods. Which is where Bidbrain™ comes in. Unlike Google’s tools, Bidbrain was designed to reveal all data. So, e-retailers will always know where their bids are going, and they can rest easy knowing that the AI is 100% on their side. All while enjoying the extra functionalities provided by our sophisticated product feed optimization tools, the helpful insights given for future campaigns, and so on.
What advice would you give to fellow business owners looking to release their own products?
Fredrik Lindros: Bidbrain™ was only developed to be as dynamic and as insightful as it is today with communication. And so, my advice to fellow business owners is simple: communicate. Talk to your team, talk to your key customers, just talk.
As a team, we got to know exactly what our customers were looking for and why they were looking for certain things. And this would not have been possible if our work environment had not been conducive to open dialogue. A significant portion of the developmental process of our service also involved just talking directly with our customers. It wouldn’t be a stretch to say that these key customers more or less designed Bidbrain together with us. So, the more open you are to understanding the opinions of others, the better.
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