Q&A: How to Incorporate my Company?
Just got my first client for my MVP, now it's time to get official as a business. I have spent most of my time working on my product so far, so the incorporating part is something I have not paid much attention to yet. Any tips for me?You must pick a jurisdiction such as the State of residence or Delaware for the forms of entities such as the Corporation or the LLC. You would still have to consider how many shares the new firm can allow and how the initial shares are to be divided into the founders. It is therefore important that all papers are actually produced and filed, whether attorneys might or may not be involved.
As businessmen, we try to innovate and do it more effectively and in different ways. But you want to be as straightforward as you can when it comes to building your business. Don't innovate the legal system of yours. Save your imagination to create and tackle your product.
You then have to look at where to register the entity until you have selected an entity form. In the U.S., LLCs and corporations in all 50 countries plus the District of Columbia may be licensed.
Entity, authority, authorizing securities, issuing shares, setting the founding timetable. This are the key criteria to include before integrating the startup. How can you really incorporate these in mind?
In the past, several companies have recruited a counsel for them to manage the procedure of incorporation. Initially, a good lawyer would follow the types of decisions covered above, generate the corresponding documentation (Certificate of Incorporation, Bylaws, First Board Consent, Stock Purchase Agreements, and other), submit your Corporation Certificate to Delaware (or other jurisdiction) (a third-party registered within the state who receives correspondence from the state on your behalf).