Starting a corporation can be a great way to legally separate your personal finances from your business finances. Missouri is a great place to start a business due to its central location and friendly business climate. In this article, we will discuss the steps required to start a Missouri corporation.
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Step 1: Choose a Name and Check Availability
Before you can start a corporation in Missouri, you need to choose a name. Your corporation's name must be unique, not too similar to existing business names, and it must end with the words "corporation," "incorporated," "limited," or an abbreviation of one of these words like "Ltd." The name also cannot include certain words like "bank" or "insurance" unless you have special permission.
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Once you have chosen a name, you can check if it is available by conducting a name search. You can use the Missouri Business Entity Search tool on the state's website.
Step 2: Select a Registered Agent
A registered agent is a person or company that is designated to receive legal correspondence and other important documents on behalf of your corporation. Missouri requires all corporations to have a registered agent located within the state.
You can choose to be your own registered agent, but if you decide to hire an outside company, they must be registered with the Missouri Secretary of State's office.
Step 3: File Articles of Incorporation with Secretary of State
Articles of Incorporation is a formal document that legally creates your corporation. It includes essential details, such as the corporation's name, registered agent, office address, and purpose.
To file your articles of incorporation with the Missouri Secretary of State, you will need to complete the form provided on their website. You will also need to pay a $50 filing fee.
Step 4: File a Missouri Business Registration Application
After filing your articles of incorporation, you need to register your business with the Missouri Department of Revenue. You will need to complete the Missouri Business Registration Application, which will allow you to get a Missouri tax ID number, a sales tax registration number, and various permits you might need to do business within the state.
Step 5: Draft Bylaws and Adopt Initial Resolutions
Bylaws are the internal rules that govern your corporation's operations. You will need to draft corporate bylaws that provide essential information about how your business will operate, such as how shares of stock are issued, how key decisions are made, and how conflicts of interest should be handled.
To adopt bylaws and elect officers, an organization meeting or a unanimous written consent is usually held among the directors. Your bylaws must be in compliance with state law and should be consistent with your articles of incorporation.
Step 6: Issue Stock Certificates
The issuance of stock is at the core of starting a corporation. Once you have your articles of incorporation, bylaws, and initial resolutions done, you can start selling shares of stock to investors.
Every time you issue a share of stock, the stockholder must receive a stock certificate that documents their ownership in the business. You can either create electronic or paper stock certificates.
Conclusion
Starting a Missouri corporation can be a straightforward process as long as you follow the steps and pay attention to legal requirements. Get professional advice if you have concerns about creating a corporation or any aspect of starting a business. Once your corporation is up and running, it's essential to focus on growing your business and creating value for your shareholders.
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