If you are considering starting a new business in New Hampshire, forming a corporation is the most popular choice for liability protection, tax benefits, and flexibility. Here is a detailed guide on how to start a new hampshire corporation.
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Step 1: Choose a Name
The first step in forming a corporation is choosing a name for your business. It should be unique to requirements of the New Hampshire Division of Corporations and have "Corporation," "Incorporated," "Company," or "Limited" in the name. Ensure that your business name is not already registered in New Hampshire. You can do this by doing a quick search on the New Hampshire Business Entity and Uniform Commercial Code Registry.
Step 2: Choose the Type of corporation
Choose the type of corporation that you would like to form in New Hampshire. There are two types of corporations - C Corporations and S Corporations.
C Corporation
A C Corporation is taxed separately from its owners and is the standard corporation type in most states. C Corporations have no restrictions on the types of shareholders or the number of shareholders. Additionally, they offer greater flexibility in taxation options.
S Corporation
An S Corporation is a taxation option that allows for business owners to avoid double taxation, whereby the business is taxed as well as the individuals. To qualify as an S Corporation, there are strict guidelines that need to be followed, such as restricting the number/type of owners.
Step 3: Appoint a Resident Agent
A resident agent is someone who is nominated by the corporation to receive official documents on behalf of the business in the state. The agent must reside in the state of New Hampshire with a physical address. Additionally, the resident agent must be responsible for accepting service of your legal documents if the business is sued or under inquiry.
Step 4: File Articles of Incorporation
The next step is to file Articles of Incorporation with the New Hampshire Division of Corporation. This document legally establishes that the corporation exists. The document would contain the registered corporation name, the corporation’s main address, the corporation type, the resident agent’s address and name, and specific management details. The registration fees range between 50 USD and 100 USD.
Step 5: Hold a Board of Directors Meeting
The Board of Directors meeting must be carried out to initiate internal management and organization affairs; This meeting should be lead by the incorporator and all decisions taken must be documented in the meeting minutes.
Step 6: Obtain necessary Licenses and Permits
Depending on the type of corporate venture that you select, there may be several Federal and State regulatory obligations to comply with, as well as operational licences and permits. These typically include Federal Tax Identification Number (EIN) requirements as well as state nontaxing registration, occupational licensing, and zoning compliance mandates.
Federal Tax Identification Number EIN
All businesses on the federal level have a mandatory identification number, which is a nine-digit code that permanently identifies them from their inception. You are required to register for an EIN based on the structure of corporate venture you pick.
State Licenses and Permits
Incorporated businesses also need to schedule compliance for every industry conventional law that governs their ventures. Such business operations typically include sanitation protocol, food preparation safety, the use of hazardous chemicals if you’re dealing with such, health and safety precedence, insurance panel compliance, and other taxable parameters.
# Conclusion
This entire incorporation process appears to be administrative and legal, enough to make a laid-back entrepreneur skip incorporating his business altogether. However, we encourage owners looking to tie down grounds and safeguard their interests as businesses to follow the right paths documented in this article and take this incorporation series guiding steps with attention. All the steps listed are necessary to complete when starting a corporation in New Hampshire and would not just safeguard and add to your corporate incentives but also help you score a fulfilling entrepreneur experience over any entrepreneurial endeavour your business venture brings to light.
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