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Incorporation >> Incorporation in US States
The economic down turn has resulted in a serious stagnation of the Michigan economy. This has led to an increase in unemployment and foreclosures. To counter these negative trends, the state has embarked on an economic stimulus program with the intention of attracting investment to the state. Under this stimulus drive, they have a number of incentives to entrepreneurs. These include flexible tax packages, flexible registration conditions and limited liability protection to all incorporated companies. They hope to generate from these initiatives significant income from the fees charged for articles of incorporation and also to create employment for its residents.
The process is broken up into three basic steps.
The first involves choosing a name for the organization. The name must not be previously used and have either of the words 'Company,' 'corporation,' 'incorporated,' or 'limited' attached to it or its suffix. It must then be verified by the secretary of state and then stored for further processing.
The second step involves choosing an agent and an incorporator. These may or may not be the same individuals. The agent represents the organization at all meetings concerning the organization with the Secretary of State. The incorporator is a signatory of the organization until it receives its articles of incorporation. The agent must at all times be available to the state within regular office hours.
The final stage involves the completion of the application forms. Each type of organization has prescribed forms and they are completed accordingly. These forms include information on the name and address of the organization, its agent, the purpose of the organization and its share distribution profile.
Processing fees vary according to the processing time requested and the share size of the company. Filing fees start at $60 for normal processing time of around three to five working days.
Michigan Incorporation
The economic down turn has resulted in a serious stagnation of the Michigan economy. This has led to an increase in unemployment and foreclosures. To counter these negative trends, the state has embarked on an economic stimulus program with the intention of attracting investment to the state. Under this stimulus drive, they have a number of incentives to entrepreneurs. These include flexible tax packages, flexible registration conditions and limited liability protection to all incorporated companies. They hope to generate from these initiatives significant income from the fees charged for articles of incorporation and also to create employment for its residents.
Process of Incorporation
Michigan has opened three channels through which companies can incorporate. Companies may directly apply through the office of the Secretary of state, go through independent contractors available via the internet and office environments or solicit the services of an attorney.The process is broken up into three basic steps.
The first involves choosing a name for the organization. The name must not be previously used and have either of the words 'Company,' 'corporation,' 'incorporated,' or 'limited' attached to it or its suffix. It must then be verified by the secretary of state and then stored for further processing.
The second step involves choosing an agent and an incorporator. These may or may not be the same individuals. The agent represents the organization at all meetings concerning the organization with the Secretary of State. The incorporator is a signatory of the organization until it receives its articles of incorporation. The agent must at all times be available to the state within regular office hours.
The final stage involves the completion of the application forms. Each type of organization has prescribed forms and they are completed accordingly. These forms include information on the name and address of the organization, its agent, the purpose of the organization and its share distribution profile.
Processing fees vary according to the processing time requested and the share size of the company. Filing fees start at $60 for normal processing time of around three to five working days.
