2 pages/≈550 words
Business & Marketing
Unit VI Mini Project (Research Paper Sample)
Establish a Corporation In this exercise you will complete the steps necessary to establish a corporation. Remember, that a corporation does not exist until the corporation documents are both filed and accepted by its home state. You can complete the assignment by using the Secretary of State's web site in the State of Delaware or the Secretary of State's web site in the state where you live (or appropriate authority, depending on your state). Allen Smith and Bob Smith ask you to file the necessary corporate documents to form a corporation for the purposes of buying and selling vintage American racing cars within the United States and internationally. This has always been a lifelong dream of theirs, ever since they were children and built model cars as a hobby. They both have $500,000 as initial investment capital and each one has a son who will be a shareholder in the corporation. The Smith brothers would like to make sure that the corporation can be passed on to their sons in the future. They will operate the business out of their garage located at 123 Memory Lane, Orange Beach, Alabama, 36561. They would like to name the corporation Brother's Automotive, Inc. Allen Smith, Bob Smith and their sons, Chet Smith and Dean Smith, are all residents of Foley, Alabama. The Smiths also request that you research an entity to serve as the Registered Agent for the corporation. PART 1: Describe the process you will need to complete in order to file the documents and have them accepted by the State. Your answer should include the following: A. Research the name to see if it is available. If it is not available, then offer the Smiths two alternative names that are available. B. Identify and describe the documents required to file in the State. C. Identify the various methods that may be utilized to file with the State. D. Identify the fees accompanied with the filing. PART 2: Once you identified the documents necessary to form the corporation in your chosen state, prepare a draft of each document you will file to create the company. PART 3: Identify and describe the documents the corporation will need to file on an annual basis in the future. You may upload the completed documents combined in one single Word or PDF document. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Any references or citations must be in the APA style. source..
Incorporation Name: Institution: For the smith brother to incorporate their company in the state of Delaware, first things first they will have to have a name search to determine if the name that they choose initially has been registered with, by another company. In case the name is already registered, I would suggest some two other name for their company which are; Smiths Vintage and Smith drift (State of Delaware, 2013). The first document that the company will file is thus, the company name reservation application. This allows the office of the secretary of state to reserve the name for a period not exceeding 120 days. The company will also be required to fill their Memorandum of Association. This is the document that contains the names of the subscribers, that is, the directors who are forming the company in this case the smith brothers (State of Delaware, 2013). They are also required to sign against their names alongside the amount of shares each of the subscribers in the company. Then the subscribers will also have to file their Articles of Association. This is a document that contains the rules that will run the company. As such, it details the internal affairs of management plus all the responsibi...
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