Duties of a Corporation ?

[remozseo]

Creating a C-Corp is easy and one thing to do.

But once created, running the Corporation is another thing !
That being said, here is my question:

- What are the duties of a C-Corp ?

In terms of
- book keeping
- taxes
- license
- meetings
- etc.

I was not able to find any clear documentation about that chapter.
Any little help is highly appreciated.

Thank you so much !

[tallen]

The requirements for book-keeping are not really any different than for any other form of business -- the corporation must keep track of its revenue and its expenses.... It must have its own bank accounts -- to open these, it will need a copy of its certificate of incorporation from the state, and its EIN from the federal government.

Federal income taxes for the corporation will be filed on a form 1120 (along with whatever additional schedules and forms might be called for). The corporation may also need to submit estimated tax payments on a quarterly basis. Since the corporation will likely have employees, it will also have to submit payroll tax returns, form 941 on a quarterly basis, and depending on the size of the payroll, will likely have to submit payroll tax payments every month (or possibly twice per week!). The corporation will also have to pay FUTA (form 940, filed annully). The corporation will also have to register with, file returns, and pay taxes (income, payroll, unemployment, and also Sales) to the State as well. This isn't exactly a tax (in that the corporation is not making payments to the government), but as an employer the corporation will also be expected to carry worker's compensation insurance, the premiums for which are usually based on the size of the payroll.

License requirements will depend on local and state rules and what sort of business the corporation is engaged in, but would likely not be much different from the license requirements for any form of business.

The corporation will have to hold, and record the minutes of, regular meetings, and file regular reports with the State. It would probably be best for you to sit down with a qualified attorney in the state where you intend to incorporate your business and review these requirements with them. If your corporation only has a single shareholder, all of this will be probably be pretty painless, but it does need to be attended to. For the businesses I am involved in, our attorney's office serves as the registered agent and takes care of these filings with the state for us (we just have to sign the paperwork they send us, and pay the bill).

You know, there are tons of resources out there -- online and in your local bookstore or library -- that can help you answer these questions. There are also professionals that you can contract with to help you will all of these tasks -- an attorney to help you with the incorporation and keeping up with the requirements; an accountant to help you set up the corporation's chart of accounts and book-keeping procedures; and a payroll service to handle all the payroll stuff....

[remozseo]

Thx a lot.

Do you know any good online service that can setup the Corporation ?
Any recommendation ?

In terms of an accountant.
Yes, I will hire an accountant local - would be for sure overwhelming for me , doing all by myself.