COVID-19 UPDATE: Worldwide Incorporators Ltd. is considered an essential business and is currently open and operating. No walk-ins will be accepted at this time. For more information, please call (302) 477-0500.
We're Moving on November 20th to Our New Location at: 1521 Concord Pike, Suite 201, Wilmington, DE 19803
The helpful staff at Worldwide speak to callers each day who ask many of the same questions when incorporating their first businesses. We offer the following tips for starting out right!
1. Speak to an attorney or an accountant located in the state in which you plan to transact business. If you are going to sell a product or hire employees, an attorney can provide legal advice regarding the licenses required and an accountant can advise you regarding the structure of the company, e.g. LLC or corporation.
2. If you plan to go into business with other people, decide which individuals will be included as members of the LLC or shareholders of the corporation.
3. If you decide to incorporate, you and the shareholders will need to decide the number of shares that you want to be authorized to issue and what the par value will be. Shares represent the ownership of the corporation and par value is the dollar amount assigned to each share. Some states allow for zero par value, which means that shares can be acquired in lieu of cash, for example shares may be acquired in return for property instead of cash.
4. Make sure you have a written LLC Operating Agreement or Bylaws for a corporation. These documents govern how the company is run after it has been formed. Many conflicts can be resolved by referring to the Operating Agreement or Bylaws. Worldwide provides these along with share certificates in the corporate kit. When forming your company, ask about purchasing a corporate kit.