Starting a Corporation in Maine
If you want to establish a Maine corporation, file the Articles of Incorporation with the Maine Secretary of State. You will need a registered agent to file your formation documents, which can either be a resident of Maine or a commercial registered agent service. The requirements are generally available during normal business hours and have a physical street address in Maine.
Step-by-Step Guide
- Create a Name following Requirements: Your Maine corporation name must be distinguishable from any existing business in Maine. You also need to follow specific naming rules.
- Appoint a Registered Agent: A Maine Registered Agent must be identified to receive legal documents on behalf of the Corporation.
- File the Articles of Incorporation: Filing with the Secretary of State is a simple process. You must include essential information such as the corporation’s purpose and Resident Agent.
Initial Procedures and Costs
The initial board of directors meeting adopts bylaws, elects officers, and makes key decisions for operations. The agenda may include adopting corporate seal, letterhead, and record book; authorizing stock issuance; and adopting resolution for employee agreements. Filing Articles of Incorporation costs money, and corporations must also pay state and federal income taxes.
Naming and Costs
- Naming Your Corporation: Check Maine’s Naming Statute Webpage for rules, ensure your business name is unique, and consider reserving it for up to 120 days if not ready to register.
- Cost to Incorporate: The fee to form a corporation online in Maine through services like LegalZoom is $145. Additional costs include annual reports, income taxes, payroll taxes, and sales tax.
Additional Considerations
- Tax Selection: If you want your Maine C Corporation to be treated as an S Corporation, file the IRS Form 2553.
- Annual Reports: The annual report fee is $85 and due June 1st every year.
- Ownership Information: Perform a search on the Secretary of State website to find out who owns a company in Maine.
- Business Changes: To change your business name in Maine, file an amendment.
Summary
This comprehensive guide outlines the necessary steps and requirements to establish your corporation in Maine. Utilize the services of registered agents who can help with the paperwork and provide certified copies of the registration. Remember, Maine offers the advantage of not requiring a privilege tax or a franchise tax for corporations.