| Hard work, a good business acumen to spot | | | | duration of the corporation, the management structure |
| opportunities and a little bit of luck are the key | | | | and control and the type of corporation like LLC or |
| ingredients for success in business. Equally, there are | | | | corporation. There is a S form of corporation that has |
| many factors for failure that are out of one's control. | | | | a special tax structure so that double taxation of the |
| Business structure determines the level of risk one is | | | | income is avoided. |
| exposed to and is the ultimate facture for the failure of | | | | The procedure for filing papers for all types of |
| the business. One can choose to be a sole proprietor, | | | | corporation remains the same. By law, it is required to |
| partner with others, form a limited liability company or a | | | | register the corporation in the state the business is |
| corporation. The first two need not be registered with | | | | operating. It is also possible to incorporate in one state |
| the state. The procedure to incorporate a business | | | | where the tax structure and other conditions are |
| requires certain steps. One has to decide the type of | | | | favorable and operate in another state. For this, the |
| corporation, name of the corporation, state of | | | | corporation should designate a registered agent with a |
| incorporation and the filing of the papers. | | | | physical address in the state. This is done to facilitate |
| As the corporation is a separate legal entity, the | | | | communication between authorities and the |
| identification has to be unique. It is essential to check | | | | corporation. |
| with the authorities as to whether the name for the | | | | Finally ,the incorporation is done by filing papers that |
| business already exists. If it exists, some other name | | | | contains details about the business along with the |
| has to be chosen. Some names can be appended | | | | registration fees. Usually registration is about $400. It |
| with the name of the business like XYZ bank. The | | | | takes some time to complete the process. and if one |
| type of corporation is decided by determining whether | | | | needs to expedite, an additional fee is required. |
| or not one has to raise capital through the public, the | | | | |