Introduction
Forming a professional corporation in New Hampshire requires careful planning, adherence to legal requirements, and understanding the necessary steps involved. A professional corporation, commonly known as a PC, is a specific type of corporate entity that offers liability protection and certain tax advantages to professionals such as doctors, lawyers, architects, and accountants. This article aims to guide you through the process, providing valuable insights along the way.
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Step 1: Choose a Name
The first step in forming a professional corporation is choosing a unique and distinguishable name. The selected name must comply with New Hampshire laws and should not infringe on any existing trademarks or copyrights. It's advisable to conduct a thorough search through the New Hampshire Secretary of State's Registry of Deeds and perform a nationwide search to ensure no other business uses the same or similar name.
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Step 2: Obtain Director(s) and Officer(s)
A professional corporation in New Hampshire must have at least one director and one officer. Directors are responsible for overseeing the corporation's activities and making critical decisions, while officers handle the day-to-day operations. For professional corporations, one or more directors must be duly licensed professionals engaged in the corporation's field.
Step 3: File Articles of Incorporation
File the Articles of Incorporation with the New Hampshire Secretary of State's Corporations Division. This document officially establishes the existence of the professional corporation. The Articles of Incorporation require the chosen name, the corporation's purpose, the number and type of shares to be authorized, and the names and addresses of the initial directors and officers. Along with the filing, pay the necessary filing fee.
Step 4: Draft Bylaws
The bylaws of a professional corporation outline its internal rules and procedures. This document typically covers items such as the responsibilities of directors and officers, procedures for annual meetings of shareholders, voting processes, and how the corporation will run its day-to-day operations. While New Hampshire does not require the filing of bylaws with the state, it is essential to have them in place for the smooth operation of the corporation.
Step 5: Hold Initial Meeting
After formation, conduct an initial organizational meeting for the professional corporation. During this meeting, adopt the bylaws, elect directors and officers, and address any other significant matters that arise. Minutes of this meeting should be maintained as an official record of the corporation.
Step 6: Obtain Necessary Licenses and Permits
Certain professionals may require additional licenses or permits to practice in their field. While forming a professional corporation does not grant these licenses automatically, it is important to obtain them before commencing business operations.
Step 7: Register for Taxes
Register your professional corporation with the New Hampshire Department of Revenue Administration to obtain tax identification numbers necessary to operate legally. Familiarize yourself with the tax obligations specific to professional corporations in New Hampshire. Seek advice from a certified public accountant to ensure proper compliance.
Step 8: Compliance with Ongoing Requirements
Maintaining your professional corporation's compliance with state requirements is crucial. These requirements may involve annual reports, maintaining records of corporate activities and financial statements, and filing tax returns. Failure to meet these ongoing obligations can land your corporation in legal and financial trouble.
Conclusion
Forming a professional corporation in New Hampshire is a significant step towards establishing a separate legal entity that offers liability protection and tax benefits to professionals. Following the steps outlined in this article will set you on the right path towards successfully creating your professional corporation. Ensure you seek advice from legal and financial professionals throughout the process to ensure compliance with all relevant legal and regulatory requirements, setting your corporation up for long-term success.
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