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How to Start a Corporation in Iowa

 
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Category : > Articles Directory To Open A Corporation in The USA
Posted On : Tue Nov 15th,2016

 
Step by Step Process for Setting up a Corporation in Iowa
 

How to register a business name in Iowa as a Corporation?

What is Iowa Corporation?

Corporation is a form of business entity having separate legal status from owners. Capital is represented by shares. Chartered by the Iowa State. Managed by the directors.

Iowa Corporation Name Reservation

First, you have to select a unique and distinguishable name from already registered entities in Iowa state. The name must include any of the word, “corporation,” “incorporated,” “company” or “limited,” or the abbreviations “corp.,” “inc.,” “co.” or “ltd.”

After deciding the name, apply with the Iowa State Secretary for name reservation by filling prescribed form along with payment of required fee. You may reserve the name for 120 days.

Prepare Iowa Articles of Incorporation

You must have to provide following information to file articles of incorporation

  • Name of the corporation

Provide full name of corporation, as reserved earlier with the Iowa State secretary.

  • Registered agent

You have to appoint an individual or registered business entity in Iowa as a registered agent. Name, mailing address and written declaration from registered agent to act as a registered agent must be provided to receive legal and official mails. An Iowa State cannot act itself as a registered agent.

  • Principal Office address

The office is used for official correspondence may call the principal place or office of the corporation. The principal address must be a street address for incorporation purpose. You may also use P.O. Box address as a mailing address.

  • Authorized share Capital

Every profit corporation has to provide authorized shares. You may provide any numbers of shares except zero and select any class of shares or with combinations with and without par value.
 

  • Particulars of Incorporator(s)

Name, address and signature of incorporator must be provided in articles of incorporation. At least one incorporator is required to form a corporation in Iowa. You may have more than one incorporator but you have to furnish the name and addresses of all incorporators.

Submit Articles of Incorporation Iowa

You may submit articles of incorporation by mail or in-person at Business Services Division, Secretary of Iowa State. You may also submit online with official website Business Services Division, Secretary of Iowa State.

Confirmation of Iowa Incorporation

After filling the articles of incorporation Business Services Division, Secretary of Iowa State will confirm the status of application either it will be incorporated or rejected. In case of rejection you may file again after removing the objections if any.

Adopt Bylaws for Iowa Corporation

Bylaws are the set of internal policies and procedures. Iowa State does not require filing bylaws but it is necessary to adopt to operate.

Obtain Federal Taxpayer Identification Number for IA Corporation

Apply with internal revenue service (IRS) to obtain employer identification number (EIN).

Obtain for licenses and permit for IA corporation

For local licenses and permit contact with relevant officer of your county or city

Registering a Trade name/ Fictitious Name for Iowa corporation

You have to fill a resolution with Iowa State Secretary to adopt a fictitious name for its operations in Iowa State along with prescribed fee. The resolution must be signed by authorized person in the corporation.

Iowa Biennial Report

All corporations in Iowa State have to file biennial Report with the Secretary of State every two years.  The report must be filed during the anniversary month of the corporation's formation. You may file it by online or mail along with payment of assigned fee.

Iowa Certificate of Good Standing

You may avail certificate of good standing online at official website of Iowa State Secretary. To print a Certificate of Standing online, you must first search our database for the desired business entity. A link will be provided for you to print a Certificate of Standing if the business entity is eligible. This printed certificate contains a unique Certificate ID to verify validity.

Iowa S Corporation Election

You may elect to convert into S corporation status for tax purposes by submitting Form 2553 with the IRS. The election should be filed within two months and 15 days after the beginning of the corporation's first tax year.

How to Reinstate a Corporation in Iowa

If the corporation in administratively dissolved then it can be reinstate with existed or new name after eliminating the causes of such dissolution by filling a reinstatement application with the Iowa State Secretary along with assigned fee.

(Business Tip: Internal Auditing is a controlling tool used to avoid problems in business operation by continuous monitoring, analysis and evaluation of business transactions. Internal auditor ensure the compliance of adopted polices and procedure, identify gaps and recommend the proactive solutions. Internal Auditing also helps to prevent frauds, scams and malpractices. This ultimately benefits the business at large.)

  

Abdul Wahab

MS Management Sciences, ACMA, APFA


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