If you are a professional in the state of West Virginia, and you are looking to form a corporation for your practice, you may want to consider establishing a professional corporation (PC) – or, in some cases, a professional limited liability company (PLLC). A PC is a type of corporation that is designed specifically for professionals, such as doctors, lawyers, and accountants. It provides certain benefits to professionals who incorporate, such as limited liability protection and potential tax savings.
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Here's a simple guide on how to form a professional corporation in west virginia:
Step 1: Choose a Name for Your Corporation
Before you can do anything else, you need to choose a name for your corporation, This name should be unique and in compliance with West Virginia law.
It is recommended that you search for existing business names before choosing your name to ensure that it is not already in use. To do so, you can search the West Virginia Secretary of State's website or you can contact the Corporations Division for more information. Once you've selected a unique name, you can then file for a reservation of the name so no one else can use it.
Step 2: Decide on Your Professional Services for the Corporation
A professional corporation is intended for professionals who provide specific services, such as medicine, law, accounting, architecture, engineering, and others. When forming a PC, it's essential to identify the professional services that the corporation will provide.
Understanding the professional services, the corporation offers allows you to specify requirements appropriately, making the process smoother and faster.
Step 3: Appoint a Registered Agent
A registered agent acts as the corporation's point of contact with the state of West Virginia, and they will receive official mail, tax information and other documents relevant to the corporation. Therefore, registering your corporation requires you to select a registered agent.
The registered agent can either be yourself if you live in West Virginia or a business legally authorized to serve specifically as your registered agent in West Virginia. Worth mentioning, the registered agent must have a physical address within the state of WV to receive official documents regarding the corporation via USPS.
Step 4: Draft and Review the Articles of Incorporation
Creating articles of incorporation documents is one of the most critical steps in establishing your corporation. This document is mandated by local law and requires professional review.
The primary function of the document is to provide the business information, your chosen name, and list the services offered by your corporation.
If you neglect to draft quality and accurate articles of incorporation, it leads to the corporation getting hefty fines, or it can even shut down operations. Concisely describe your intent to deal with any circumstances that may arise during your organization's operation accurately.
Also, in West Virginia, specific language must be present with the professional corporation documents; your professional organization consists of licensed professionals; this must be disclosed in the articles.
Step 5: Denote Shares of Ownership
Professional corporations still observe corporation registrations like usual; corporate owners - also known as shareholders - are clarified in your professional corporation document. It is up to you how you want to structure your shares, split profits, responsibilities, and similar issues when serving investors and owners in your corporation.
When drafting the articles of incorporation documents, make sure each shareholder's ownership and voting interest are specified – all major decisions usually require a majority of shareholder voters to reach a decision.
Step 6: File the Incorporation Documentation
Now that you have completed all of the necessary paperwork and have fulfilled all of the state requirements, sending in the documentation is the last step. Submit registration documents (Articles of incorporation and application) to the West Virginia Secretary of State's office Non-Profit Corporations section along with the filing fee (usually around $100 but check for updates at sos.wv.gov).
Do ensure there are no errors in the document as the account may delay through extra probing, slowing the processing time leading to other cases past your registrations. Secretary of State staff aims to make a difficult process as comfortable as feasible.
Step 7: Draft and Review Corporate Bylaws
Corporate bylaws, while not mandatory precautions related to knowing about how the organization works, espoused in different situations needing robust cooperative governance. West Virginia law does 'lock-in' manner for your corporation to follow, benefiting professional organizations that deliver legally protective language detailing committee structures, primary duties, and free movement processes.
Creating the articles of incorporation alone isn't enough to firmly enjoy the protection PC corporations offer. Utilize professional assistance from business or law firms when drafting actionable corporate bylaws to best prepare for the future.
Conclusion
In conclusion, professional corporations provide limited personal liability against business governance malpractice, particularly useful in fields with high probability of fault over maladministration. With this guide, entrepreneurs looking to register PC corporations and PLLCs in West Virginia should be familiar with the initial steps primarily, exempting certainty on many novel administrative issues.
Understand these basic rules for forming new expanded spaces for your professional corporation or your PLLC will oversee the formal requirements of getting started effectively and sustain valuable everyday usage, thus providing outstanding customer serving in their corner of expertise.
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