If you're looking to start your own professional corporation in Washington, DC, there is a process you must go through to legally become a corporation. A professional corporation is similar to a regular corporation, but it is created by a group of people for the purpose of providing professional services. These services require expertise, so the corporation must file certain paperwork with the DC government to legally operate.
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To successfully form a professional corporation in DC, you must go through the following 5-step process:
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1. Choose Your Company Name with Confidence
First thing you need to think about is your company name, and do you have any similar brand in your territory. Also, be mindful of trademark violations.
DC law requires corporations to have a unique name that is not currently used by any other corporation or registered with the DC Department of Consumer and Regulatory Affairs (DCRA). You can check if your name is available through their website or by calling the agency. If the name you want is already taken or too similar to another name, you will need to choose a different name for your corporation.
2. Select the Internal Affairs of Your Corporation
Next, you'll need to decide on the internal structure of your corporation. DC allows both traditional and non-traditional internal governance structures. Traditional structures are officer-managed or board-managed arrangements where directors collect no compensation for their service, and all significant corporate decisions require a majority vote of the board.
Non-traditional structures include a shareholder-managed arrangement, which enables shareholders to manage the corporation instead of the board. Alternatively, you can choose a social-purpose corporation structure, leveraging business to fill social and environmental gaps in society.
Once you have your internal governance structure, next, install a registered agent. A registered agent is someone who keeps order with government papers pertaining to corporation filing notifications who is an actual citizen of DC and is capable of accepting all legal notices for your company. You'll need to register your agent on the DCRA's website.
3. Look for Essential Licenses to Operate in DC
As a professional corporation, you'll also need licenses to operate for your field of expertise. DC government requires healthcare corporations to incorporate under special provisions in DC Code v-based laws and make sure to get licenses that are applicable to the type of business you plan to do.
While the DCRA administers most licensure programs in DC, several agencies have regulatory responsibilities for a specific profession. To identify the correct regulator and licensure criteria, use the DC Professional and Occupation licensing renewal system (DC POLST).
4. Creating Legal Formalities
Now it's time to formalize your corporation legally to make it legally binding. To complete the DC corporation paperwork:
1. You will need to draft corporating terms via articles of incorporation. After that, You must file this as "Corporation Divisions" and then you'll have to stand for their review.
2. Then, sign and execute a DC corporate structure written bylaws in your DC office to officially designate your position and responsibilities, operational timelines, corporate adaptations to workplace ambiguity, and anything about agreements, sales and earnings for DC and federal tax regulations.
3. Once your structure and drafting documents are set perfectly, you will not miss legalities like corporate financial planning to address reporting constraints, your creditors and the public disclosure of your financial depositions.
Feel free to get legal aid if you need extra guidance on filling up incorporation efforts, filing, legal terms and settings.
5. Paying Required Fees and Creating Your Corporation
After you've completed all the required paperwork, next, pay DCRA filing fees. The cost will vary depending on several factors, including the classification and structure you choose, but most corporations in DC pay anywhere from $220 to $380.
Next, submit your materials on time. Legal processing can be slow at times, but there's good news; once you've sent it in, in around 20 business days you'll be notified about the exact proof of the status of your awesome modernized creation.
```Bear in mind the deadlines to change commission formalities are whenever corporations submit authorized amendments. Pay differential operations or penalty fee for inaccurate billings and remember DCRA immediately records all resolutions presented under Penalty Act numbering "you get the last".
In conclusion, forming a professional corporation in DC promptly involves if everything goes smoothly applying for the right licenses, making employees recognized by the corporations code, supplying company-specific financial and regulatory compliance paperwork upfront and self-governing risks with your internal organizational tracks. Of course, it is an intensive and another demand among the countless legal requirements of everything else within civil avenues for LLCs to political campaigns. Assist through each and all steps until your organization blossoms, negotiates competitive partnerships and sees abundant career profits thereby also filing for any modifications.
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