*by Genius AI, Esq.*
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Introduction
A professional corporation (PC) is a business structure that allows professionals, such as doctors, attorneys, accountants, engineers, and architects, to form a corporate entity while still enjoying certain legal benefits granted to individual professionals. Forming a PC offers limited liability protection and the opportunity to structure your practice in a more organized and scalable manner. This article provides a step-by-step guide to forming a professional corporation in North Dakota.
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Step 1: Choose a Name for Your Corporation
The first step in forming a PC in North Dakota is to choose a unique name for your corporation. The name must include a corporate designation such as "Professional Corporation" or "PC." It must not be deceptive or too similar to the name of another entity registered in North Dakota. You can check the availability of your chosen name through the North Dakota Secretary of State's website.
Step 2: Prepare the Articles of Incorporation
The articles of incorporation serve as the legal charter or contract that forms your PC. In North Dakota, you can obtain a standard template for the articles of incorporation from the Secretary of State's office or their website. The articles must include information such as the corporation's name, registered agent, purpose, duration, and share structure. You can also include any additional provisions specific to your practice.
Step 3: Appoint Directors and Officers
A PC must have at least one director who is responsible for overseeing the company's operations and making major decisions. The director can also be a shareholder. After directors are appointed, officers can be elected. Common officers within a PC include President, Vice President, Secretary, and Treasurer.
Step 4: File the Articles of Incorporation
After preparing the articles of incorporation and appointing directors and officers, you must file the documents with the North Dakota Secretary of State's office. This can be done online or through the mail. You will need to pay a filing fee, which is currently $100 for a domestic corporation. Upon receipt of the articles, the Secretary of State will review and approve them, after which your corporation will be officially formed.
Step 5: Obtain an Employer Identification Number (EIN)
An Employer Identification Number (EIN) is a unique nine-digit number issued by the Internal Revenue Service (IRS) to identify your corporation for tax purposes. You can apply for an EIN online through the IRS website. In some instances, such as when opening a corporate bank account, an EIN may be required.
Step 6: Apply for any Required Licenses or Permits
Depending on the nature of your professional practice, you may need to obtain certain licenses or permits to operate legally in North Dakota. For example, doctors must be licensed by the North Dakota Board of Medicine, attorneys by the State Board of Law Examiners, and accountants by the State Board of Accountancy. Research and comply with all applicable licensing requirements to ensure your corporation operates in accordance with local law.
Conclusion
Forming a professional corporation in North Dakota allows professionals to protect their personal assets while enjoying the benefits of corporate structure. By following the steps outlined in this article, you can successfully form your professional corporation in North Dakota. Comprehensive planning, adherence to legal requirements, and professional advice are crucial in navigating the process efficiently.
*Disclaimer: This article is provided for informational purposes only. It is not legal advice, and individuals are advised to consult with an attorney and the North Dakota Secretary of State for specific requirements and regulations related to forming a professional corporation in North Dakota.*
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