Corporations

Another way to open up a business is to start a corporation. This is usually the best option for slightly larger businesses, and is chartered by the state you live in. This is a great way to give businesses of any size the freedom to make their own financial decisions, but a business that is formed under a corporation is financially responsible for their own debts and customer reimbursements.

If you want to set up your own corporation, you'll have to review the laws in your state very carefully. Most states have Business or General Corporation Laws that you'll need to look over before you can set up your corporation, which will include paying a filing fee and receiving your Articles of Incorporation.

The corporation business setup is mainly for individuals who want to set up companies that will require a significant amount of financial responsibility, such as a bank or insurance company. If you want to set up your own branch of a company, you may also want to look into setting up a corporation as part of creating a franchise. And, the process could be fairly quick--same day filing and accelerated incorporations are an option in some states, so check with your business attorney to see if this option is possible in your area.

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