Items to complete when forming a corporation:

1.                  Complete IRS Form SS-4, Application for Federal Employer Identification Number.

2.                  The corporation will need to decide on a year end, and whether they will be cash or accrual basis.

3.                  You will have to complete a Section 351 transfer of assets.  Under this the shareholder transfers money, property or both for the corporation’s capital stock.  We can provide assistance with this step.

4.                  Prepare Articles of Incorporation.

5.                  Prepare corporate bylaws.

6.                  Memorandum of action taken by the sole incorporator of the corporation.

7.                  Memorandum of action taken by the Board of Directors of the corporation.

8.                  Stock certificates.

9.                  If you choose to be an S-corporation you will need to file Form 2553, Election by a Small Business Corporation.  This should be decided upon as soon as possible and we can provide assistance with this.

10.              Certificate of assumed name.

11.              Notification to your bank of the changes in your identification number and name.

12.              You should obtain from your bank and complete a banking resolution form, and open a corporate bank account for each practice.  Please provide your attorney with a copy of the resolution for filing the corporation’s record book.

13.              Your professional cards, office door, and similar items should reflect the incorporation of the business.

14.              All office stationary, memo pads, ledgers, billing forms, and similar items should reflect the incorporation of the business.

15.              Make sure any required business licenses are registered in the corporation’s name. – very important

16.              You should immediately contact your insurance carriers (including worker’s compensation, liability and property insurance), and advise them that the corporation has commenced business.  Your insurance carriers should be asked to advise you of all steps to be taken (forms to sign and payments to make) so that the corporation is properly covered.

17.              All correspondence after the date of incorporation should be labeled with the new name.

18.              Any correspondence requiring a federal identification number must include your new number.

19.              Insurance companies that are billed for services need to be notified of new corporation name and tax identification numbers.