As compared to most states in the country, Alaska imposes a stricter policy when it comes to choosing a name when starting a business in Alaska. Aside from the standard rules in business naming conventions, there are other specifics stipulated by the state.
The name of the Corporation must contain any of these words: ‘company’, ‘corporation’, ‘limited’, ‘incorporated’, or any abbreviation of these words. In addition, the business name should not have word/s or a phrase denoting that the business is formed for a purpose other than the one stipulated in the Articles of Incorporation.
Once a name has been selected, you can check its availability in the Alaska business name search in the state’s website. Reservation for the business name can be done for a $25 filing fee as well.
Once you have reserved a business name, the next step is incorporating in Alaska.
Filing a Corporation in Alaska is the way to make your business legal. File an Articles of Incorporation to the Secretary of State. In the link provided, you can download the form, fill it out completely, and have it notarized before you submit it. Your Corporation details should be provided accurately so your corporation application won’t be denied.
Filing Fee: $250
An Alaska Registered Agent is necessary to operate legally in the state, and is the individual accountable in receiving as well as forwarding notices and other legal paperwork.
In Alaska, a Corporation is not allowed to be its own Registered Agent. In line with this, the Registered Agent in Alaska you will hire should be a resident of the state with a street address as well. You can get a qualified Registered Agent when you start your Corporation with IncFile.
All your business’ important documents and legal papers should be stored in the Corporate Records Binder, from your Alaska Corporation registration documents to tax and license compliance certificates.
You have the option to use an ordinary Corporate Records Binder or you can purchase an entire kit. This can be purchased at an office supply shop in your area or you can order via Amazon.
For an Alaska Corporation, state law requires that you initially elect three directors. This is mandatory when forming a Corporation in Alaska, as well as making sure that you elect three directors who are 19 years old or older.
This set of directors will serve the board until the first shareholder’s meeting of your Corporation. The names and other information of your directors should be placed in your Corporate Records Binder.
When starting an Alaska Corporation, the first meeting with the board of directors is a crucial meeting for it is at this time that the following agenda are decided:
Should the incorporators decide that the business be an S Corporation, this will also be approved during this meeting. The minutes of this meeting should be signed by each initial director and placed in the Corporate Records Binder.
Upon formation of your business and as part of the policies for Alaska Corporation maintenance, you are required to take care of your Alaska business taxes. Most importantly, you must do these things:
As a Corporation set to operate in the state, your obligations when it comes to Alaska business licenses should be fulfilled.
As there are several licenses that your business may or may not process, it’s important that you are well informed about these. To fulfill these obligations you can check our Alaska business licenses and regulations guide.
As you start a Corporation in Alaska, it is very important to keep your personal and business finances separate by opening a business bank account. This keeps your personal liability at a minimum and makes tax time much more simple.
There are many options for opening a business checking account like Chase, Bank of America, or Citibank. Be sure to do your research and decide which is right for you.
Now that you have followed the steps above, you are officially an Alaska Corporation. Other than those 8 steps that are based on state guidelines, here are a few additional steps based on best practices for starting a successful Corporation. Not required, but highly recommended.
Every Corporation needs a solid business plan. This is simply because the business plan is your guide to the overall success of your Corporation. You cannot just go head on and plunge into business without having a blueprint.
Most importantly, a business plan helps you get the funding you need! Below are some links to get you started on a business plan.
In the internet age, it is important to have an online presence for your Alaska corporation. This builds credibility and allows your customers to learn more about your business – which is good!
Although building a website was extremely difficult to do in the early 2000’s, nowadays you can use a simple tool like WordPress to build a customizable website. No need to spend thousands on a custom designer and you can learn how to do it yourself through this guide.
Creating Alaska Corporate bylaws for your business is basically for your benefit as this sets a semblance of order and organization within your Corporation.
It outlines the internal operations of your corporation. As well, these bylaws are proof of your business’ legitimacy.
Please be aware that this is not legal advice – it is solely an informational guide. For details on how to form a Corporation in Alaska or starting a business in Alaska, a lawyer has the best answers for you.