The state of Vermont does not impose strict rules in naming your business, but you have to include the following words and abbreviations after your business name: corporation, incorporated, company, limited, club, foundation, union, co.,corp., ltd.
To check for your business name’s availability, you can use the Vermont Secretary of State business name search tool. If you want to reserve your chosen business name for 120 days, you can also do so by filing an Application to Reserve a Specified Business Name before the Vermont Secretary of State. Your application can be sent through postal mail along with a $20 filing fee.
To legally create your Vermont Corporation, you have to file your Articles of Organization before the Vermont Secretary of State. There are information that you must prepare, some of them include:
Your Articles of Incorporation is filed through mail with a filing fee of $75.
All corporations in Vermont must appoint and maintain a registered agent to receive service of process notices and other important document on their behalf.
Your Vermont Registered Agent must be a resident individual or a business legally authorized by the state of Vermont to conduct its operations within the state. He/she should also have a physical address where documents and mails are delivered.
A Corporate Records Binder or a Corporate Records Books is necessary for safe record keeping of documents and records of meetings.
To mention a few of the documents kept in the Corporate Records Book, they are your business registration documents, state taxes, business licenses and permits and minutes of all board meetings.
You can buy your Corporate Records Book at the local office supply store or you can also purchase it from Amazon for fast and direct shipping.
Since you are the incorporator of your Vermont Corporation, you will be incharge of appointing the initial directors of your Vermont small business. Your initial directors will represent the board during the first annual meeting. They will play a great role on deciding important agenda so you have to designate credible and competent initial directors.
After you have designated your directors, you must make an Incorporator’s Statement containing all the names and addresses of your board of directors. Get their signatures and keep the Incorporator’s Statement in the Corporate Record Book for future reference.
Once you already have your initial directors, you can now schedule a first board of directors meeting where some important topics must be discussed and decided. Some of them include the following:
If you want to form an S-Corporation, you must also discuss this during the meeting. Make sure that you document all your discussions and have your board of directors sign the minutes of the meeting. The latter should be kept in your Corporate Records Binder.
Vermont requires businesses to comply with business taxes and obtain licensing requirements before they can be given a go signal to legally operate in the state.
For a worry-free and smooth business operations, you must complete the following requirements set by the Vermont state government:
This should certainly be one of your first priorities before starting your Vermont small business. It will help you keep track of your business finances better because all your financial transactions are recorded in real time. Apart from this, you can create a border when it comes to separating your personal and finances.
Recommended Resource: Read this roundup to discover the different business bank accounts that you can open in your bank.
You are now officially a Vermont Corporation! It’s been a long process, but your responsibilities doesn’t end here. You still have to comply with these additional requirements. Even if they’re not mandatory, they will make a big difference for your Vermont small business.
Aside from being guiding your in every step of building your Vermont startup, a business plan is also an excellent tool that will help you find the right financing option for your business.
It is essential that you start with the right capital because it will also be a factor in the success or failure of your venture. To get you started on writing a funding-ready business plan, below are some of the resources that you can use.
A business website is one of the most important tools to help you propel your business to success. If you have this, you will be able to reach a wider market and make your business accessible to customers at any time of the day.
Good thing building a business website is easier these days, you can use platforms like WordPress which enables you to build and customize a website in just minutes. Bluehost is also another excellent tool that has a one-click WordPress installation service and customer support service.
Resource for Getting Started: Get started by checking out this step-by-step guide to assist you.
Your corporate bylaws is considered your Vermont startup’s internal rulebook. This legal document outlines your day-to-day operations, corporate rules, ownership status and management structure and rules.
In Vermont, it’s not a mandatory requirement but it will help your business immensely if you have one.
Please note that this article is informational and instructional in nature and should not be considered a replacement of legal advice. This guide is also not a legal document. For inquiries or specific questions, you can ask for professional advice from a Vermont attorney.