First, check to see if the name you would like is already taken/registered with the state, too similar to another, or contains restricted words. Start by conducting a business entity search using the Colorado Business Database, as well as the TESS System through the U.S. Patent Office.
Keep in mind your brand name should contain the words ‘Corporation,’ ‘Company,’ ‘Incorporated,’ or ‘Limited.” Abbreviations for these words are also acceptable. If needed, you can also file a Statement of Reservation of Name form online to reserve an available name for 120 days.
Filing Fee: $25
A Colorado Registered Agent or an “Agent for Service of Process,” is an essential part of operating a business. This certified CO resident or registered business entity acts as the representative for your brand and receives legal paperwork like state filings, court notices, tax forms, etc.
Unlike other states, Colorado doesn’t allow a business to be its own Registered Agent, so if you don’t have a legal team you can hire an outside professional and pay up to $160/yr or get a certified agent free of charge by incorporating with IncFile or CorpNet.
Once you have a registered agent, you can then file the Articles of Incorporation with the Secretary of State. However, don’t do this until your corporation is ready and you have all the required information for the public record including:
Filing fee: $50
Think of this as the hard copy record book where all critical corporate documents are kept like the Articles of Incorporation, Bylaws, meeting minutes, stock certificate ledger, stock certificates, stock certificate stubs, stock transfer documents, etc. It’s the ultimate company binder! They’re very common and while not necessary having one is highly recommended for all serious business entities.
Appoint at least 1 director who among other things will oversee the Colorado corporation until the first shareholder meeting where new directors will be voted in. Prepare an “Incorporator Statement” with complete names and addresses of each director and keep it in your records book. Once elected, an initial meeting should:
When you start a Corporation in Colorado, it’s important to keep all personal and business assets/accounts completely separate. So don’t take this lightly. Where should you start building the financial foundation of your brand? Who is offering the best overall business services to corporate clients, relative to location and other conveniences?
If you think it’ll be helpful, look into this short breakdown of Business Checking Accounts to start brushing up if all this is unfamiliar territory. Where your corporation banks is an important move, which is why it should be discussed in your initial shareholder meeting.
To ensure that you will not face penalties, fines, and fees when operating a business, you need to completely fulfill your Illinois business taxes and licenses obligations to the state. To get started, see the resources below:
What are funding-ready plans? What does that mean? It means that the plans are professional, look good/curated, and focused on the core fundamentals of your corporation that VC-types, banks, business organizations, and other sources of funding will want to see to consider how valuable your company is. Whether you’re worth funding.
The good news is that the days of the long, drawn out 40-page business plan have been replaced with savvy and user-friendly options that simplify the process for those of us who don’t have MBAs or tons of experience planning the future of a corporation. To learn more dig into the links below.
QUICK LINKS TO BUSINESS PLANNING
When a potential stakeholder, customer/client, or investor searches the internet for your brand, or searches for your brand name, what will or do they find? The very worst thing that can happen these days is that they don’t find anything at all. What would you think of a business if they didn’t have at bare minimum a responsive one-pager explaining who they are, what they’re about, what they’re offering, and a simple way to contact them?
Those are the basics of what a company website is for, along with direct sales if you’re into eCommerce, but you get the idea. With options like Wix and Weebly it’s never been easier or less expensive to begin building a digital presence.
Note that this article on how to form a Colorado corporation isn’t a legal document or legal advice. It’s for informational purposes and the information above is subject to change. For specific legal questions regarding how to form a Colorado corporation or business in general, please consult with a lawyer or other accredited professional.